ATLANTA, Sept. 26, 2017 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (OTCQB:PRXIQ) the company that serves as sole legal steward of the RMS Titanic wreck site, today announced that it has extended the deadline for selection of stalking horse bidder for the acquisition of the company’s operating businesses and its assets, including the priceless Titanic artifact collection. The company intends to announce the stalking horse bidder on or after October 9, 2017.
Over the past several weeks, Premier has reviewed the applications and qualifications of interested parties that have come forward to apply for stalking horse bidder designation. As Premier continues evolving conversations with multiple potential bidders, it has extended the deadline to provide additional time for the required diligence and assessment. Premier expects to conclude the process by October 9, 2017. In the event that an auction is to be conducted, it is expected that such auction will occur by December 12, 2017, at which time other potential bidders will have the opportunity to bid against the stalking horse bidder.
Among other things, bidders are competing to own the most valuable, unique collection of Titanic assets ever offered for sale. The Titanic collection consists of the only artifacts ever recovered from the wreck site of Titanic, which tragically sank on April 15, 1912. The artifacts, which have been painstakingly conserved and researched, have been used to educate millions of people around the world about the story of Titanic and her passengers.
The collection includes approximately 5,500 individual pieces that have been recovered from the wreck site over the course of seven deep sea dives; ownership of video footage, imagery, and other intellectual and personal property; and the opportunity to be designated “salvor-in-possession,” permitting the owner exclusive salvage rights to the wreck and wreck site. The portfolio of artifacts, with enhancements recognizing the value of the intellectual property, was appraised at $218MM in 2014. The auction of the collection is subject to approval of the US District Court for the Eastern District of Virginia, Norfolk Division, and the United States Bankruptcy Court for the Middle District of Florida (Jacksonville Division).
For more information, please visit www.titanicartifacts.com.
About Premier Exhibitions, Inc.:
Premier Exhibitions, Inc. (OTCQB:PRXIQ), located in Atlanta, GA, is a major provider of museum quality exhibitions throughout the world and a recognized leader in developing and displaying unique exhibitions for education and entertainment. The Company's exhibitions present unique opportunities to experience compelling stories using authentic objects and artifacts in diverse environments. Exhibitions are presented in museums, exhibition centers and other entertainment venues. Additional information about Premier Exhibitions, Inc. is available at www.prxi.com.
Forward-Looking Statements
This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve certain risks and uncertainties. Forward-looking statements consist of statements other than a recitation of historical fact and can be identified by the use of forward-looking terminology such as "may," "intend," "expect," "will," "anticipate," "estimate" or "continue" or the negatives thereof or other variations thereon or comparable terminology, including references in this press release to the expected timing for identifying stalking horse bidders and the proposed auction of assets. The actual results or outcomes for Premier Exhibitions, Inc. may differ materially from those anticipated. Although Premier Exhibitions, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, Premier Exhibitions, Inc. can provide no assurance that any of the forward-looking statements contained in this press release will prove to be accurate. In light of the significant uncertainties and risks inherent in the forward-looking statements included in this press release, such information should not be regarded as a representation by Premier Exhibitions, Inc. that its objectives or plans will be achieved. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. Included in these uncertainties and risks are, among other things, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain bankruptcy and legal proceedings and competition. Additional risk factors and uncertainties are more fully described in Premier Exhibitions, Inc. most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Premier Exhibitions, Inc. does not undertake an obligation to update publicly any of its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
Contact:
Dave Vermillion
Kekst
212.521.4894
david.vermillion@kekst.com