Business
Automated-X Clarifies Further Details Concerning the Recent Acquisition of Saddle Ranch Pictures, Inc. and the Spin-off of QUICKflickUSA,Inc.
Automated-X Clarifies Further Details Concerning the Recent Acquisition of Saddle Ranch Pictures, Inc. and the Spin-off of QUICKflickUSA,Inc..
About this update from Saddle Ranch Media, Inc.
[{"type":"text","content":"\n \n Automated-X, Inc. (\"AUTX\") (OTC PINK: AUTX) clarified today certain \n details concerning its acquisition of Saddle Ranch Pictures, Inc. \n (\"SRP\"), which occurred as of August 15,2015, and the subsequent \n spin-off of QUICKflickUSA, Inc., which was effective August 21, 2017. \n This clarification comes in response to several enquiries received by \n AUTX management since the consummation of these transactions.\n \n \n After careful analysis of the opportunity to acquire Saddle Ranch \n Pictures, Inc., and after reviewing the operating results for the 6 \n months ended June 30, 2015 the Board of Directors as it existed prior to \n the transactions decided that there is a greater opportunity for revenue \n and net income growth by acquiring a fully integrated media company \n producing and distributing motion picture, TV and digital content on \n multiple platforms, worldwide, than had been afforded by the limited DVD \n kiosk dispensing model. Thus, when a business opportunity presented \n itself whereby the Company could acquire an established multi-media \n company with no cash outlay in exchange for stock, and at the same time \n repurchase an equivalent amount of its stock in exchange for its \n existing business, resulting in a transaction with no net dilution to \n existing shareholders, AUTX’s former board and management determined \n that it would be in best interests of its stockholders to do so.\n \n \n Thus, at the closing of the acquisition of Saddle Ranch Pictures, Inc., \n on August 15, 2015, the Company issued 90 million restricted common \n shares in a cashless exchange for 100% of the issued and outstanding \n shares of Saddle Ranch Pictures, Inc., and subsequently, two of the \n Company’s largest stockholders agreed to each surrender 45 million \n restricted common shares in consideration for receiving the spin-off of \n all of the assets and liabilities attributable to QUICKflickUSA, Inc. \n (which became a privately owned company post-closing). In addition, \n subsequent to the closing, the former owner of Saddle Ranch Pictures, \n Inc. announced that he will surrender 30 million common shares (of the \n 90 million common shares received) to the Company for cancellation, \n which will further strengthen the Company’s stockholders position by its \n anti-dilutive effect. Accordingl...