DVME NEWS Boys be sure to look :)Diverse Media Group Inc. (DVME) Finalizes Joint Venture to Create Celebrity Superhero Franchises
Press Release
Source: Diverse Media Group, Inc.
On Wednesday September 16, 2009, 4:15 pm EDT
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Companies: Diverse Media Group, Inc.
LOS ANGELES--(BUSINESS WIRE)--Diverse Media Group, Inc. (Pink Sheets: DVME - News) has completed the acquisition of a 50% equity interest in Celebrities in Action, Inc. ("CIA") in a joint venture to create new superhero character franchises based on real-life Hollywood celebrities. The new characters will be developed with major stars of film, music, television and sports. Plans include original storylines spanning television, film, mobile and home entertainment, videogames, publishing, consumer products and merchandising.
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Celebrities In Action, Inc. is a vertically integrated entertainment company that develops, produces and distributes proprietary and licensed entertainment content, with a particular focus on animated celebrities.
Diverse Media Group purchased 37,500,000 shares of CIA common stock, representing 50% of all authorized shares of Celebrities In Action, Inc. In exchange, Diverse Media Group agreed to assume CIA's responsibilities in signing up celebrities and/or well-known athletes to participate in the creative joint venture with Stan Lee's POW! Entertainment, Inc. Diverse Media Group also agreed to issue 20,400 shares of its Series A Preferred Stock to Fordee CA Trust, the majority CIA shareholder, exchanged for the acquisition of California PA Trust, a California business trust owned by Fordee, and Fordee's release of its option to acquire the 37,500,000 shares of common stock in CIA.
CIA has an existing joint venture with Stan Lee's POW! Entertainment banner to develop, produce and distribute animated programming, content and merchandise based on the premise of real-life celebrities in competition against characters from other worlds. Diverse Media Group will identify and secure the celebrity participation and Stan Lee will provide the creative vision to shape these novel superhero personas.
Praised as "a legend" worldwide and honored with his own Hasbro "Marvel Legends" action figure, Stan Lee is associated with such breakthrough superhero characters as Spider-Man®, The Incredible Hulk®, The Fantastic Four®, X-Men®, Iron Man® and Daredevil®. He is also recognized as an innovator in creating new media opportunities and revenue streams for the superhero genre. Among his accomplishments, Stan Lee is credited with leading the expansion of Marvel Comics from a small division of a publishing house to a multimedia corporation, and developing his characters into longstanding franchises.
Hollywood talent agent Chris Nassif, founder of Diverse Talent Group and its parent company, Diverse Media Group, Inc., commented, "Stan Lee has excelled as a visionary, a leader in the global media industry and a creative talent whose complex fictional characters have become living, breathing members of our world. We are delighted to provide the setting for him to create characters based on real stars, which taps into the resources of CIA, POW! Entertainment, and Diverse Media Group."
Lee's POW! Entertainment company has a first-look deal with Disney, which last month acquired his former company, Marvel Comics, for $4 Billion.
About Diverse Media Group, Inc.
Diverse Media Group, Inc. (Pink Sheets: DVME) (http://www.diversemediagroupinc.com) is an entertainment company that aggregates expertise across all aspects of the media industry. Diverse Media Group has at its core the established 27-year history of its wholly owned subsidiary, Diverse Talent Group. Diverse Talent Group is now the 10th largest Hollywood agency offering talent and literary representation in commercials, episodic television, cable programming and motion pictures. The company has the ability to create programming, foster distribution and represent talented individuals to fuel a new digital age of content generation. The parent company also includes the subsidiary Talent Quest America, Inc., which identifies new and rising talent representing the future of the Hollywood entertainment community.
The information contained herein contains forward-looking information within the meaning of Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934 including statements regarding expected continual growth of the company and the value of its securities. In accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 it is hereby noted that statements contained herein that look forward in time which include everything other than historical information, involve risk and uncertainties that may affect the company's actual results of operation. Factors that could cause actual results to differ include the size and growth of the market for the company's products, the company's ability to fund its capital requirements in the near term and in the long term, pricing pressures, unforeseen and/or unexpected circumstances in happenings, pricing pressures, etc. Investing in securities is speculative and carries risk. Past performance does not guarantee future results.
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