"While we believed in the benefits of the proposed PGI acquisition, we regret having to terminate the transaction. However, we have always recognized the tremendous upside of our core business, and we will now focus on it. Our charge is to now focus on scaling and optimizing Pixel Mags through internal growth and acquisitions," Kleinman said. "Solaris will now focus on Pixel Mags and the market position it has already established. That should enhance our commercial strategy and deliver value to our shareholders."
Kleinman went on to outline the following additional actions which may be undertaken by the Company in response to the termination of the proposed acquisition:
Expansion of Current Operations: The Company will explore all options to expand its Pixel Mags business. Revamping its sales force and strategy is a key priority, as is exploring new markets and customers.
Acquisition Opportunities: The Company believes that there are number of acquisition opportunities which are more closely aligned to its core business and which will result in less dilution than the terminated acquisition. The Company will evaluate and, when appropriate, pursue these opportunities.
Regulatory Compliance: The Company will focus on its SEC filings and once again becoming a fully current and compliant filer with the SEC.
"Solaris will work to maximize shareholder value," Kleinman said. "We are now focused on our core business, proven technology, and business model. Pixel Mags will be the engine to drive the business and create the opportunity for Solaris to grow."
