Sack Lunch Productions Completes $4.17M Acquisition of Remaining
Stake in Slide the City and The Lantern Fest Entities
Salt Lake City, Utah -- December 28, 2015 -- InvestorsHub
NewsWire -- Sack Lunch Productions, Inc.
(OTC
: SAKL) increased its ownership from 66.7% to 100% in each of
the following entities: Slide the City, LLC, Slide the City
Franchising, LLC, Slide the City Canada, LLC, and The Lantern Fest,
LLC.
The buyout of the remaining minority interest in Slide the City,
LLC, Slide the City Franchising, LLC, Slide the City Canada, LLC
and The Lantern Fest, LLC is expected to positively impact Sack
Lunch Productions net income and shareholder equity for our
year-end audit as well as future quarters. Based on forecasted 2016
sales that are expected to exceed $18M, the Company expects to earn
at least $1 million in additional net income by eliminating the net
income and shareholder equity previously attributable to minority
interests. The Company further anticipates that shareholder equity
may improve by as much as $4.17 million. The ultimate value the
transaction may be booked for will be contingent upon an outside
evaluation of the transaction and subject to SAKLs auditors
review.
Our focus remains on further innovating, growing and building
upon our current brands. Acquiring 100% control of Slide the City
and The Lantern Fest entities will ensure that all major partners
and managers interests are aligned in our collective efforts to
create as much value as possible for shareholders of Sack Lunch
Productions, stated Richard Surber CEO of SAKL.
Mr. Surber continued, Closing this acquisition is another big
step towards meeting the requirements necessary to up list to a
NASDAQ Small Cap listing. The acquisition of these entities for
equity demonstrates managements long term commitment to growing
SAKLs organization.
The acquisitions were completed for a total purchase price of
417,000 restricted Series A Preferred shares, valued at
approximately $4.17 million. As part of the terms of the
acquisition and current Securities laws, no affiliate can sell any
shares into the open market unless the Company registers the shares
pursuant to a registration statement or 12 months after SAKL files
a Form 10. Lock Up Agreements that restrict the resale of SAKL
securities were included as part of the transaction preventing the
resale of any shares.
Please visit our websites to find the next event in your area:
www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, and
www.colormerad.com.
About Sack Lunch Productions, Inc.:
Sack Lunch Productions, Inc. (OTC:
SAKL) is an entertainment company that operates and franchises
action oriented events in the U.S. and internationally. SAKL's
events include: Slide the City (1,000 foot long water slide for
families and kids), Color Me Rad (5k color race), The Dirty Dash
(mud and obstacle run), and The Lantern Fest (nighttime party with
lantern lighting and launch). Learn more about SAKL's operations at
www.sacklunchproductions.com, www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, www.colormerad.com, and www.green-endeavors.com.
SAKL strongly encourages the public to read the above
information in conjunction with its reports filed at
www.otcmarkets.com. SAKL will require a significant influx of
capital in order to effectively execute upon its various
operational plans. The actual results that SAKL may achieve could
differ materially from any forward-looking statements due to such
risks and uncertainties. The $4.17M value of the acquisition is
subject to adjustments pending an outside evaluation and audit
which could material impact the ultimate value SAKL may book the
transaction for. Investors should not invest more than they can
afford to lose.
IR CONTACT:
Bruce Haase
RedChip Companies, Inc.
800.733.2447, ext. 131
bruce@redchip.com