A.D. VISION, INC. (”ADV” or the “Company”) announced today that June 1, 2009, the Company concluded a series of transactions that are expected to result in seamless delivery of home video products and television programming to customers.
Through an asset purchase agreement, AEsir Holdings, LLC (”Aesir”) acquired a subordinated interest in selected programming from ADV’s film library together with other intellectual property subject to all liens and security interests of the Company’s senior secured lender. The transaction requires Aesir to assume specific obligations and scheduled liabilities of the Company under legacy license agreements associated with the acquired programming.
Concurrently, the Company concluded an asset purchase agreement with SXION 23, LLC, doing business as “Section23 Films,” a home video distribution company, under which it assumes account servicing and distribution operations in connection with the library acquired by Aesir, subject to all liens and security interest of the Company’s senior secured lender.
John Ledford, ADV’s President and CEO, states “We believe the actions we initiated and completed provided the same or more value to the Company’s secured lender and its programming licensors while giving other key stakeholders such as employees and customers some potential value or the reasonable probability of realizing value.”
In a separate transaction, Valkyrie Media Partners, LLC (”Valkyrie”) acquired a 100% equity position in Anime Network, Inc. (”ANI”), formerly ADV’s television unit, pursuant to a stock purchase agreement between ADV and Valkyrie. That transaction includes an assumption by Valkyrie of specific liens and security interests of the Company’s senior secured lender.
In another separate transaction, Seraphim Studios, LLC acquired Amusement Park Media, the production unit of A.D. Vision, Inc.
Further announcements are expected from the respective acquiring entities over the coming days.
Alpha’s Reflections of ADV Films
I know the news of ADV Films closing its doors has been around for over a week now, but I feel that it is necessary to reflect on what ADV Films had/has done for anime in the United States and what it had done for Animesou.com. When this website was building up from its foundation, you can imagine how difficult it was for a small webpage trying to make a mark in this anime critiques business. I have gone to just about every Japanese animation studio in the U.S. and some declined to assist us with screener materials, some did not respond and some agreed. Among the some that agreed, ADV Films was one of those companies. I am thankful for them, they have done a tremendous deal of work throughout the years to spread this hobby we call anime. From the early VHS videos of Devil Hunter Yohko to pushing out DVDs of many different titles of anime. They have created and left a tremendous mark on anime in the States. I am sad to see such a great company go, and again I thank them for assisting Animesou.com throughout the years.