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Graffiti Entertainment, Inc. Finalizes Acquisition 7th Level Entertainment Group, LLC
Press Release Source: Signature Devices, Inc. On Thursday November 12, 2009, 9:30 am EST
REDWOOD CITY, Calif., Nov. 12, 2009 (GLOBE NEWSWIRE) -- Graffiti Entertainment, Inc., a division of Signature Devices, Inc. (Pink Sheets:SDVI - News), today announced that the company has finalized the acquisition of the 7th Level Entertainment Group, LLC.
"As part of our business plan and in order to build shareholder value, we have finalized our first acquisition for Graffiti Entertainment and Signature Devices," said Kenneth Hurley, Signature Devices, Inc. Chief Executive Officer. "This acquisition is expanding our entertainment business and we are diversifying into new areas of entertainment. The acquisition of 7th Level Entertainment Group will give us a greater footprint in music, events, film and talent management."
With the acquisition of 7th Level, we have begun the development of additional business lines within the entertainment industry while expediting the growth of Signature Devices, Inc.'s core business. Graffiti Entertainment will be able to leverage the 7th Level's music content for in game audio solutions as well as utilizing the national and international branding opportunities presented by their live events and talent management divisions to garner greater exposure for its video games.
The 7th Level Entertainment Group's management team brings over 20 years of entertainment industry experience to its new parent company as well as a track record of high profile projects and clients such as Justin Timberlake, Mariah Carey, Hall & Oats, Wu Tang Clan, Elvis Presley, Madonna, U2, Public Enemy, Vanessa Williams, Three Six Mafia, Eminem, Wycleff Jean, The Beastie Boys, Sony Music, Eagle Rock Entertainment, The Disney Company, Universal Music, Warner Chappell, MTV, Buena Vista Home Entertainment, The Grammy Awards, The Emmy Awards, The Governments of the United States, China, Ireland and the United Nations.
The deal includes a small cash component, stock and revenue sharing for the principals of 7th Level Entertainment Group as well as a seat on the SDVI board for 7th Level CEO RJ Bucaria.
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