Gleeworks, Inc. Announces Acquisition, Name and Symbol Change
May 09 2011 - 4:16PM
Marketwired
Gleeworks, Inc. (PINKSHEETS: CAPA), today announces an acquisition
and change of name and trading symbol.
The Board of Directors is pleased to announce that the company
has acquired all of the outstanding ownership interests of Capital
Art, LLC, an art business headquartered and registered in the state
of California.
Capital Art, LLC acquires, manages and editions some of the
world's most iconic photographic images for the art, editorial and
commercial markets. The company is a global leader in the marketing
and distribution of images printed from original negatives by some
of the 20th Century's most important photographers. Images include
historic shots of Marilyn Monroe, James Dean, Frank Sinatra and
Elizabeth Taylor, Jimi Hendrix, Jackie Robinson and other beacons
of popular culture. The company also makes photos available to
major publications such as The Sunday Times, Paris Match, Rolling
Stone Magazine and The Hollywood Reporter on a worldwide basis
through its joint venture with Getty Images. Capital Art sells its
limited editions through the company owned gallery in Los Angeles
and through third party galleries, art consultants and interior
decorators.
Under the terms of the agreement, the company acquired all of
the issued and outstanding ownership interests of Capital Art, LLC
and pursuant to the agreement the company elected Norman Solomon as
its President and a director of the Board. As a result of the
acquisition, the former owners of Capital Art, LLC have been issued
7.5 million shares of the company's Common Stock, representing
approximately 51% of the total shares currently issued.
Norman Solomon has considerable experience and knowledge in the
limited edition and fine art photographic reproduction market. He
commenced his photography career in Paris by producing Helmut
Newton's Life Perspective Collection in 1985 entitled "Private
Property." Subsequently, he facilitated the acquisition of the
Frank Worth Collection and maintains a close working relationship
with leading photographers from around the world.
Gleeworks, Inc. also announces a change of name to Capital Art,
Inc. effective today Monday May 9th, 2011.
The new trading symbol of Capital Art, Inc. is CAPA.
Chief Executive Officer, Sean Goodchild commented, "We are
extremely pleased to announce the acquisition of Capital Art, LLC
and the change of the company's name to Capital Art, Inc. with the
new trading symbol CAPA. The board also extends a warm welcome to
Norman Solomon as President and director. Today marks the
culmination of eight months work preparing and structuring the
business to provide a solid platform for the company's focus in the
art market. The company expects to make announcements regarding new
agreements for licensing and distribution in the near future."
Capital Art, Inc. disclosure information will be available on
the Company website www.CapitalArt.com and through the OTC
Disclosure service.
For more information please email
info@CapitalArt.com
Forward-Looking Statements: A number of
statements contained in this press release are forward-looking
statements that are made pursuant to the safe harbor provisions of
the Private Securities Litigation Act of 1995. These
forward-looking statements involve a number of risks and
uncertainties, including timely development, and market acceptance
of products and technologies, competitive market conditions,
successful integration of acquisitions and the ability to secure
additional sources of financing. When used in this press release,
words such as "could," "plan," "estimate," "expect," "intend,"
"may," "potential," "should," and similar expressions are forward
looking statements
Contact: Capital Art, Inc. Sarah@capitalart.com 310.202.7166