April 23, 2015 / 10:51 AM / 4 years ago

BRIEF-Paradox Entertainment agrees on transfer of Paradox Entertainment to Cabinet

April 23 (Reuters) - Paradox Entertainment publ AB :

* Said on Wednesday, Board of Directors approved agreement on transfer of Paradox Entertainment Inc. (PEINC), together with underlying activities and indirect subsidiaries, to Cabinet Holdings Inc. (Cabinet), based in Los Angeles, USA

* Purchase price for all shares in PEINC amounts to $7 million in cash, before any deductions and adjustments totalling a maximum of $300,000, and shall be paid promptly following the Board’s approval

* Through the acquisition of PEINC, Cabinet will also take over indirect operating liabilities in the US operations alongside film producer activity which amounts to about $700,000

* Board unanimously recommends that shareholders vote for the sale of Paradox Entertainment Inc. to Cabinet and, if required majority is not obtained, to vote for a separate sale of Paradox Studios Inc. to Silvio Muraglia

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