FOR IMMEDIATE RELEASE
A.D.VISION, INC. CONCLUDES SERIES OF ASSET TRANSACTIONS
HOUSTON, September 1, 2009 — A.D. VISION, INC. ("ADV"
or the "Company") announced today that June 1, 2009, the Company
concluded a series of transactions that are expected to result in
seamless delivery of home video products and television programming to
customers.
Through an asset purchase agreement, AEsir
Holdings, LLC ("Aesir") acquired a subordinated interest in selected
programming from ADV's film library together with other intellectual
property subject to all liens and security interests of the Company's
senior secured lender. The transaction requires Aesir to assume
specific obligations and scheduled liabilities of the Company under
legacy license agreements associated with the acquired programming.
Concurrently, the Company concluded an asset purchase
agreement with SXION 23, LLC, doing business as "Section23 Films," a
home video distribution company, under which it assumes account
servicing and distribution operations in connection with the library
acquired by Aesir, subject to all liens and security interest of the
Company's senior secured lender.
John Ledford, ADV's
President and CEO, states "We believe the actions we initiated and
completed provided the same or more value to the Company's secured
lender and its programming licensors while giving other key
stakeholders such as employees and customers some potential value or
the reasonable probability of realizing value."
In a separate transaction, Valkyrie Media Partners, LLC
("Valkyrie") acquired a 100% equity position in Anime Network,
Inc. ("ANI"), formerly ADV's television unit, pursuant to a stock
purchase agreement between ADV and Valkyrie. That transaction
includes an assumption by Valkyrie of specific liens and security
interests of the Company's senior secured lender.
In another separate transaction, Seraphim Studios, LLC acquired Amusement Park Media, the production unit of A.D. Vision, Inc.
Further announcements are expected from the respective acquiring entities over the coming days.
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