SRM Entertainment, Inc., (Nasdaq:
SRM) (the “Company” or “SRM”) SRM and Suretone Entertainment’s
Suretone Pictures are in negotiations to form an alliance
capitalizing on Suretone Pictures’ film productions, tv content
creation, existing library and distribution strength alongside
SRM’s ongoing merchandise, manufacturing and distribution
businesses as engaged in providing its services to the major film
studios. The initial transaction was closed on September 3, 2024
with the transfer of the first of several valuable film assets
transferred by Suretone Pictures to SRM. SRM and Suretone
Entertainment’s Suretone Pictures are engaged in far-reaching
discussions to jointly create a new media company using certain
assets of Suretone Pictures as the two companies intend to come
together to build a multi-film asset and IP based library with an
innovative plan towards distribution, merchandising and
production.
The companies have set an agenda with a goal to
merge Suretone Pictures’ assets into SRM in early to mid 2025,
subject to regulatory approvals and other customary closing
conditions. Jordan Schur, Suretone Pictures’ President, will
initially join SRM as an advisor bringing several decades of movie
and media experience to lead the endeavor as he looks to manage
jointly controlled movie assets and content creation to drive the
strategic media combination forward. Schur will guide the venture
as he oversees various film-making endeavors, as well as spearhead
movie acquisition and related merchandising efforts for the
companies with Suretone Pictures’ film and tv industries
partners.
SRM and Suretone Entertainment recently
completed their first media deal with SRM acquiring certain
Suretone Pictures film assets. Under the agreement, these initial
assets will become part of SRM’s media library, allowing SRM to own
and exploit the initial film assets’ merchandising, licensing fees
and revenue. SRM and Suretone view this transaction as the first
stage in an overall larger transaction to join forces toward
creating a valuable media franchise business. Further announcements
on subsequent stages are expected shortly.
Jordan Schur commented, “I am pleased to
announce this new endeavor of Suretone Pictures with SRM. The
companies enjoy a powerful synergy together on current functions
which complement overall goals on a combined agenda in operations
to better compete in the current environment. I look forward to
working with Rich Miller and the SRM team on our jointly controlled
IP to bring in-demand entertainment content in films, tv and
physical goods to an underserved independent global film and tv
market.”
Jordan Schur, founder and chairman of Suretone
Entertainment, serves as Suretone Picture’s President and enjoys a
long-standing successful career as a media entrepreneur. Schur
additionally co-founded Mimran Schur Pictures, a company engaged in
the co-finance of partnering with major film studios on their film
productions. Schur has been a major force in the music business as
founder of the legendary Flip Records, while also serving as
long-time President of Geffen Records, additionally merging MCA
Records into Geffen during his tenure there.
Schur founded Los Angeles-based Suretone
Entertainment in 2006 as an independent full-service entertainment
company which has consistently impacted culture in music, film, and
television. Suretone Entertainment encompasses Suretone Records,
Suretone Pictures, and Suretone Management, a multi-tiered company
that has become a prominent figure in the landscape of the
entertainment industries. Schur has played a pivotal role at
several of the major film studios and major record companies since
the early 2000s, variously driving market leading profitability in
his ventures alongside major industry partners while jointly
creating defining movements in entertainment culture with some of
the more influential figures in film, music and
Hollywood.
SRM is engaged in the business of creating
themed merchandise based on blockbuster movie franchises in
providing services to the film industry. The new relationship with
Suretone Pictures allows SRM to expand its activities in obtaining
valuable proprietary movie and media assets that will create new
opportunity in its existing business manufacturing lines.
“We are thrilled to welcome Jordan Schur and
Suretone Pictures to SRM. Our goal is to jointly scale a disruptive
film, tv, media company with on-going production operations, while
building a library of film and tv assets, coupled with other
valuable IP we plan to jointly acquire. We believe we enjoy a
competitive edge in our plans to develop and distribute our various
entertainment content and physical goods in our joint efforts
direct to consumers through our various distribution channels
online, in theaters, VOD and streaming, while manufacturing goods
to properly exploit the various merchandise rights ensconced in the
media rights. We intend to create multiple new channels in our
distribution of products to better drive value for our
shareholders.” says Rich Miller, CEO of SRM, in explaining the
motivation behind the venture.
About SRM Entertainment, Inc.
SRM Entertainment designs, develops, and
manufactures custom merchandise which includes toys and souvenirs
for the world's largest theme parks and other entertainment venues.
Many of SRM’s creative products are based on award winning
multi-billion-dollar entertainment franchises that are featured in
popular movies and books. SRM products are distributed worldwide at
Walt Disney Parks and Resorts, Universal Parks and Destinations,
United Parks and Resorts - SeaWorld and other attractions. SRM’s
products are offered alongside popular rides and attractions in
theme parks, zoos, aquariums, and other entertainment venues. SRM’s
design team developed specialty dolls, plush and toys for one of
New York City’s landmarks that features a popular holiday show.
SRM’s design team is credited with creating popular products which
have been successfully sold at specialty theme park events. SRM’s
exclusive-patented Sip With Me cups feature fun, kid friendly Zoo,
Sea and animal themed characters as well as licensed characters
from Smurfs, ICEE and Zoonicorn.
ABOUT SURETONE PICTURES
Suretone Pictures was founded in 2011 with
notably produced films including The Kid [Ethan Hawke,
Chris Pratt, Dane Dehaan, Jake Schur] (2019), Pawnshop
Chronicles [Paul Walker, Brendan Fraser, Elijah Wood, Matt
Dillon, Norman Reedus] (2013), One Nation Under
God [Isaak Presley, Kevin Sorbo, Casper Van Dien, Antonio
Sabato Jr.], and more. Suretone Pictures has a diverse upcoming
slate which includes DO NOT ENTER, financed in an equal
joint-venture partnership with Lionsgate and based on the
best-selling book Creepers by David Morrell (Rambo films’ books
author), starring Jake Manley, Adeline Rudolph, Francesca Reale,
Nicholas Hamilton, and Laurence O’Faurian, and directed by Marc
Klasfeld. Suretone Pictures has produced films such as One
Nation Under God, as well as the youth baseball
documentary Swing Big. Suretone Pictures currently has the
romantic comedy Revenge Wedding in development in
conjunction with partner Lionsgate with plans to get into
production in 2025. Suretone Pictures also has the highly coveted
action / thriller property Five Against A Bullet in
development and headed into production in 2025.
ABOUT JORDAN SCHUR
Jordan Schur is an American entrepreneur.
Chairman and CEO of Suretone Pictures, as well as a partner in film
production company Mimran Schur Pictures, and partner / board
member of Safety Shot. He is also the former President of Geffen
Records (https://en.m.wikipedia.org/wiki/Geffen_Records) and
President in merger with MCA Records. Schur is the founder of Flip
Records
(https://en.m.wikipedia.org/wiki/Flip_Records_(1994) and the
founder of Suretone Records
(https://en.m.wikipedia.org/wiki/Suretone_Records) as well as the
founder of the music, television, and film production company
Suretone Entertainment
(https://en.m.wikipedia.org/wiki/Suretone_Records) Founded by
Jordan Schur in 2006, Suretone Entertainment encompasses Suretone
Pictures, Mimran Schur Pictures, Suretone Records and Suretone
Artist Management. This independent full-service entertainment
company has consistently impacted culture in music, film, and
television.
Caution Regarding Forward-Looking
Statements
Certain statements in this announcement are
forward-looking statements. Investors can identify these
forward-looking statements by words or phrases such as “may,”
“will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,”
“plan,” “believe,” “is/are likely to,” “potential,” “continue” or
other similar expressions. These statements are subject to
uncertainties and risks including, but not limited to, the risk
factors described in the Risk Factors and in Management’s
Discussion and Analysis of Financial Condition and Results of
Operations sections of our Forms 10-K, 10-Q and other reports filed
with the SEC and available at www.sec.gov. There can be no
guarantee that SRM will obtain the necessary regulatory approvals
to merge Suretone Pictures’ assets into SRM nor can there be any
guarantee that SRM and Suretone will be able to reach an agreement
to create a new media company. In addition, SRM and Suretone have
not signed any exclusivity agreement and each may enter into other
material transactions such as an acquisition, merger, or other
transactions to pursue a different strategic direction. Although
the Company believes that the expectations expressed in these
forward-looking statements are reasonable, it cannot assure you
that such expectations will turn out to be correct, and the Company
cautions investors that actual results may differ materially from
the anticipated results and encourages investors to review other
factors that may affect its future results in the Company's filings
with the SEC. The Company undertakes no obligation to update or
revise publicly any forward-looking statements to reflect
subsequent occurring events or circumstances, or changes in its
expectations that arise after the date hereof, except as may be
required by law.
Media and Investor Relations
Info@SRMentertainment.com(407)-230-8100website:
SRMentertainment.com
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