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Having earlier in the week requested a stock trading halt as it continued negotiations regarding a “potential corporate transaction with an international party which may result in an acquisition”, Australian entertainment streaming service Quickflix has advised that it has entered into a non-binding memorandum of understanding with an unnamed Shanghai-based film and television company to combine their businesses and form a global streaming platform for distribution of Chinese film and TV content into China and international markets.
Subject to satisfactory completion of further due diligence and all necessary shareholder and regulatory approvals, the parties intend to proceed with a transaction in which Quickflix will acquire the Shanghai-based company for a consideration to be negotiated upon completion of further due diligence. The Shanghai-based company produces original Chinese language film and TV, participates in co-production in China and international markets and has a slate of future production including a coproduction with a US studio.
The Shanghai-based company is profitable and generates free cash-flow. Consolidation with Quickflix would result in the combined entity having a significantly improved financial outlook and ability to access further capital for growth.
Quickflix has made a considerable investment over a number of years to create a leading scalable streaming platform supporting a wide range of major consumer devices. Combining the Quickflix platform, with original content and accessing large global audiences represents a significant opportunity to unlock the value of Quickflix.
Quickflix is now undertaking further due diligence and expects to be in a position to provide a further update to the market on or before 20 August, 2015.