Recall Studios will acquire Evolution AI Corporation
remember, AI Corp. wanted to buy PLFX
Deal includes Majority Stake in Digital Human, Holographic Entertainment Pioneer Pulse Evolution Corporation
• Company to leverage Target’s Global Reputation and Key Strategic Shareholders to Establish Worldwide Distribution of AR and VR Applications
• Combined Companies Expected to Meet Listing Requirements of NYSE
New York, NY , June 14, 2018 (GLOBE NEWSWIRE) -- Recall Studios (OTC: “BTOP”) today announced a definitive agreement under which Recall Studios will acquire Evolution AI Corporation , an artificial intelligence technology company engaged in the development of hyper-realistic human animation technology to enable leading Artificial Intelligence platforms to interact with consumers in a relatable human form. The acquisition will also include Evolution AI Corporation’s majority stake in Pulse Evolution Corporation (OTC: “PLFX”), a globally recognized pioneer in the development of hyper-realistic digital humans for live shows, virtual reality, augmented reality, holographic, 3D stereoscopic, web, mobile, interactive and artificial intelligence applications.
Under the terms of the transaction, subject to certain conditions precedent as described in definitive documentation, Recall Studios will pay $200 million (the “Purchase Price”) to Evolution AI Corporation shareholders in the form of newly issued common stock of Recall Studios , in exchange for 100% of the common stock of Evolution AI Corporation , which shall include an approximate 60% ownership interest in Pulse Evolution Corporation . The Purchase Price is based on an initial negotiated valuation of $0.50 per share of Recall Studios common stock, subject to a ‘min-max’ adjustment based on the average trading price of Recall Studios shares, such terms more fully outlined in the definitive share exchange agreement executed between the parties.
Recall Studios is committed to the development and exploitation of disruptive technologies, in new media and entertainment, that elevate the way consumers interact with content. Our principal strategy is focused on the explosive market of Mixed Reality (both augmented and virtual), with a portfolio of proprietary technology (and patents pending) that is market-ready and slated for commercial introduction in 2018. In addition to our in-house development initiatives, we believe strongly in the use of our public currency, supported by the experience of our leadership team, for the acquisition of best-of-breed technologies, applications and companies that further establish our company as an industry pioneer, with global visibility and scalable distribution for our applications.
Commenting on the acquisition, Recall CEO Alexander Baffer stated, “As we prepare for the first significant commercial introduction of our proprietary Augmented Reality apps, the purchase of Evolution AI and Pulse Evolution really help us to complete the picture. Our combined companies will stand uniquely among the industry’s first vertically integrated Mixed-Reality companies, from IP-owner to Content Creator to Applications Provider.”
Through the acquisition of Evolution AI Corporation , Recall Studios will secure participation in the exciting opportunities of artificial intelligence, and we will also acquire control of Pulse Evolution Corporation , an entertainment technology company with an impressive global reputation. Pulse Evolution and its principals are most popularly known for producing some of the most visually stunning digital humans in the history of entertainment, including the Academy Award lead character in The Curious Case of Benjamin Button (2008), the digital alter-ego of Jeff Bridges in Tron: Legacy (2010), the holographic performance of Virtual Tupac Shakur at the Coachella Valley Music Festival (2012), and Virtual Michael Jackson at the Billboard Music Awards (2014).
Founded by new media pioneer John Textor , described recently by Forbes magazine as “Hollywood’s Virtual Reality Guru”, Evolution AI is committed to applications of Mixed Reality (VR and AR) and the important role that digital humans and artificial intelligence will play in the world of immersive entertainment. We believe that the impressive digital humans and consolidated entertainment properties of Evolution AI would achieve even greater market potential through the AR and VR technology of Recall Studios…and, for our shareholders, we believe that the purchase of Evolution AI Corporation will provide Recall Studios with global market visibility and product distribution opportunities that would otherwise take years to establish.
As our shareholders can observe below through a copy of our correspondence provided to the Board of Directors of Pulse Evolution Corporation , Recall Studios intends to complete its acquisition of Evolution AI Corporation , including the acquisition of its stake in Pulse Evolution , while also seeking Pulse Evolution Corporation’s support of a tender offer to acquire 100% of the outstanding publicly traded shares of Pulse Evolution that are not already controlled by Evolution AI Corporation .
Our purchase of Evolution AI Corporation and our planned tender offer to the shareholders of Pulse Evolution represent the first steps toward an exciting combination of Recall Studios’ impressive mixed reality technologies with established global players who are well known for their production of visually stunning computer-generated imagery and their innovative use of alternative display technologies in the development of new forms of entertainment. We look forward to our first opportunity to meet with the board of directors of Pulse in the hope that we may be able to make our shared dreams for the future a reality.
June 14 , 2018
Mr. Jordan Fiksenbaum
Chief Executive Officer
Pulse Evolution Corporation
8275 South Eastern Avenue , Suite 200
Las Vegas, Nevada 89123
