and as a result, he declared a one-for-one dividend for ENTI
According to Hargis, in the coming days his new team will move into place and ENTI
will begin to position itself in the marketplace as a technology incubator and innovator.
As part of the agreement, the Pegasus dividend gives ENTI
shareholders increased stock value with ownership in two separate public companies.
Pursuant to the terms of the transaction, CSTI's shareholders transferred all of their outstanding shares to ENTI
Pearlman and his affiliated companies, Trans Continental Records and Trans Continental Airlines, will cancel all of the debt owed to them by ENTI and will assume all of ENTI's remaining third- party liabilities on the balance sheet (approximately $5,776,000 in the aggregate) in exchange for all of ENTI's remaining airship-related assets (approximately $1,103,000) so that pre-closing ENTI will have a "clean" balance sheet.
The transaction is subject to customary closing conditions and although there can be no assurance that the transaction will be consummated, ENTI expects to complete the transaction in the first week in October following the completion of certain filings with the government of Israel.
Although there can be no assurance that the transaction will be consummated, or on what terms, ENTI
expects to complete the transaction in the first week in August.
will continue to be the Chairman of ENTI
and will continue to play an active role in the Company's business and affairs.
is affiliated with ENTI
and is responsible for music sensations Backstreet Boys, 'N Sync and LFO as well as other prominent bands including O'Town, Take Five, C Note and Marshall Dillon.
ENTI is affiliated with Trans Continental Records, Inc.
Kelly is the acting CEO and President of WeBeCD and will sit on the Board of Directors of ENTI.
Louis Pearlman, Chairman of ENTI
, declared that, "This acquisition presents ENTI
with an opportunity to align itself with, and capitalize from, some of the hottest names in the entertainment industry.