Courtesy of CNN.com
NEW YORK, Oct. 22 /PRNewswire-FirstCall/ -- Sibling Entertainment Group Holdings, Inc. ["Sibling Holdings"] announced Sibling Theatricals, Inc. ["Sibling Theatricals"], a wholly-owned subsidiary of Sibling Entertainment Group, Inc., together with Garlin Holdings Limited as Managing Members, have formed Sibling Sports, LLC (a Delaware limited liability company) for the purpose of creating M-1 Global, LLC (a New York limited liability company), a new mixed martial arts organization.
In addition, Monte Cox, a 13-year veteran of the mixed martial arts industry, was named President and CEO of M-1 Global.
Sibling Entertainment Group, Inc. is the company with which Sibling Holdings has previously signed an Agreement of Acquisition and Plan of Reorganization, the closing of which is currently pending. (See "Note to Editor" below for an explanation of Sibling Holdings relationship to Sibling Entertainment Group, Inc.).
"We are excited to announce the formation of Sibling Sports, LLC and our new mixed martial arts organization M-1 Global," said Mitchell Maxwell, President and CEO of Sibling Holdings. "Mixed martial arts is the fastest growing sport in America. It is the boxing of the 21st century. We see our entry into sports entertainment as an integral part of our strategic plan to develop new and unique entertainment products worldwide."
"We have pulled together a world-class group of people to lead our new organization. Our new management team has extensive mixed martial arts experience in Europe, Russia, Asia and the US. We have developed a strategic alliance with SFX Media & Events, one of the premiere sports marketing, event management, and athlete management companies in the world," he said.
"We are thrilled to have a strategic alliance with M-1 Global and the outstanding team that Sibling Sports has put together," said Dennis Spencer, executive vice president of SFX Media and Events.
"We are pleased to announce Monte Cox as our CEO. Monte has been recognized as one of the most influential persons in mixed martial arts in the world today. He is generally considered one of the world's most successful fight managers, having produced a record seven world champions in the Ultimate Fighting Championship and built an impressive team of nearly 60 world-class competitors," Maxwell said.
Cox said, "I have been involved in mixed martial arts for almost 13 years. While I have been offered many other positions over the years, this is the first one that I have accepted. I am elated to have the opportunity to work with Mitchell Maxwell and the great team of managers he has been able to assemble. We look forward to continuing to move mixed martial arts into the mainstream, not only here in the US, but worldwide."
"We have developed an alliance with M-1 Mix Fight and we are honored to be working with Vadim Finkelchtein, Apy Echteld, and Joost Raimond. They have many years of experience managing fighters and staging events in Europe, Russia, and Asia. Rounding out our new management team are Bob Clark, currently serving as President of Sibling Theatricals, and Brian Patton, a CPA, and business manager for MMA legend Matt Hughes," Cox said.
Note to Editor:
Sibling Holdings previously entered into an Agreement of Acquisition and Plan of Reorganization with Sibling Entertainment Group, Inc. (hereinafter referred to as "Sibling").
The above-referenced agreement provides for the acquisition of Sibling's subsidiaries: Sibling Theatricals, Inc., (STI); Sibling Pictures, Inc., (SPI); Sibling Music Corporation (SMC): and Sibling Properties, Inc., (SPPI).
On February 9, 2007, the shareholders of Sibling Holdings approved the above-referenced agreement, the closing of which is subject to the filing, and effectiveness, of a Form S-4 registration statement with the SEC. The Form S-4 was filed on August 14, 2007 by Sibling Holdings.
About Sibling Entertainment Group, Inc.
Sibling Entertainment Group, Inc., a company filing voluntarily with the SEC as a 1933 Securities Act company, is an entertainment development and production company based in New York City that finances, develops and produces plays and musicals for the live stage, independent feature films and other entertainment projects through four wholly-owned subsidiaries: Sibling Theatricals, Inc., (STI); Sibling Pictures, Inc., (SPI); Sibling Music Corporation (SMC); and Sibling Properties, Inc., (SPPI). We seek to create synergies that will enable each subsidiary to build off of one another's successes. For more information, access the Sibling website at www.siblingentertainment.biz.
We caution readers that the statements contained in this release about our future business plans, operations, opportunities, or prospects, including without limitation any statements or factors regarding expected sales, margins, or earnings, are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based upon management's current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results to differ materially from anticipated results. Among the factors that could cause actual results and outcomes to differ materially from those contained in the forward-looking statements are the following: changes in the general U.S. or regional U.S. economy; intense competition within our industry; our ability to acquire suitable real estate; the significant loss of key employees; the efficient operation of our information systems; changes in the availability or cost of capital and working capital financing; the regulatory environment in which we operate; the effect of various litigation matters; the effect of new accounting requirements or changes to generally accepted accounting principles; and the occurrence of certain other material events. We disclaim any intent or obligation to update our forward-looking statements.
For more details on factors that could affect expectations see our quarterly or current reports as filed with or furnished to the Securities and Exchange Commission.
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