SUN Sports & Entertainment to Restructure for Expansion
September 14 2009 - 4:46PM
Marketwired
SUN Sports & Entertainment Inc. (PINKSHEETS: SUNR), following
the July 31, 2009 resignation announcement of CEO CJ Comu, the
company has moved quickly to effect a restructuring to allow for an
aggressive expansion plan created by Director Bruce Scambler (a
British and American dual national) and Global Market Advisors
Inc., an independent Newport Beach, CA advisory firm specializing
in multi-national mergers and growth strategy for established
businesses in the Hospitality, Entertainment and Gaming Management
industries.
Last month, in rebuilding the company's Board and management
team, Mr. Gentry, who was President and Chairman, together with Mr.
Coe, Chief Operating Officer and Director of SUN, announced they
would be stepping aside in favor of the new Board and management
team which is being assembled by Mr. Scambler, SUN's remaining
Director and officer. Mr. Scambler reported that the new Board will
be bringing more international experience to the management team.
"We are now at the beginning of the end of the restructuring," said
Mr. Scambler. "This plan is ambitious, I must admit, but achievable
provided we have the support of our shareholders and lenders, and
the required working capital financing."
According to Mr. Scambler, the company intends to restructure so
that SUN Sports & Entertainment Inc. will continue as a
publicly held holding company with industry-specific U.S.
subsidiaries, SUN Sports Inc. -- holding the U.S. license to the
SUN brands, "Art of War" and "Mano-a-Mano," will focus on the
branding, franchise and sponsorship aspects of the company's
historical Mixed Martial Arts (MMA) and UFC-type fight MMA
promotional activities. SUN Entertainment Inc. -- (assuming the
role of placement agent and distributor of all SUN managed events)
will leverage the company's extensive relationships expanding a
proposed company owned on-line "Pay Per View" format, video games
and merchandizing. Additionally, according to Mr. Scambler, the
company is in the process of expanding the business scope to
include combination events linking together the best integrated
entertainment events spanning hospitality, event entertainment and
gaming management. This expansion will require forming additional
subsidiaries, including SUN Investment & Finance Inc., which
will cover casino and gaming expansion and a foreign subsidiary --
Sun International Holdings Inc. -- which Mr. Scambler envisions
holding the company's interest in its planned expansion into the
U.K., Western to Eastern Europe, China, South Korea and other
Australasian Markets. Mr. Scambler, who has extensive experience
working in the U.K. and Europe, explained that the U.K. is one of
the largest UFC and MMA fight markets in the world and offers SUN
the opportunity to gain significant market share in this exciting
and growing market.
Mr. Scambler, a CPA in the US and a Chartered Management
Accountant in the U.K., as part of the restructuring ended the
external CFO role being provided by Tatum LLC. Our focus, explained
Mr. Scambler, needs to be more on the future Global opportunity,
not the historical local market. Global Market Advisors Inc., which
joined the company earlier this month, will provide just that spark
and efficient systemic approach to enable us to proactively secure
these international opportunities. According to Mr. Scambler, the
company has been able to formulate and is commencing implementation
of what it believes will be a successful domestic export and
international growth strategy which should rebuild shareholder
value and establish the company as a leader in the international
expansion of this new and fast growing MMA and UFC fight
industry.
About SUN:
Since 2007, SUN Sports & Entertainment, Inc.
(www.sunorganization.com) has served the U.S. markets with Mixed
Martial Arts (MMA) Event Production and Promotion, specializing in
concept-driven MMA events. SUN is a U.S. Certified and Licensed
Combative Sports Promoter that produces World Class MMA Events
under the brand, Art of War (www.artofwarlive.com).
Safe Harbor Statement -- This release includes forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933 and Section 27E of the Securities Act of 1934. Statements
contained in this release that are not historical facts may be
deemed to be forward-looking statements. Investors are cautioned
that forward-looking statements are inherently uncertain. Actual
performance and results may differ materially from that projected
or suggested herein due to certain risks and uncertainties
including, without limitation, ability to obtain financing and
regulatory and shareholder approvals for anticipated actions. Such
statements are based on management's current expectations and are
subject to certain factors, risks and uncertainties that may cause
actual results, events and performance to differ materially from
those referred to or implied by such statements. In addition,
actual or future results may differ materially from those
anticipated depending on a variety of factors, including continued
maintenance of favorable license arrangements, success of market
research identifying new product opportunities, successful
introduction of new products, continued product innovation, sales
and earnings growth, ability to attract and retain key personnel,
and general economic conditions affecting consumer spending.
Readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
Sun Sports & Entertainment Inc. does not intend to update any
of the forward-looking statements after the date of this release to
conform these statements to actual results or to changes in its
expectations, except as may be required by law.
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