ATLANTA, May 29, 2008 (PRIME NEWSWIRE) -- Premier Exhibitions, Inc. (Nasdaq:PRXI), a major developer of touring museum quality exhibitions, today announced that the Attorney General of the State of New York has concluded its inquiry into the Company's human anatomy exhibition at South Street Seaport in New York City known as "Bodies... The Exhibition." Under the terms of the settlement reached between the Company and the Attorney General of the State of New York, the Company will continue to operate its exhibition without interruption.
"Bodies... The Exhibition" presents plastinated human specimens in an educational and informative setting and provides the public a unique opportunity to gather a fundamental understanding about the human anatomy. The exhibition at the South Street Seaport in New York City has been open since 2005 and has drawn record crowds since its opening.
On February 14, 2008, the Attorney General for the State of New York commenced an inquiry into certain of the Company's business practices related to the sourcing of the specimens used by the Company. On May 23, 2008, the Company and the Attorney General of the State of New York entered into a settlement agreement, known as an Assurance of Discontinuance, concluding this inquiry.
Under the terms of the Assurance of Discontinuance, Premier has agreed to clarify the origins of the specimens presented at its exhibition in New York by making certain disclosures on its website, in the exhibition and in its New York area advertising. The Company has also agreed to create an escrow fund of fifty thousand dollars to reimburse customers who establish they would not have attended the New York City exhibition had they known the facts set forth in the disclosures. Any funds remaining in the escrow account after eight months and not paid to eligible consumers shall revert back to the Company. In addition, the Company will retain an independent monitor to ensure compliance with the Assurance of Discontinuance and will pay fifteen thousand dollars to the Attorney General of the State of New York in conjunction with the resolution.
In the settlement, the Attorney General did not find that the Company utilizes the remains of executed prisoners in its exhibition. As part of the settlement, the parties agreed that the Company cannot independently confirm that the individualized organs and body parts at the exhibition were not taken from executed prisoners. The Company must rely on the affirmations of its Chinese supplier, the head of anatomy at the Dalian Medical University, a teaching hospital recognized by the World Health Organization, that these specimens do not come from the remains of executed prisoners.
The Company's Bodies exhibitions have been seen by millions worldwide since their debut in 2005. They continue to receive overwhelming approval from consumers, medical professionals and educators.
A copy of the Assurance of Discontinuance is available on the Company's website: www.prxi.com.
Safe Harbor Statement
Except for historical information, this press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. The actual results or outcomes of the Company may differ materially from those anticipated. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, the Company can provide no assurance that any of the forward-looking statements contained in this press release will prove to be accurate.
In light of the significant uncertainties and risks inherent in the forward-looking statements included in this press release, such information should not be regarded as a representation by the Company that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, fluctuations in operating results, uncertainty regarding the results of certain legal proceedings and competition. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "intend," "expect," "will," "anticipate," "estimate" or "continue" or the negatives thereof or other variations thereon or comparable terminology. The Company does not undertake an obligation to update publicly any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.