Recently nominated for a 2007 Independent Spirit Award for Best Documentary, the film details the rise and fall of rock legend Roky Erickson, whose band The 13th Floor Elevators coined the 1960's term psychedelic rock.
The acquisition of theatrical, home entertainment and ancillary rights from the producers and Red Envelope Entertainment were announced by Palm's general manager Lisa Nishimura and producers Adrienne Gruben, Keven McAlester, Lauren Hollingsworth, D W Harper, and Laura Boyd DeSmeth.
The deal was brokered for the film-makers by Josh Braun of Submarine and Roger Kass of RingTheJing Entertainment and by Bahman Naraghi, head of Red Envelope Entertainment.
Sundance Channel and Showtime have acquired first window television rights. Palm Pictures plans a summer 2007 theatrical release followed by DVD roll-out.
'Palm Pictures has long been dedicated to bringing audiences the best in documentaries,' Nishimura said.
'Erickson is a cultural pioneer who has influenced three generations of music. We are honoured and proud to bring this film to North American audiences.'
'We have been looking for a partner who really understood this film,' Naraghi said. 'This is much more than just a music documentary and we look forward to working on Roky's story with the whole team at Palm Pictures.'