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MIAMI, Dec. 27, 2012 (GLOBE NEWSWIRE) -- ACIES CORPORATION (OTCPK:ACIE) announced today that the company has entered into a Capital Stock Exchange Agreement (the "Agreement") with Houston Texas-based Champion Entertainment, Inc. ("Champion"). Details of the transaction can be found in a Form 8-K filed by ACIES CORPORATION on the Securities and Exchange Commission's EDGAR filing system on December 17, 2012. The transaction, which is anticipated to close before November 2013, subject to certain closing conditions described in greater detail in the Form 8-K, will result in Champion Entertainment, Inc. becoming a wholly-owned subsidiary of ACIES CORPORATION. It is also anticipated that the management of ACIES CORPORATION will resign their positions, appointing the senior management of Champion Entertainment to fill their vacancies at such time as the Agreement closes. Closing conditions include ACIES CORPORATION bringing its periodic quarterly and annual reports current with the Securities and Exchange Commission.
About Champion Entertainment, Inc.
Champion develops, produces and distributes compelling family and faith based content for the film and television industry. Champion is building a different kind of motion picture studio infrastructure by redefining the development, financing, production, and distribution process. Champion is a full service production company, offering production services for television, full length motion pictures, music videos, commercials and infomercials, new media production for corporate clients including live webcasts, streaming media, interactive and multi-platform media and a high definition rental broadcast uplink service and studio for live interviews with national media platforms. Champion Entertainment has offices/studios in Houston, Texas and Hollywood, California at Sunset Gower Studios. Champion is comprised of four divisions: Champion Entertainment, Inc., United Film Distribution, RW Productions, Inc., and CEI-Talent.
Champion's CEO, Kurt Neubauer stated, "Champion attempts to combine the efficiencies realized by studios of the early 1900's with the artistic focus and diversity of today's independent productions. Using this approach, we believe the risk-reward relationship facing the typical film project can be dramatically shifted. For example, whereas a typical film pushes artists and directors to rush development and production in hopes of conserving cash, Champion extends the pre-production cycle substantially to reduce costs while simultaneously increasing quality. Similarly, whereas a low-budget picture is severely limited by the types of postproduction technology used, due to budget constraints, we have invested directly in top of the line technology and will continue to invest in cutting edge film production equipment spreading the costs over a targeted number of original motion pictures each year. The goal of Champion is to develop the ability to consistently produce films with the look, feel and artistic content of multi-million dollar pictures, for a fraction of the cost."