World Wide Motion Pictures Corp. Reverse Acquisition Partner Acquires Ownership of Flagship Operation
World Wide Motion Pictures Corp. (OTCBB:WWMO) reported that its diversified reverse acquisition partner, Buckeye Ventures, Inc. (BVI) concluded the acquisition of its flagship operation in Boston, Mass.
BVI, a Nevada corporation, was formed as a vehicle to acquire and operate businesses in the Heating Ventilation and Air Conditioning (HVAC) and Plumbing industry with the objective of creating a national brand for residential and light commercial customers. BVI's first acquisition is currently generating $5 million in revenue. Additionally, BVI has signed Letters of Intent to acquire operations generating an additional $6 million in revenue, scheduled to close early 2006. Negotiations are underway to acquire additional locations totaling $30 million plus in revenue.
Alan Mintz -- BVI's Chairman/CEO, with 35 years in the industry as a contractor, consultant and senior corporate officer, has assembled a management team that includes some of the top executives and operators in this industry, with more than 100 years of combined experience on both the management and operations side of small, medium and large multi-location companies.
Nationally, the residential HVAC and plumbing service business is a $50 billion dollar industry, comprised of thousands of small companies throughout the U.S. "These low risk, high margin, largely mom and pop businesses will benefit from best practices and synergies of multiple locations to realize significant appreciation in a relatively short period of time," said Mintz.
Continuing, Mintz said, "The Company has spent the greater part of a year and a half developing the underlying model, including the addition of key executives, securing early acquisitions and building strong industry relationships that management feels puts BVI in a strong position for expansive and profitable growth."
BVI will operate from offices in California and Florida.
"Our expectation of substantial revenue by our new diversified partner of $50-75 million in the first 18 months of operations will benefit our shareholders around the world enormously," said Paul Hancock, WWMO's President/CEO.
Any forward-looking statements contained in this release reflecting management's best judgment based on factors currently known involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward looking statements included herein as a result of a number of factors including but not limited to WWMO's and BVI's ability to enter into various financing programs, roll-up business acquisitions, competition from other companies, acquisition of suitable motion pictures, and the performance of films in general licensed by WWMO.
Founded in 1977, World Wide Motion Pictures Corp. is a diversified company, with shareholders throughout the world, which is primarily involved in the development, financing, production and distribution of feature films, documentaries, short subjects, industrials and television productions. WWMO's industry executives and board members have produced, distributed and consulted on a wide variety of film and television projects, earning Academy awards, Emmy awards and prizes from world film festivals.
World Wide Motion Pictures Corporation
Jeffrey Brown, 714-960-7264
Source: Business Wire (November 15, 2005 - 6:00 AM EST)
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