ACIES CORPORATION Announces Entry Into Stock Exchange Agreement With Houston Based Champion Entertainment, Inc.
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.