Sibling Theatricals, Inc., has Entered into an Agreement To Form Richfield Entertainment, LLC To Develop and Fund New Projects
October 16 2007 - 7:30AM
PR Newswire (US)
NEW YORK, Oct. 16 /PRNewswire-FirstCall/ -- Sibling Entertainment
Group Holdings, Inc. (OTC:SIBE) (BULLETIN BOARD: SIBE) ["Sibling
Holdings"] announced Sibling Theatricals, Inc. ["Sibling
Theatricals"], a wholly-owned subsidiary of Sibling Entertainment
Group, Inc., has signed an agreement with Garlin Holdings Limited
to form Richfield Entertainment, LLC, (a Delaware limited liability
company) for the purpose of developing and funding new projects.
Sibling Entertainment Group, Inc. is the company with which Sibling
Holdings has previously signed an Agreement of Acquisition and Plan
of Reorganization, the closing of which is currently pending. (see
"Note to Editor" below for an explanation of Sibling Holdings
relationship to Sibling Entertainment Group, Inc. and Sibling
Theatricals). Richfield Entertainment LLC ("Richfield
Entertainment") is a joint venture between Sibling Theatricals and
Garlin Holdings Limited (a Jersey private limited company) ("Garlin
Holdings") which will allow Sibling Theatricals to expand its
operations in the United States and to pursue entertainment
ventures in Russia, Asia, and Europe. Sibling Theatricals will
retain a twenty-five (25%) interest in Richfield Entertainment.
Richfield Entertainment has been granted a limited option to
finance and fund future projects developed by Sibling Theatricals
with the primary source of funding to be provided by Garlin or
sources introduced by Garlin Holdings. "We are excited to create a
joint venture with Garlin Holdings Limited that will help fund some
of our new projects being developed for Broadway. The creation of
Richfield Entertainment supports our long range strategy to build a
world-class entertainment company," said Mitchell Maxwell, Chairman
and CEO of Sibling Entertainment Group, Inc. (and Sibling
Holdings). In addition, "On September 30, 2007, Richfield completed
the first round of financing of $700,000 for the development of new
works by Sibling Theatricals with Richfield Entertainment," he
said. Richfield Entertainment LLC will announce its plans for 2
upcoming Broadway productions shortly. Note to Editor: Sibling
Holdings previously entered into an Agreement of Acquisition and
Plan of Reorganization with Sibling Entertainment Group, Inc.
(hereinafter referred to as "Sibling"). The above-referenced
agreement provides for the acquisition of Sibling's subsidiaries:
Sibling Theatricals, Inc., (STI); Sibling Pictures, Inc., (SPI);
Sibling Music Corporation (SMC): and Sibling Properties, Inc.,
(SPPI). On February 9, 2007, the shareholders of Sibling Holdings
approved the above-referenced agreement, the closing of which is
subject to the filing, and effectiveness, of a Form S-4
registration statement with the SEC. The Form S-4 was filed on
August 14, 2007 by Sibling Holdings. About Sibling Entertainment
Group, Inc. Sibling Entertainment Group, Inc., a company filing
voluntarily with the SEC as a 1933 Securities Act company, is an
entertainment development and production company based in New York
City that finances, develops and produces plays and musicals for
the live stage, independent feature films and other entertainment
projects through four wholly-owned subsidiaries: Sibling
Theatricals, Inc., (STI); Sibling Pictures, Inc., (SPI); Sibling
Music Corporation (SMC); and Sibling Properties, Inc., (SPPI). We
seek to create synergies that will enable each subsidiary to build
off of one another's successes. For more information, access the
Sibling website at http://www.siblingentertainment.biz/.
Forward-Looking Statements We caution readers that the statements
contained in this release about our future business plans,
operations, opportunities, or prospects, including without
limitation any statements or factors regarding expected sales,
margins, or earnings, are forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements are based upon
management's current knowledge and assumptions about future events
and involve risks and uncertainties that could cause actual results
to differ materially from anticipated results. Among the factors
that could cause actual results and outcomes to differ materially
from those contained in the forward-looking statements are the
following: changes in the general U.S. or regional U.S. economy;
intense competition within our industry; our ability to acquire
suitable real estate; the significant loss of key employees; the
efficient operation of our information systems; changes in the
availability or cost of capital and working capital financing; the
regulatory environment in which we operate; the effect of various
litigation matters; the effect of new accounting requirements or
changes to generally accepted accounting principles; and the
occurrence of certain other material events. We disclaim any intent
or obligation to update our forward-looking statements. For more
details on factors that could affect expectations see our quarterly
or current reports as filed with or furnished to the Securities and
Exchange Commission. DATASOURCE: Sibling Entertainment Group
Holdings, Inc. CONTACT: Investors and Financial Media, Bruce Nurse,
Investor Relations, Sibling Entertainment Group Holdings, Inc.,
+1-866-925-SIBE(7423), Web site:
http://www.siblingentertainment.biz/
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