Wilhelmina International Inc (WHLM)

[Wayne R]

Another PR today. Looks mostly the same as yesterday;

Aug 27, 2008 (M2 EQUITYBITES via COMTEX) --
New Century Equity Holdings Corp (OTC BB: NCEH.OB), which holds
interest in ACP Investments LP (Ascendant), an asset management
services provider, revealed yesterday (26 August) that it has signed a
definitive agreement to acquire Wilhelmina International Ltd and its
affiliated companies. The affiliated companies of Wilhelmina
International Ltd are Wilhelmina Models, Wilhelmina Miami, Wilhelmina
Film & TV and Wilhelmina Artist Management.
The company will acquire Wilhelmina for USD30m, of which USD15m will be
in cash and USD15m in shares of New Century common stock, as per the
terms of the merger agreement. The purchase price is subject to the
performance of Wilhelmina's core modelling business and of both
Wilhelmina Artist Management and Wilhelmina Miami in 2008, besides
being subject to the approvals and other customary closing conditions
of the company. The company expects the transaction to close in the
fourth quarter of 2008.
The financing arrangements have been approved separately by an
independent committee of New Century's board of directors. The company
will change its name to Wilhelmina International Inc and Wilhelmina
will become New Century's principal operating business.
Wilhelmina Models was founded four decades ago and is a model
management company representing women, men and children through its
offices in New York, Los Angeles and Miami. It developed a specific
division, Wilhelmina Artist Management, which represents talented
people in the worlds of music, sports and entertainment which has a
roster that includes musicians such as Fergie, Natasha Bedingfield,
Ciara and Brandy along with sports legends like David Leadbetter among
others and the recently created Wilhelmina 7. Wilhelmina Artist
Management helps create, develop and maintain the brand identity of
artists and athletes by securing fashion campaigns, endorsements,
marketing opportunities and tour sponsorships.
New Century will file a Current Report on Form 8-K containing
additional information concerning the Wilhelmina purchase agreement
with the Securities and Exchange Commission.
Comments on this story may be sent to [e-mail]
(C)2008 M2 COMMUNICATIONS LTD http://www.m2.com
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