Carolco Pictures, Inc. (OTCQB: CRCO), is pleased to announce the June 2017 sale of its 75% interest in subsidiary, S&G Holdings, Inc., d/b/a High Five Entertainment, to Metropolitan Sound + Vision LLC, a South Carolina company owned by High Five's original founder, Bud Schaetzle.
Of the total purchase price of $600,000, $10,000 was paid at closing. Thereafter, beginning at the end of the third fiscal quarter of 2017, Metro will pay the Company 5% of the gross revenues collected during the quarter by Metro via the exploitation of High Five's assets, up to a lifetime maximum of $590,000.
"This is a reunion between High Five and its founder, writer-producer-director," says Bud Schaetzle, Metro's CEO. "I plan to continue High Five's long history of reaching for excellence in entertainment programming."
"We are pleased to be able to return High Five back to its original founder, a true trailblazer who can concentrate on the award winning productions High Five is known for," said Alexander Bafer, the Company's Chief Executive Officer.
Mr. Bafer added, "As for the Company, this sale enables us to more closely focus on growing our virtual reality and new media technology subsidiary, Recall Studios. We intend to penetrate this fast expanding market with state-of-the-art 360 technology for the masses that makes entering the virtual reality world easy, affordable and more accessible. The burgeoning virtual reality and new media markets represent the next potential super high growth sector in technology and entertainment."
About Carolco Pictures, Inc.: We are an entertainment technology company that is redefining media consumption. We are focused on creating disruptive software, proprietary technology and immersive content. Our most recent SEC filings and financial information can be found on the Securities and Exchange Commission's website at www.sec.gov