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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sack Lunch Productions Inc (PK) | USOTC:SAKL | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0129 | 0.005 | 0.0129 | 0.00 | 13:16:38 |
The Cool Event brands generated over $20M in gross revenues for the year ended December 31, 2016. Cool Events is on track to generate north of $22M in revenues in 2017, with projected EBITDA in excess of $2M. Cool Events is reporting gross assets in excess of $4M. The assets consist primarily of cash, merchandise, and equipment. Estimated liabilities are represented to be no more than $500,000, excluding any deferred revenue liabilities. All financial statements provided by Cool Events are unaudited and will be subject to adjustments based upon the requirements of GAAP.
The Acquisition of Cool Events is expected to more than quadruple the scope and size of SAKL's operations in 2018. The Letter of Intent outlines a transaction that contemplates the issuance of a secured promissory note for $5M and the issuance of restricted Series A Preferred Stock with a face value of $9,725,400. The transaction also calls for the transfer of certain common and others shares to be transferred to the owners of Cool Events. The Letter of Intent further calls for the appointment of William Spata to the position of CEO and Director, as well as the appointment of Brogg Sterrett as an Executive Vice President of Operations and Director.
CEO of SAKL, Richard Surber, commented, "The proposed transaction, if consummated, will be a game changer for shareholders of SAKL. Based upon the initial proposed schedule of events for all brands coupled with the operational infrastructure and marketing model that is expected to be deployed for the 2018 season, we could very realistically be looking at the event subsidiaries generating upwards of $40M in gross revenues, with EBITDA exceeding $5M by the end of 2018. We have been working closely with Cool Events for nearly a year at this point. Over this time, I feel that we have established a rapport with the Cool Events team that will be invaluable in moving this transaction to fruition. I am ecstatic over the prospects of this combination."
William Spata, CEO of Cool Events, commented, “I have a high-level confidence that Cool Events coupled with the current Sack Lunch brands can be one of the largest conglomerates of experiential events in the United States. My intent is to fully deploy our proprietary marketing systems, and our operational know-how to scale not only the number of events, but the participation levels to substantially higher levels on a per event basis. We have already witnessed the power of these principles, not only with our events, but also at several of The Lantern Fest® events that have doubled or in one instance tripled the number of participants, in part to our digital ad efforts.”
Witness the spectacular Lantern Fest® at: https://www.youtube.com/watch?v=LAj6RVCLqmc.
Please visit our websites to find the next event in your area: www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, and www.colormerad.com.
About Sack Lunch Productions, Inc.:
Sack Lunch Productions, Inc. (OTC PINK:SAKL) is an entertainment company with primary operations in event management. SAKL also holds a majority interest in Green Endeavors, Inc. (OTC PINK:GRNE). Learn more about SAKL's operations at www.sacklunchproductions.com, www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, www.colormerad.com, and www.green-endeavors.com.
SAKL strongly encourages the public to read the above information in conjunction with its reports filed at www.otcmarkets.com. The Letter of Intent executed is non-binding. The parties’ intent is to enter into a Definitive Purchase Agreement prior to setting the event schedule for 2018. SAKL will require a significant influx of capital in order to effectively execute upon its various operational plans. The actual results that SAKL may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Investors should not invest more than they can afford to lose in penny stocks.
CONTACT: Richard Surber, President Sack Lunch Productions, Inc. 801-575-8073 Ext. 111Richard@sacklunchproductions.com
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