
| by: | Dec 1, 2000 |
Vancouver-based itemus Solutions, a privately owned Internet infrastructure company has acquired an 80 percent stake in Shooting Gallery Inc.
Shooting Gallery will become a consolidated subsidiary of itemus, allowing it access to the New York--based rich media and entertainment company. Terms of the deal allow Shooting Gallery to spin off its film, TV and music development and distribution business to its current stockholders as a stand-alone company operating under the name Shooting Gallery Entertainment, thus becoming a client of itemus' Shooting Gallery subsidiary.
"Shooting Gallery Entertainment will remain with SG shareholders," explains Larry Meistrich, CEO of Shooting Gallery. "It will be a client of Shoot Gallery Services; the management team will remain intact -- we were adamant about this before the deal was signed. In fact, itemus was attracted to our strength of management, so there are no plans to change that aspect.
Basically, terms of the deal enable us to develop our business plan as the company operates as it always has." Jim Burns, CEO if itemus, will serve as the head of operations, overseeing the integration of Shooting Gallery's operations, including its rich media service, digital studios and services, and broadband content development. SW
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