11-15-07 PR
Proxity Financial Group, Inc. Announces Joint Venture Agreement With Kirkland Media, LLC
Proxity, Inc. (PINKSHEETS: PRXT) announced that Proxity Financial Group, Inc., its proposed merger candidate, has entered into a Joint Venture / Credit Guarantor Agreement with Kirkland Media, LLC located in Decatur, GA, regarding the construction of a multi-use recording studio and sound stage facility which shall be located in DeKalb County, GA.
Under the terms of this agreement Proxity Financial Group will facilitate approximately $70,000,000 in funding required to complete the Kirkland Media Entertainment Campus. Proxity Financial Group has already provided Kirkland Media with $185,000 in bridge financing under a separate agreement. This campus will house multiple recording studios, soundstages, and also enable the filming of motion picture projects. Kirkland Media will distribute a broad range of intellectual properties through its network of distribution partners.
Proxity Financial Group, in addition to origination fees relating to the project funding, will receive 51% of the net profits generated by this project. It is expected that this financing will close on or before January 31, 2008, with the 1st phase of the project completion anticipated during the fourth quarter of 2008.
"Proxity Financial Group is very pleased to take this step forward with Anthony Kirkland and the Kirkland Media team. I believe that, when finished, the Kirkland Media campus will greatly enhance the economy of the local region and create many new jobs. Our entire management team has been impressed with the professionalism and vision that Anthony brings to his company. This is a fine opportunity for Proxity Financial Group to partner with an outstanding young company and help to set a strong foundation for our corporation. Our shareholders should expect further developments to be announced as we move forward with our proposed merger with Proxity, Inc.," stated Sabra Dabbs, Chief Executive Officer of Proxity Financial Group, Inc.
"On the behalf of the team at Kirkland Media I would like to announce that we are both pleased and honored to be joining the family at Proxity Financial Group. Our partnership going forward with Proxity will now allow us the opportunity to facilitate the deals we have in place with our recording artists, producers and distribution partners which we plan to announce the details of within the next couple of weeks," stated Anthony Kirkland, Chief Executive Officer of Kirkland Media, LLC.
About Proxity Financial Group, Inc. (PFGI)
PFGI, a project funding and acquisitions company, specializes in providing equity capital and financial, strategic, and operational expertise to assist owners and management teams in providing liquidity for shareholders, making strategic acquisitions, and financing major capital expenditures or growth programs.
The primary requirement is that each project or acquisition has Equity, Collateral Assets, or current revenue streams that facilitate such funding through one or more sources. PFGI primary sources of funding include (but are not limited) to the following:
-- Partnering with Local, State, National, or International Government
Development agencies relating to the issuance of Investment Grade
Industrial Revenue Bonds
-- Secondary Offerings of Common Stock
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