Diverse Media Group Inc. (DVME) Finalizes Joint Venture to Create Celebrity Superhero Franchises
September 16 2009 - 4:15PM
Business Wire
Diverse Media Group, Inc. (Pink Sheets: DVME) has completed the
acquisition of a 50% equity interest in Celebrities in Action, Inc.
(“CIA”) in a joint venture to create new superhero character
franchises based on real-life Hollywood celebrities. The new
characters will be developed with major stars of film, music,
television and sports. Plans include original storylines spanning
television, film, mobile and home entertainment, videogames,
publishing, consumer products and merchandising.
Celebrities In Action, Inc. is a vertically integrated
entertainment company that develops, produces and distributes
proprietary and licensed entertainment content, with a particular
focus on animated celebrities.
Diverse Media Group purchased 37,500,000 shares of CIA
common stock, representing 50% of all authorized shares of
Celebrities In Action, Inc. In exchange, Diverse Media Group agreed
to assume CIA's responsibilities in signing up celebrities
and/or well-known athletes to participate in the creative joint
venture with Stan Lee's POW! Entertainment, Inc. Diverse Media
Group also agreed to issue 20,400 shares of its Series A Preferred
Stock to Fordee CA Trust, the majority CIA shareholder, exchanged
for the acquisition of California PA Trust, a California business
trust owned by Fordee, and Fordee’s release of its option to
acquire the 37,500,000 shares of common stock in CIA.
CIA has an existing joint venture with Stan Lee’s POW!
Entertainment banner to develop, produce and distribute animated
programming, content and merchandise based on the premise of
real-life celebrities in competition against characters from other
worlds. Diverse Media Group will identify and secure the celebrity
participation and Stan Lee will provide the creative vision to
shape these novel superhero personas.
Praised as “a legend” worldwide and honored with his own Hasbro
“Marvel Legends” action figure, Stan Lee is associated with such
breakthrough superhero characters as Spider-Man®, The Incredible
Hulk®, The Fantastic Four®, X-Men®, Iron Man® and Daredevil®. He is
also recognized as an innovator in creating new media opportunities
and revenue streams for the superhero genre. Among his
accomplishments, Stan Lee is credited with leading the expansion of
Marvel Comics from a small division of a publishing house to a
multimedia corporation, and developing his characters into
longstanding franchises.
Hollywood talent agent Chris Nassif, founder of Diverse Talent
Group and its parent company, Diverse Media Group, Inc., commented,
”Stan Lee has excelled as a visionary, a leader in the global media
industry and a creative talent whose complex fictional characters
have become living, breathing members of our world. We are
delighted to provide the setting for him to create characters based
on real stars, which taps into the resources of CIA, POW!
Entertainment, and Diverse Media Group.”
Lee’s POW! Entertainment company has a first-look deal with
Disney, which last month acquired his former company, Marvel
Comics, for $4 Billion.
About Diverse Media Group, Inc.
Diverse Media Group, Inc. (Pink Sheets: DVME)
(http://www.diversemediagroupinc.com) is an entertainment company
that aggregates expertise across all aspects of the media industry.
Diverse Media Group has at its core the established 27-year history
of its wholly owned subsidiary, Diverse Talent Group. Diverse
Talent Group is now the 10th largest Hollywood agency offering
talent and literary representation in commercials, episodic
television, cable programming and motion pictures. The company has
the ability to create programming, foster distribution and
represent talented individuals to fuel a new digital age of content
generation. The parent company also includes the subsidiary Talent
Quest America, Inc., which identifies new and rising talent
representing the future of the Hollywood entertainment
community.
The information contained herein contains forward-looking
information within the meaning of Section 27A of the Securities Act
of 1993 and Section 21E of the Securities Exchange Act of 1934
including statements regarding expected continual growth of the
company and the value of its securities. In accordance with the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995 it is hereby noted that statements contained herein
that look forward in time which include everything other than
historical information, involve risk and uncertainties that may
affect the company's actual results of operation. Factors that
could cause actual results to differ include the size and growth of
the market for the company's products, the company's ability to
fund its capital requirements in the near term and in the long
term, pricing pressures, unforeseen and/or unexpected circumstances
in happenings, pricing pressures, etc. Investing in securities is
speculative and carries risk. Past performance does not guarantee
future results.
For all Inquiries: Please contact a Managing Member of
Microcap Management LLC at2004 A West 120th Avenue,
Westminster, CO 80234.Phone: (303)-465-2388
Fax: (303)-465-2507Website:
www.microcapmanagement.com
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