MIAMI, March 30, 2016 (GLOBE NEWSWIRE) -- Dolphin Digital Media, Inc. (OTCBB:DPDM) ("Dolphin Digital Media") is pleased to announce it has completed its acquisition via merger (the "Merger") of Dolphin Films, Inc. ("Dolphin Films"), previously a wholly-owned subsidiary of Dolphin Entertainment, Inc. ("Dolphin Entertainment"), as contemplated by the previously announced Agreement and Plan of Merger, dated October 14, 2015 (the "Merger Agreement"). As a result of the Merger, Dolphin Films is now a wholly-owned subsidiary of Dolphin Digital Media.
Furthermore, Dolphin Digital Media and Dolphin Entertainment have entered into a subscription agreement to convert the entire aggregate amount of principal and interest of $3,073,410 outstanding under the promissory note issued by Dolphin Digital Media to Dolphin Entertainment dated December 31, 2011 (the "Note") into 12,293,640 shares of common stock of Dolphin Digital Media at $0.25 per share as payment in full of the Note.
Bill O'Dowd, Chairman and Chief Executive Officer of Dolphin Digital Media is the founder, President and sole shareholder of Dolphin Entertainment.
About Dolphin Digital Media
Dolphin Digital Media has been a pioneer in the digital entertainment space since 2010, delivering premium original content to more than 500 million homes in 125 countries. Dolphin Digital Media has also produced multiple Streamy-Award nominated projects including "Aim High" starring Jackson Rathbone and Aimee Teegarden (AOL), "H+: The Digital Series" from Bryan Singer (YouTube), and "Cybergeddon" from Anthony E. Zuiker starring Missy Peregrym and Olivier Martinez (Yahoo).
About Dolphin Films
Leveraging Dolphin's market-leading position in television and digital, Dolphin Films was launched in 2013 to focus on family/young adult motion pictures. In 2014, Dolphin Films launched Dolphin Films International, a full-service global feature film distribution division. Dolphin Films' inaugural film is Max Steel, a live action, teen superhero origin story based on the world-renowned Mattel franchise.