OMAHA, Neb., Sept. 16, 2011 (GLOBE NEWSWIRE) -- It was announced today that Rising India, Inc. (Pink Sheets:RSII), a publicly traded company, entered into a stock purchase agreement with Hong Kong Institute of Visual Arts, a Hong Kong corporation, King Capital International Pte. Ltd., a Singapore company and a Hong Kong corporation to be formed, Digital Animation Dimensions Ltd., whereby the Rising India stock is to be purchased for $4.00 a share.
The stock purchase agreement provides that 100% of the Rising India stock will be purchased at the scheduled closing on or before November 25, 2011. Moreover, the agreement provides for an additional $4.00 per share to be paid within 9 months of the closing pending, which 40% of the shares will be held in escrow. Alternatively, if the second payment is not made then all of the 40% of the shares shall be returned out of escrow to the original shareholders. Under this second scenario, the effective purchase price for the 60% retained by the purchaser would be $6.67 per share.
Arthur Taylor, president of Rising India, stated that this unique stock purchase recognizes the intrinsic value of Rising India and its growing presence within the animation industry, and the buyers have significant plans to capitalize on this resource. Robin Lim, Director of King Capital, described the Hong Kong animation vision this way: "Rising India is an excellent platform acquisition from which we can utilize its strong US access to animation projects and its extensive Asian network to develop a premier Hong Kong animation holding company. Other animation acquisitions are expected to follow. Animation in Hong Kong is still at the early stages and the platform Rising India provides together with other strategic animation-field acquisitions makes development of the animation conglomerate very attractive in China. Hong Kong and China are well positioned to grow the holding company and enable us to realize a very strong Asian public market multiple on the holding company's assets in approximately twenty-four months."
Roberto Orlandi, Executive Chairman of King Capital, stated that, "King Capital is well positioned to facilitate financing for this key acquisition. King Capital has access to sizeable financial collaterals enabling multi-million dollar financing. They also have a very strong presence in the financial instrument trading arena in the Asian markets and provide a strong financing support for the transaction."
Rising India, Inc. wholly owns International Animation & Film Group Ltd, a Singapore company, and Grace Lyster Software Solutions Pvt. Ltd., an Indian subsidiary. In addition to the United States, Rising India, Inc. has business operations in India, Singapore and Hong Kong.
Rising India, Inc. is a United States based public company with an international market in the development, financing and production of innovative digital special effects and 3D character animation for films and TV production.
The company has on-going business relationships with Asian companies that provide extensive background and expertise in the animation field as well as the financing of animation and family-friendly movie projects. As a result of its international scope and relationships, Rising India is involved in the development, creation and marketing of animation projects for the European, Asian and United States markets and anticipates significant growth in this expanding industry.
Forward-Looking Statements: Investors are cautioned that certain statements contained in this document are "Forward-Looking Statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "believes," "anticipates," "intends," "plans," "expects" and similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future Rising India, Inc. actions, which may be provided by management, are also forward-looking statements as defined by the act. These statements are not guarantees of future performance."