Business
AJB Capital Calls on Leadership of Premier Exhibitions to Immediately Prioritize Monetization of Titanic Assets and Fulfill Its Reporting Requirements
AJB Capital Calls on Leadership of Premier Exhibitions to Immediately Prioritize Monetization of Titanic Assets and Fulfill Its Reporting Requirements.
About this update from Premier Exhibitions Inc
[{"type":"text","content":"\n\n WAKE FOREST, N.C., March 28, 2016 (GLOBE NEWSWIRE) -- The following is a statement from Adam Bradley of AJB Capital:\n My firm, AJB Capital, is the holder of more than 5% of Premier Exhibitions (Symbol: PRXI).  Below is a summary of a more detailed communication I am providing Premier’s leadership and is available on our Schedule 13D. I am calling on Premier’s leadership to: Prioritize the immediate monetization of our Titanic artifacts and its exclusive Salvor-in-Possession rights of the wreck site. Fulfill its reporting requirements as a public company I do not consider myself an activist investor and am not taking the stance of one here now. Our goal as a shareholder of Premier is to: Raise concernsProvide solutionsEmphasize accountabilityAssist Premier’s leadership in restoring value   I am optimistic and expectant that Premier will respond positively to shareholder concerns and take advantage of the help I am offering.  Reporting Requirements:The financial reporting by the company is late.  There has been no quarterly or annual financial report to shareholders since the 10-Q for the period ending August 31, 2015 was filed.  In my view, that is too long to go without reporting to shareholders.  It appears to me that without shareholders holding leadership accountable, we will be kept in the dark. AssetsPremier’s ownership of over 5,000 Titanic artifacts and status as Salvor-in-Possession of the Titanic wreck site are in my estimation the most valuable assets we possess.  The most recent appraisal of these assets totaled $218,023,300.  The current market value of our equity is approximately $3,300,000, with minimal debt according to the filings.  Therefore, there is a very large disconnect between the appraised value and what the market expects the company to realize from them.  With such a large and growing discrepancy between the two valuations, I believe it is prudent to analyze the prioritization and focus of Premier’s strategy to determine if it is the right one.  Strategy:The strategic outlook provided by management listed stabilizing operations as management’s first priority. Judging by the financials, the operations are losing money and bleeding cash.  Rather than focus resources on a turnaround of unprofitable ex...