LZR.V acquires Masterfile $21.3 million dealArius3D (LZR.V) Acquires Masterfile: $ 21.3 million Deal
TORONTO, ONTARIO--(Marketwire -11/30/11)- Arius3D Corp. ("Arius3D" or the "Company") (TSX-V: LZR.V - News) and Masterfile Corporation ("Masterfile") announced that they have agreed to extend to January 31, 2012 the closing of the previously announced proposed acquisition by Arius3D of all of the issued and outstanding securities of Masterfile.
On August 19, 2011, Arius3D and Masterfile announced that Arius3D had entered into an agreement (the "Share Purchase Agreement") with the shareholders of Masterfile to purchase, on certain conditions, all the securities of Masterfile for CDN$21,379,580, and that the closing of such transaction was expected to be October 31, 2011. On October 31, 2011, Arius3D and Masterfile announced that the closing had been extended to November 30, 2011. For more details regarding the terms of the Share Purchase Agreement and related matters, please see the Company's press releases of August 19, 2011 and October 31, 2011 and the other Company filings with securities regulatory authorities since August 19, 2011 which are available under the Company's profile at www.sedar.com.
The closing of the transaction has been extended to January 31, 2012 in order to facilitate the financing efforts of Arius3D. In addition, the Company has agreed to release to Masterfile, on December 1, 2011, $300,000 that had been put in escrow in order to secure the payment of a termination fee. Arius3D has completed its due diligence investigation of Masterfile and is fully satisfied with the results thereof.
ABOUT ARIUS3D CORP.
Classified as an "Information Technology" company, Arius3D is publicly traded and listed on the TSX Venture Exchange trading under the symbol "LZR". Arius3D creates imaging solutions that allow organizations to capture and share unique physical objects in digital form. Arius3D offers 3D imaging systems and services to a growing 3D image library. The Arius3D technology supports wide ranging applications in culture and heritage, entertainment, education and product design with a primary focus of generating image license recurring revenues from rich media content. Arius3D has its head office located in Mississauga, Ontario. Visit our website at https://www.arius3d.com to understand more about the Company.
ABOUT MASTERFILE
Masterfile, headquartered in Toronto, Canada, is believed to be one of the world's largest providers of premium still images, in terms of revenues. Masterfile has an exceptional collection of stock images covering a wide range of subjects, which is stored digitally, and is showcased, licensed and delivered instantly to business clients worldwide via the Internet for advertising, design and corporate communications. Masterfile has offices in Canada, Germany, France, Italy, and the United Kingdom and operates in over 100 other countries through a network of distributors and exclusive licensees. Masterfile was created within a subsidiary of the Toronto Sun in 1981 and was sold by the Toronto Sun to its current principal owners in 1984. Since its founding, Masterfile's growth has been primarily organic, and today it has approximately 90 employees worldwide.
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