CBB: PYBX), today announced it has signed a formal Share Purchase Agreement to purchase 100% of the issued capital of Delta Leisure Group Plc ("Delta"), an established record company with an extensive catalogue of major music CD's, DVD's and videos throughout the UK and Europe.
The pending acquisition represents a significant milestone in PlayBOX's plans to become a world leader in the marketing and distribution of global media entertainment. Once completed the merger will provide the combined PlayBOX group with real advantages for growth in a fragmented market. The enlarged management team already have three further acquisitions in their sights in the area of IP and copyright ownership, music to mobile platform in niche social networking, and advertising funded downloads.
Says Robert Burden, CEO of PlayBOX, "Once this acquisition is complete, PlayBOX will control over 700 retail outlets in the UK, giving it the ability to quickly and effectively distribute newly purchased content. It's a tremendous competitive advantage."
Furthermore, Delta demonstrated growth and profitability consistently over the past 12 years. PlayBOX intends to perpetuate Delta's success while it also focuses on additional acquisition targets.
"Delta is just the beginning," says Burden, "PlayBOX has plans for aggressive growth through the further acquisition of complementary media entertainment businesses for the mutual benefit of the companies, emerging music artists, and PlayBOX shareholders alike." The Company and its Directors have already identified 3 new target acquisition Companies, and are presently in negotiations to acquire them.
About Delta Music
Since its inception in 1993, Delta during the last 15 years has become one of the most successful independent UK record companies, manufacturing and distributing entertainment products with client distribution outlets including Universal, Asda, Tesco, Aldi, Sit-Up TV, TK Maxx, Toys-R-Us and Sainsbury's. Delivering constant growth in revenues year on year since 1993, and last year delivering US$14million in revenues and US$1million in ebitda unaudited, Delta is positioned for further growth in a fragmented music industry. The company's extensive catalogue of CD's boasts a wide range of genres including classical, pop, rock, jazz and new age. As a leading independent label, Delta is able to move swiftly in the market place, and make exciting projects come to life quickly. In addition, Delta was an early mover in the growing on-line digital download industry. For more information, visit www.deltamusic.co.uk.
About PlayBOX
PlayBOX is a media entertainment technology company that offers a wide variety of distribution channels for new music artists.
