REDWOOD CITY, Calif., Nov. 12, 2009 (GLOBE NEWSWIRE) -- Graffiti Entertainment, Inc., a division of Signature Devices, Inc. (Pink Sheets:SDVI), today announced that the company has finalized the acquisition of the 7th Level Entertainment Group, LLC.
"As part of our business plan and in order to build shareholder value, we have finalized our first acquisition for Graffiti Entertainment and Signature Devices," said Kenneth Hurley, Signature Devices, Inc. Chief Executive Officer. "This acquisition is expanding our entertainment business and we are diversifying into new areas of entertainment. The acquisition of 7th Level Entertainment Group will give us a greater footprint in music, events, film and talent management."
With the acquisition of 7th Level, we have begun the development of additional business lines within the entertainment industry while expediting the growth of Signature Devices, Inc.'s core business. Graffiti Entertainment will be able to leverage the 7th Level's music content for in game audio solutions as well as utilizing the national and international branding opportunities presented by their live events and talent management divisions to garner greater exposure for its video games.
The 7th Level Entertainment Group's management team brings over 20 years of entertainment industry experience to its new parent company as well as a track record of high profile projects and clients such as Justin Timberlake, Mariah Carey, Hall & Oats, Wu Tang Clan, Elvis Presley, Madonna, U2, Public Enemy, Vanessa Williams, Three Six Mafia, Eminem, Wycleff Jean, The Beastie Boys, Sony Music, Eagle Rock Entertainment, The Disney Company, Universal Music, Warner Chappell, MTV, Buena Vista Home Entertainment, The Grammy Awards, The Emmy Awards, The Governments of the United States, China, Ireland and the United Nations.
The deal includes a small cash component, stock and revenue sharing for the principals of 7th Level Entertainment Group as well as a seat on the SDVI board for 7th Level CEO RJ Bucaria.
About Signature Devices, Inc. and Graffiti Entertainment, Inc.:
Based in Redwood City, CA, Signature Devices, Inc. creates, develops and manufactures advanced information technology, including computer systems, software and electronics products. One of the Company's premiere technologies includes a blend of hardware and software for image generation technology used in video games and simulations. Signature Devices also owns Graffiti Entertainment, Inc., (www.GraffitiEntertainment.com), a publisher of interactive entertainment software for advanced entertainment consoles.
The information in this press release includes certain "forward-looking" statements within the meaning of the Safe Harbor provisions of Federal Securities Laws. Investors are cautioned that such statements are based upon assumptions that in the future may prove not to have been accurate and are subject to significant risks and uncertainties, including the future financial performance of the Company. Although the Company believes that the expectations reflected in its forward-looking statements are reasonable, it can give no assurance that such expectations or any of its forward-looking statements will prove to be correct. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of the date of this release, and the Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events, or circumstances after the date of this release except as required by law.