Fearless Films Inc., (“Fearless Canada”, a wholly-owned subsidiary of Fearless Films, Inc., “Fearless”, or the “Company”) (OTCQB:FERL) is pleased to report that it has entered into a Letter of Intent with Victor Altomare, the Founder and President of Fearless Canada, to acquire acquire the rights to up to twelve movies from a library held by Victor Altomare, the President of Fearless Canada, the Company’s operating subsidiary. Among the films being considered for acquisition are The Lunatic, Bag the Wolf, and The Great Chameleon.
Under the terms of the LOI, the acquisition price and consideration for each film will be negotiated separately and payable in cash and shares of the Company, subject to negotiation of the Definitive Agreements and the obtention of mutually satisfactory independent appraisals of the value of each film.
The LOI is non-binding and is expected to be superseded by a Definitive Agreement to be agreed to and signed between the parties. The Transaction is subject to standard closing conditions.
Further details about this transaction and the combined entity will be provided in a comprehensive press release when the parties complete the Definitive Agreement.