Film and Music Entertainment, Inc is to acquire Miracle Productions, Inc., a wholly owned subsidiary of Miracle Entertainment, Inc.
The acquisition is valued at $4,000,000 and includes script options, rights to production fees, U.S. and foreign distribution rights on various films in development, as well as other assets. Miracle will receive 20 million restricted common shares of FAME as well as participation points in future revenues from the films.
FAME also announced that 13 time academy award winner John Daly, who is president of FAME, will take over the additional duties of chairman from Michael Meyer who has stepped down to devote more time as a producer and director of family oriented films.
FAME is an entertainment company specializing in the production and distribution of "G" and "PG-13" rated, family oriented films that reflect positive moral values.