FEARLESS FILMS, INC.
Under the Symbol:
Fearless Films Inc. Enters into Agreement to Acquire Film Library from Founder.
Wednesday, October 16, 2019 6:05 PM
TORONTO, ON / ACCESSWIRE / October 16, 2019 / Fearless Films Inc., ("Fearless Canada", a wholly-owned subsidiary of Fearless Films, Inc., "Fearless", or the "Company") (OTCQB:FERL) is pleased to report that it has entered into a Letter of Intent with Victor Altomare, the Founder and President of Fearless Canada, to acquire acquire the rights to up to twelve movies from a library held by Victor Altomare, the President of Fearless Canada, the Company's operating subsidiary. Among the films being considered for acquisition are The Lunatic, Bag the Wolf, and The Great Chameleon.
Under the terms of the LOI, the acquisition price and consideration for each film will be negotiated separately and payable in cash and shares of the Company, subject to negotiation of the Definitive Agreements and the obtention of mutually satisfactory independent appraisals of the value of each film.
The LOI is non-binding and is expected to be superseded by a Definitive Agreement to be agreed to and signed between the parties. The Transaction is subject to standard closing conditions.
Further details about this transaction and the combined entity will be provided in a comprehensive press release when the parties complete the Definitive Agreement.
About Fearless Films, Inc.
Fearless Films, Inc. (a Nevada Corporation) is the parent company of its wholly-owned subsidiary Fearless Films Inc. (Canada). Fearless Canada is an independent full-service production company founded by award-winning actor, producer Victor Altomare along with award-winning writer and director Goran Kalezic, Fearless Canada produces top quality entertainment with an edge.
Cautionary Statements Regarding the Transaction
This press release contains forward-looking information based on current expectations. The closing of the Transaction, the expected terms of the Transaction, the cash disbursement and the number of securities of the Company that may be issued in connection with the Transaction and the parties' ability to satisfy the closing conditions and receive all necessary approvals are all forward-looking information. These statements should not be read as guarantees of future performance or results. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from those implied by such statements. Although such statements are based on management's reasonable assumptions, there can be no assurance that the Transaction will occur or that, if the Transaction does occur, it will be completed on the terms described above. The terms described above are not binding unless and until the Definitive Agreement is signed.
Cautionary Statements Regarding Forward-Looking Information
Certain statements within this press release relating to the Company constitute "forward-looking statements", within the meaning of applicable securities laws, including without limitation, statements regarding future estimates, business plans and / or objectives, sales programs, forecasts and projections, assumptions, expectations, and/or beliefs of future performance, are "forward-looking statements". Such "forward-looking statements" involve known and unknown risks and uncertainties that could cause actual and future events to differ materially from those anticipated in such statements. Forward-looking statements include, but are not limited to, statements with respect to commercial operations, including production and / or sales of films, the number of films to be produced, anticipated revenues in connection with such sales, the overall projected size of the market, completion of film productions, and other information that is based on forecasts of future results, estimates of production not yet determinable, and other key management assumptions. Actual results may differ materially from those expressed or implied by such forward-looking statements and involve risk and uncertainties relating to the Company's historical experience with film production, actual operating performance of film production, and other uninsured risks. The Company assumes no responsibility to update or revise forward-looking information to reflect new events or circumstances unless required by law.
For further information please contact:
Dennis dos Santos
Chief Executive Officer
Fearless Films, Inc.
Tel: (416) 665-7297
SOURCE: Fearless Films Inc.