Stratus Media Group Enters into Binding Letter of Intent to Acquire Hot Import Nights, a Leading Producer of U.S. Automotive ...

Date : 07/28/2010 @ 12:30PM
Source : Business Wire
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Stratus Media Group Enters into Binding Letter of Intent to Acquire Hot Import Nights, a Leading Producer of U.S. Automotive ...

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Stratus Media Group, Inc. (OTCBB:SMDI), a live entertainment company, today announced that it has entered into a binding letter of intent to acquire the assets of Hot Import Nights Events and Productions, the owner and operator of live motor sports events including Cars&Models and Hot Import Nights (HIN), a leading series of indoor/outdoor car, music and pop-culture festivals. HIN is projected to record over $4 million in revenues in 2010.

Hot Import Nights is operating the 2010 Tour in conjunction with Number One Parts, Inc. (NOPI) www.HINNOPI.com , an Atlanta-based distributor of stock, custom and performance parts. The tour travels to seven major domestic markets and major corporate sponsors already on board include Mazda, McDonalds, AT&T, Coca-Cola, NOS Energy Drink, Toyota and the US Marines. Past tours have attracted approximately half a million automotive and entertainment enthusiasts each year.

The 2010 Tour is built around the car-customization scene, and wrapped in a new racing tour and ear-thumping, designer-driven nightclub atmosphere; Hot Import Nights brings together the latest trends in cars, racing, music and style in one high-energy weekend.

Paul Stevens, CEO of Hot Import Nights & Events said, “We expect that this acquisition by Stratus Media Group will provide HIN the ability to expand domestically and internationally. We have fans in 140 countries around the globe that over time should be able to attend HIN events in country. Now in our 12th year, the 2010 National Tour theme is ‘Racing into the Future.’ We believe significant business can be completed with the Stratus Media Group family of companies and brands in the months and years to come.”

Paul Feller, President and CEO of Stratus Media Group said, “We are very excited about the strategic synergies and growth opportunities that Hot Import Nights and its executive team will bring to the automotive and music verticals of SMDI. HIN provides a dedicated domestic and international fan base that is unique and complimentary to our existing auto sport and entertainment vertical. HIN targets the fast-growing market for customized and performance cars and trucks and we believe that the acquisition of HIN will allow greater sponsorship opportunities for Stratus while consolidating cost centers within our already extensive auto show and auto racing event vertical. HIN is projected to book over $4 million in revenues in 2010 and we believe that by combining cost centers and increasing sponsor value, we can increase those revenues and corporate sponsorship retention dramatically.”

The acquisition of HIN assets includes a three year earn out in which SMDI will book 100% of all revenue for HIN following the close of the acquisition, which is expected in the next two months and is conditioned only on satisfactory due diligence and final documentation.

About Stratus Media Group, Inc.

Headquartered in Santa Barbara, with offices in Los Angeles, Geneva, Switzerland, and Perugia, Italy, Stratus Media Group Inc. (SMDI) is an owner, operator and marketer of live entertainment events and all media rights. In addition, the Company owns Stratus Rewards Visa White Card, a ultra exclusive consumer rewards marketing and redemption program, providing premium redemption benefits to members in the form of VIP event access, luxury trips, private jet travel, luxury automobiles, high-end merchandise and other rewards. www.stratusmediagroup.com

About Hot Import Nights (HIN Events)

HIN Events in its 12th year as a leading producer of national touring automotive lifestyle events. Based in Southern California, the company produces Hot Import Nights and Car&Model shows as the nation's largest and most unique indoor/outdoor car, music, and pop-culture festivals. www.hotimportnights.com and www.hinnopi.com

Forward Looking Statements

Statements in this press release relating to plans, strategies, projections of results, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and the Securities Acts of 1933 and 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors. Although the company's management believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, performance or achievements. The company has no obligation to update these forward-looking statements.

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