$SAKL Acquires Springbok Holdings, LLC & Its Subsi
Post# of 139
Posted On: 09/15/2015 12:13:34 PM
$SAKL Acquires Springbok Holdings, LLC & Its Subsidiaries: Color Me Rad, LLC, The Dirty Dash, & Springbok STC, LLC
Sack Lunch Productions, Inc. (OTC PINK: SAKL), a publicly traded entertainment company with operations in event management and film, announced that it has acquired a 100% interest in Springbok Holdings LLC (Springbok). Springbok, through its subsidiaries, controls and owns the Color Me Rad™ and The Dirty Dash™ events. Springbok also holds the rights to operate Slide the City™ events in up to 60 cities, based upon its franchise agreement with Slide the City Franchise, LLC.
Springbok reported net income of approximately $1,408,598 and gross revenues of $12,033,400 for the year ended December 31, 2014. Springbok in its most current financial statements through June 30, 2015, is reporting $6,985,171 million in gross revenues with net income of approximately $1,457,627. Springbok is reporting gross assets of $2,920,755. The assets consist primarily of merchandise and equipment. Estimated liabilities at the time of closing are represented to be no more than $2,000,000. All financial statements provided by Springbok are unaudited and will be subject to adjustments based upon the requirements of GAAP.
The Acquisition of Springbok has essentially doubled the scope and size of SAKL’s operations. The acquisition was closed on August 7, 2015. Springbok was purchased based upon SAKL’s intent to infuse in excess of $1,000,000 in cash to satisfy certain obligations of Springbok for merchandise and other obligations, coupled with a possible payment of no more than $100,000 to the prior owners which is based on future profits and would be due at the close of Springboks fiscal year ending December 31,2017. Management is currently working to fully integrate the operations of Springbok with those of SAKL.
CEO of SAKL, Richard Surber, explained the acquisition, “SAKL was able to position itself in such a fashion that we were able to acquire these well known and successfully branded events for what I believe will prove to be a bargain. The bottom line is that Springbok appears to have fallen into a cash flow problem that they could not solve without our help. We will infuse up to $250,000 this week to help relieve some of Springbok’s short term cash flow needs. Over the next 30 to 60 days we expect to raise up to an additional $1,800,000 in mezzanine capital. The capital will satisfy the cash needs of Springbok, set the stage for a stellar 2016 event season for all of our brands, and will allow SAKL at a minimum to regain fully reporting status with the Securities and Exchange Commission.”
Mr. Surber continued, “I also anticipate the launch of our co-branding efforts to occur within the next month. As an example, Sack Lunch Productions’ events collectively have an email database of participants that exceeds three million. Moving forward, each email that goes out to our participants will have SAKL’s logo and trading symbol as a footer. The purpose of the branding is to inform the public that SAKL is the parent company to Slide the City™, The Lantern Fest™, Color Me Rad™, and The Dirty Dash™. The email co-branding is one of many steps that will take place over the next 12 months to get SAKL the exposure needed as a publicly traded company.”
Please visit our websites to find the next event in your area: www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, and www.colormerad.com.
Sack Lunch Productions, Inc. (OTC PINK: SAKL), a publicly traded entertainment company with operations in event management and film, announced that it has acquired a 100% interest in Springbok Holdings LLC (Springbok). Springbok, through its subsidiaries, controls and owns the Color Me Rad™ and The Dirty Dash™ events. Springbok also holds the rights to operate Slide the City™ events in up to 60 cities, based upon its franchise agreement with Slide the City Franchise, LLC.
Springbok reported net income of approximately $1,408,598 and gross revenues of $12,033,400 for the year ended December 31, 2014. Springbok in its most current financial statements through June 30, 2015, is reporting $6,985,171 million in gross revenues with net income of approximately $1,457,627. Springbok is reporting gross assets of $2,920,755. The assets consist primarily of merchandise and equipment. Estimated liabilities at the time of closing are represented to be no more than $2,000,000. All financial statements provided by Springbok are unaudited and will be subject to adjustments based upon the requirements of GAAP.
The Acquisition of Springbok has essentially doubled the scope and size of SAKL’s operations. The acquisition was closed on August 7, 2015. Springbok was purchased based upon SAKL’s intent to infuse in excess of $1,000,000 in cash to satisfy certain obligations of Springbok for merchandise and other obligations, coupled with a possible payment of no more than $100,000 to the prior owners which is based on future profits and would be due at the close of Springboks fiscal year ending December 31,2017. Management is currently working to fully integrate the operations of Springbok with those of SAKL.
CEO of SAKL, Richard Surber, explained the acquisition, “SAKL was able to position itself in such a fashion that we were able to acquire these well known and successfully branded events for what I believe will prove to be a bargain. The bottom line is that Springbok appears to have fallen into a cash flow problem that they could not solve without our help. We will infuse up to $250,000 this week to help relieve some of Springbok’s short term cash flow needs. Over the next 30 to 60 days we expect to raise up to an additional $1,800,000 in mezzanine capital. The capital will satisfy the cash needs of Springbok, set the stage for a stellar 2016 event season for all of our brands, and will allow SAKL at a minimum to regain fully reporting status with the Securities and Exchange Commission.”
Mr. Surber continued, “I also anticipate the launch of our co-branding efforts to occur within the next month. As an example, Sack Lunch Productions’ events collectively have an email database of participants that exceeds three million. Moving forward, each email that goes out to our participants will have SAKL’s logo and trading symbol as a footer. The purpose of the branding is to inform the public that SAKL is the parent company to Slide the City™, The Lantern Fest™, Color Me Rad™, and The Dirty Dash™. The email co-branding is one of many steps that will take place over the next 12 months to get SAKL the exposure needed as a publicly traded company.”
Please visit our websites to find the next event in your area: www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, and www.colormerad.com.
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