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LOS ANGELES—(BUSINESS WIRE)–Sept. 14, 2004–World Wide Motion Pictures Corporation (OTCBB:WWMO – News) today reported that a Memorandum of Understanding had been executed between WWMO and American Pioneer Financial Services Inc. (APFS).
WWMO and APFS have signed a Memorandum of Understanding with the objective of constructing a full Acquisition Agreement within 60 days. The tentative arrangement would allow for WWMO and subsidiaries to acquire APFS, which includes subsidiaries Bascom Remmington Russell Marketing Corporation, Mortgage Technology Corporation, Gold Software Technologies, alyXsys and One Work Station. The acquisition by WWMO of APFS will result in APFS obtaining fully reporting publicly held status with trading of its securities on the Electronic Bulletin Board. The shareholders of APFS and affiliates would retain a majority interest in the resulting diversified corporations. The acquisitions are contingent upon the approval of the Boards of Directors and Shareholders of all participating corporations.
“The company and its advisors have been working diligently at perfecting this potential acquisition for nearly 3 months and are enthusiastic about the potential for the co-mingling of World Wide’s businesses and philosophies with APFS’s highly diversified enterprises,” said Paul Hancock WWMO’s President/CEO.
Hancock added: “As we previously disclosed in our last Press Release, this potential acquisition will allow all entities to explore further into capital markets and take advantage of a wide array of other potential opportunities including broader roll-up possibilities to help increase shareholder value.”
Any forward-looking statements contained in this release reflecting management’s best judgment based on factors currently known, involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements included herein as a result of a number of factors including but not limited to WWMO’s ability to enter into various financing programs, competition from other companies, acquisition of suitable motion pictures, and the performance of films in general licensed by WWMO.
Founded in 1977, World Wide Motion Pictures Corp. is a diversified company, with shareholders throughout the world, which is involved in the development, financing, production and distribution of feature films, documentaries, short subjects, industrials and television productions. WWMO’s industry executives and Board members have produced, distributed and consulted on a wide variety of film and television projects, earning Academy Awards, Emmy Awards and prizes from world film festivals.
