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iDream Studios Announces $76M Equity Investment By Remington Capital
Remington Capital, Inc. has offered to invest $76 million for a 49% equity stake in iDream Studios Inc., in a transaction that would value the music studio and digital distribution upstart at $155.1 million.
By: Angela Ursprung, Chief Marketing Officer
"We received a letter of interest from Remington Capital, where Remington offered to purchase iDream’s unregistered common stock in a private transaction. At this time, however, we are still evaluating all of our various funding offers, in addition to Remington's offer, and anticipate making a final determination in the coming days. As always, the best interest of iDream and its shareholders will be paramount as we make a definitive agreement as to which of our pending financing offers to accept,” states iDream Co-founder and CEO, Barrie Holley.
This transaction, if agreed to by iDream, would be expected to close within the next 45 to 60 days, and is subject to the approval by the Boards of Directors of both companies and the execution of definitive purchase documents.
About Remington Capital, Inc.
Remington Capital, Inc. is an international capital services company, providing commercial real estate and corporate finance clients with expert counseling and access to a global network of public and private sources of capital. Since 1993, Remington has helped finance, refinance, and recapitalize more than $5 billion in commercial projects, and has grown from a national financial services company into an international commercial real estate investment banking firm.
About iDream Studios, Inc.
iDream Studios Inc. is an all-digital sound recording studio company that offers: (1) access to professional sound recording services at affordable prices, (2) social networking services for artist-fan base development, (3) digital distribution services for global content monetization, and is the only affordable music recording studio chain in the World to be fully loaded with premier digital recording equipment, as well as outfitted with intelligent lighting design and digital video recording systems.
Co-founder and CEO
iDream Studios Inc.
4600 Big Tree Way, Suite 12N
Greensboro, NC 27409
T: 336.292.3616 ext 700
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IDREAM™ will be the only affordable music recording studio in the World to be fully loaded with premier digital recording equipment as well as outfitted with intelligent lighting design and digital video recording systems.
Page Updated Last on: Oct 30, 2010