Nanoscience Technologies, Inc., Announces Name Change to American Films, Inc., Reconfiguration, Realignment of Business Direction, and Stock Buyback
4:29p ET March 13, 2012 (Business Wire)
Nanoscience Technologies, Inc. [OTC Pink: NANS] is pleased to announce it has changed its name to American Films, Inc., which reflects the steps it has taken towards a capital reconfiguration with a new industry direction.
The reconfigured company will focus on production, distribution, and financing of film projects, domestically and internationally.
John Carty, Chairman of the Board of Directors of the re-directed company said, "We are enthusiastic about the continuing importance of the entertainment industry in contemporary culture and look forward to supporting creative development through time-honored principles of common-sense business management with profitability and return on investment as key goals and indicators of success." New, flexible funding mechanisms are anticipated as the company implements its film financing emphasis.
Carty continued, "We were very pleased to reach agreement with all major stakeholders towards re-energizing and redirecting the company. The corporate entity remained viable and was an appropriate vehicle for our entertainment focus." A settlement on all issues was reached with YA Global (formerly known as Cornell Capital Partners), the major debt holder of the company. The debt owed by the company to YA Global was reduced from approximately $2,900,000 to $450,000 pursuant to a series of debt sales and equity conversions. The company and YA Global agreed to restructure the remaining $450,000 debenture, including, without limitation, extending the maturity date.
Concurrently, an agreement was reached with New York University as a major shareholder and debt holder. American Films, LLC (AFL) acquired all of the NYU shares, while American Films, Inc. restructured all of the NYU debt, including, without limitation, extending the maturity date.
In other company announcements, American Films, Inc. finalized a distribution agreement with Media 8 Entertainment of Los Angeles, California, and authorized a stock buyback plan.
About American Films, Inc.
American Films, Inc. is an emergent entertainment industry company focused on opportunities for equity investors. In an industry environment that is historically unfavorable to equity participation, American Films, Inc. seeks to create alternative investment participation vehicles that provide necessary funding to appropriate projects while offering reasonable return on investment and mitigation of the significant business risks traditionally encountered. American Films, Inc. identifies media products and talent receptive to alternative funding and fair treatment of equity investors; provides vehicles towards accomplishing mutual goals; and provides target-focused leadership incorporating an audit emphasis at all stages of project completion including financing, development, production, distribution, and royalty collection.
SOURCE: American Films, Inc.
American Films, Inc.
John Carty, 857-526-3710