The transaction is expected to be complete by Apr 15. In conjunction with the transaction, Direct Response Media undertook a 1-for-3 reverse split which was effective in the marketplace on Mar 31.
Direct Response will issue 28,236,387 shares of its common stock to acquire all of the shares of Pangea, which will remain a wholly owned subsidiary of Direct Response.
In previous private transactions, Pangea acquired Big Red Pixel and Amber Lantern Images. Big Red Pixel's credits include effects producer and supervisor work on Collateral, Just Like Heaven and The League Of Extraordinary Gentlemen.
Amber Lantern Images' credits include effects supervisor and second unit direction on Die Hard With A Vengeance, The Thomas Crown Affair and Star Trek.
Additionally, principals of Pangea have completed major visual effects projects for clients such as DreamWorks, Fox, MGM and Sony, among others.
Pangea, in conjunction with its finance partners, currently has one film in pre-production and anticipates principal photography on the film to begin in the autumn 2008. There are six projects in development.
Upon completion of the transaction with Direct Response Media the officers and directors of Pangea will also be named as the officers and directors of Direct Response.
Jonah Loop is CEO and chairman, John P Ryan is CFO and corporate director, Thomas Newton is COO, David Ziek is senior vice president, Alex Franklin is vice president of development and corporate director, Jason Libersky is vice president of technology and strategy and John Sullivan is senior technical advisor and corporate director.