"While we believed in the benefits of the proposed PGI acquisition, we regret having to terminate the transaction. However, we have always recognized the tremendous upside of our core business, and we will now focus on it. Our charge is to now focus on scaling and optimizing Pixel Mags through internal growth and acquisitions," Kleinman said. "Solaris will now focus on Pixel Mags and the market position it has already established. That should enhance our commercial strategy and deliver value to our shareholders."