BOCA RATON, FL--(Marketwired - Aug 8, 2017) - Carolco Pictures, Inc. (
Of the total purchase price of $600,000, $10,000 was paid at closing. Thereafter, beginning at the end of the third fiscal quarter of 2017, Metro will pay the Company 5% of the gross revenues collected during the quarter by Metro via the exploitation of High Five's assets, up to a lifetime maximum of $590,000.
"This is a reunion between High Five and its founder, writer-producer-director," says Bud Schaetzle, Metro's CEO. "I plan to continue High Five's long history of reaching for excellence in entertainment programming."
"We are pleased to be able to return High Five back to its original founder, a true trailblazer who can concentrate on the award winning productions High Five is known for," said Alexander Bafer, the Company's Chief Executive Officer.
Mr. Bafer added, "As for the Company, this sale enables us to more closely focus on growing our virtual reality and new media technology subsidiary, Recall Studios. We intend to penetrate this fast expanding market with state-of-the-art 360 technology for the masses that makes entering the virtual reality world easy, affordable and more accessible. The burgeoning virtual reality and new media markets represent the next potential super high growth sector in technology and entertainment."
About Carolco Pictures, Inc.: We are an entertainment technology company that is redefining media consumption. We are focused on creating disruptive software, proprietary technology and immersive content. Our most recent SEC filings and financial information can be found on the Securities and Exchange Commission's website at www.sec.gov
Forward-Looking Statements: Except for historical matters contained herein, statements made in this press release are forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "will", "to", "plan", "expect", "believe", "anticipate", "intend", "could", "would", "estimate", or "continue", or the negative other variations thereof or comparable terminology are intended to identify forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward looking statements relate to, amongst other things, current expectation of the business environment in which the company operates, potential future performance, projections of future performance and the perceived opportunities in the market. Also, forward-looking statements represent our management's beliefs and assumptions only as of the date hereof. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. The Company is subject to the risks and uncertainties described in its filings with the SEC, including its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q, and Current Reports of Form 8-K.