Secure Alliance Holdings Corporation Changes Its Name to aVinci Media Corporation,...
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Secure Alliance Holdings Corporation Changes Its Name to aVinci Media Corporation, Effects a Reverse Stock Split and Announces Closing of Merger Agreement
HOUSTON--(Business Wire)--
Secure Alliance Holdings Corporation (Pink Sheets: SAHC) (the
"Company") is pleased to announce that it has completed the merger of
its wholly owned subsidiary, SMG Utah, LC, a Utah limited liability
company ("Merger Sub"), with and into Sequoia Media Group, LC, a Utah
limited liability company ("Sequoia"), pursuant to that certain
Agreement and Plan of Merger dated as of December 6, 2007, by and
among Sequoia, the Company and Merger Sub, as amended, such that (i)
Sequoia has become the surviving entity and a wholly owned subsidiary
of the Company and (ii) each Sequoia membership interest automatically
converted into the right to receive 0.87096285 shares of common stock,
par value $.01 per share, of the Company. As a result of the merger,
each member of Sequoia have become stockholders of the Company and, in
the aggregate, own approximately 80% of the common stock of the
Company.
Prior to the merger, the Company (i) effected a 1-for-2 reverse
stock split of its common stock, such that each holder of common stock
received one share for each two shares they own, (ii) increased the
number of authorized shares of its common stock from 100,000,000 to
250,000,000 and authorized a class of preferred stock consisting of
50,000,000 shares of $.01 par value preferred stock, (iii) changed its
name to "aVinci Media Corporation", and (iv) entered into its 2008
stock incentive plan, all of which were approved by stockholders at a
special meeting of stockholders held on May 29, 2008.
The Company is currently working with the OTC Bulletin Board
Coordinator for NASDAQ Market Operations to obtain a new trading
symbol.
Upon consummation of the merger, Jerrell G. Clay, the Chief
Executive Officer of the Company, and Stephen P. Griggs, the
President, Chief Operating Officer, Principal Financial Officer and
Secretary of the Company, resigned. Concurrently, the following were
appointed as the executive officers of the Company: Chett B. Paulsen
was appointed the President and Chief Executive Officer, Richard B.
Paulsen was appointed Vice President and Chief Technology Officer,
Edward "Ted" B. Paulsen was appointed Secretary/Treasurer and Chief
Operating Officer and Terry Dickson was appointed Vice President of
Marketing and Business Development. In addition, the Board of
Directors of the Company increased the size of the Board from two
members to seven members. The Board filled the five vacancies created
by such increase by appointing as additional directors Chett B.
Paulsen, Richard B. Paulsen, Edward B. Paulsen, John E. Tyson and Tod
M. Turley.
The new name, address and telephone number of the Company is
aVinci Media Corporation, 11781 South Lone Peak Pkwy, Suite 270,
Draper, UT 84020, (801) 495-5700.
About the Company
The Company, formerly Tidel Technologies, Inc., completed the sale
of its Cash Security business on October 2, 2006 and has had
substantially no operations since that date. Upon consummation of the
merger, the business operations of Sequoia have become the operations
of the Company. Sequoia, based in Draper, Utah, is revolutionizing the
way life events and memories are shared and preserved. Sequoia
developed the aVinci(R) Experience to simplify and automate the
process of creating professional-quality multi-media products using
personal photos and videos. Sequoia's patented technology delivers
complete, refined products including DVDs, photo books, posters and
other products - not a complicated software tool requiring time and
training to generate finished products. Sequoia distributes products
through leading retailers, photo websites and image service providers.
For more information, visit www.avincimedia.com.
This press release contains forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934 that
represent the Company's current expectations and beliefs, including,
among other things, strategic initiatives. The forward-looking
statements and related assumptions involve risks and uncertainties
that could cause actual results and outcomes to differ materially from
any forward-looking statements or views expressed herein.
aVinci Media Corporation
Edward Paulsen, 801-984-2603
tpaulsen@sequoiamg.com
Copyright Business Wire 2008
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