Samuel Weiser, Premier's President and Chief Executive Officer, continued, "We continue to position Premier for operations following the monetization of the Titanic assets by broadening and diversifying our exhibition offerings to further solidify our position as the industry leader. To that end, we are collaborating with two highly respected and experienced partners to develop exciting new content that offers both educational and entertainment value. Based upon our current time horizon, we would expect this new content to be ready for touring in the summer of 2013. Although the venture structure has not yet been finalized, we have taken steps to minimize our risk while retaining significant profit opportunities if the exhibitions that result from this venture perform as we expect they will. We remain focused on managing our cost structure related to our existing content while looking for ways to leverage our core competencies by seeking out new content opportunities, pursuing strategic acquisitions, and pursuing investment capital that is non-dilutive to our shareholders."
Exhibition Merchandise Acquisition
On July 12, 2012, Premier purchased the assets of Exhibit Merchandising, LLC ("EM") for $125,000. Through this acquisition, the Company obtained the rights to sell all merchandise related to "Tutankhamun and the Golden Age of the Pharaohs", "Cleopatra: The Exhibition", and "Real Pirates". Merchandising rights had not been part of the asset purchase of Arts and Exhibitions International, LLC ("AEI") on April 20, 2012.
Approximately $550 thousand in merchandise sales from these exhibitions was recognized as part of the Company's merchandise revenue in the second quarter of fiscal 2013.Monetization of Titanic Assets Update As previously communicated, Premier intends to maximize the ultimate value of the Titanic artifacts collection along with related intellectual property and intangibles for shareholders in a tax-efficient, judicious, and disciplined manner. The Company will provide an update on the progress of these efforts on this afternoon's call.
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