...I just did!
The deal is spelled out clear as day straight from the press release...
It clearly states Richard's SEVM was purchased in whole by SYM's EVRM by a stock deal where Richard's SEVM shares were converted to EVRM shares... those shares are available to see in the financial reports.
It is also made abundantly clear what Richard's new role within EVRM's company is to be. He runs the STS side... a "division" (subsidiary) of EVRM.
The deal was financed primarily with common stock, requiring Evermedia to increase its authorized shares to finance the purchase. The companies will consolidate certain aspects of their businesses such as contract management, administrative functions and financial reporting while operations and division management will remain independent. Richard Weitzel will be named the new Chief Executive Officer of STS Evermedia Corporation, the parent of STS, and will also be a director at the Evermedia Group. The "change of command" will take place on or about 1 OCT 2009.
Regarding the acquisition, CEO of Evermedia Jonathan Sym stated: "This increased ownership of STS is a milestone event for us. This is the most significant event in our company's young history as it will allow us to participate in the revenues of a terrific company.
Consolidate: to join or combine together into one thing.
Division Manager: A division manager oversees a section of a company or other organization. He or she sets the direction for the division and ultimately is responsible for the division's success. Planning, organizing, allocating resources and directing the day-to-day operations of the division are the general duties of this manager. Specific responsibilities can vary, depending on the size of the company or other entity and how it is organized. A person in this position might oversee an entire physical company site, such as a manufacturing plant, or might be the top person directing a large department that has personnel at one or more company locations, such as a sales division.
The responsibilities of a division manager include developing the goals and objectives for his or her organization. The manager establishes the policies and procedures to be followed by employees. On a regular basis, the person in this role monitors operations to ensure that division goals and objectives are being met and that policies and procedures are being followed. He or she is responsible for fixing problems that can stand in the way of achieving division goals, whether by implementing process improvements or by taking corrective actions.
Division managers are responsible for planning and organizing the duties of employees within the division. They often have lower-level managers reporting to them, along with non-management professionals and hourly workers. They review and evaluate employee performance and plan and monitor worker training programs. They are involved in hiring and firing workers as well as promoting and disciplining them.
Division managers also collaborate with their peers, the heads of other company divisions, to help ensure smooth overall operations within the company. These managers also must consider their own work performances. They are responsible for explaining their decisions and the performances of their divisions to their bosses, usually general managers, vice presidents or other higher-ups within the company.
The financial well-being of the division is the responsibility of the division manager. He or she sets and monitors divisional budgets, tracks expenses and approves spending. If there are sub-divisions within the larger division, the manager allocates budgets to the management of those divisions and monitors adherence to those budgets. If additional money is needed in the division for effective operations, the division manager is responsible for justifying the increased budget request to higher-ups.
AI
