ATLANTA, Nov. 15, 2017 (GLOBE NEWSWIRE) -- Premier Exhibitions, Inc. (OTCQB:PRXIQ) the company that serves as salvor in possession and sole legal steward of the RMS Titanic wreck site, today announced that it has proposed an auction of the company’s assets on February 6, 2018, subject to Bankruptcy Court approval. While the company continues its discussions with interested parties, it has concluded that to maintain an agreed upon auction time-line and associated financing issues it is in the best interest of all stakeholders to move forward with the auction process whether or not a stalking horse bidder is selected. Premier reserves the right to designate a stalking horse in advance of the February auction.
Progress in the auction process is the latest significant milestone for Premier, following closely on the heels of a series of positive events over the past several months during a period of accelerating momentum for the company. In late September, Premier received a favorable judgment from the Bankruptcy Court in its case against the Republic of France, confirming that the award of title to approximately 2,100 artifacts recovered in 1987 from the Titanic wreck site constituted a grant of full and unconditional title.
In June, Premier successfully opened its first “Titanic: The Artifact Exhibition” in Guangdong, China. The four-month exhibition surpassed Management’s expectations. Most recently, on October 20, Premier launched its newest exhibition “Saturday Night Live: The Experience” at a benefit gala attended by current and former SNL cast members and Chicago influencers at the Museum of Broadcast Communications in Chicago where the exhibition is located.
Jessica Sanders, Vice President of Corporate Affairs for Premier Exhibitions, said, “We are encouraged at the positive momentum we are now achieving toward a path intended to successfully exit bankruptcy as well as the accomplishments we have been able to continue with business operations during the process.”
The proposed February auction will give bidders an opportunity either to bid to purchase the entire company or to own a wide array of valuable assets. Among these, bidders will compete 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 expeditions; ownership of video footage, imagery, and other intellectual and personal property. The successful bidder may also have the opportunity to seek designation as “salvor-in-possession,” permitting the owner exclusive salvage rights to the wreck site.
The decision to propose the auction date for February 6, 2018, independent of stalking horse bidder designation, was submitted for approval with the United States Bankruptcy Court for the Middle District of Florida (Jacksonville Division). The result of the auction of the collection, and any future designations regarding salvor-in-possession of the Titanic wreck site, are 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 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 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