LAS VEGAS--(BUSINESS WIRE)--Automated-X, Inc. (the "Company") (OTC PINK: AUTX) announced today that it recently changed its name to Saddle Ranch Media, Inc. ("Saddle Ranch Media") pursuant to the acquisition with Saddle Ranch Pictures, Inc. ("Saddle Ranch Pictures") which closed on August 15, 2015. In addition, its trading symbol was changed to SRMX.
Pursuant to the recent acquisition, the Company acquired Saddle Ranch Pictures in a stock transaction resulting in the shareholders of Saddle Ranch Pictures owning a majority of the Company's outstanding shares of common stock.
Over the next three years, Saddle Ranch Media intends to focus on creating diversification and strong growth for the Company in each of its Film, Television and Digital Media operating divisions. In the Film Division, the Company anticipates the development of five feature length films. In the Television Division, the development of two or more reality television productions and three or more documentaries is planned. In the Digital Division, the Company intends to exploit existing and new assets to capitalize on the significant growth in the number of operating screens and Internet video networks that consumers can use to access quality content.
Company management notes that overall environment for media and entertainment content continues to be favorable with filmed entertainment having grown consistently over the past 80 years proving to be one of the most recession-proof streams. Filmed entertainment revenues are estimated to surpass $100 billion by the year 2017. While traditional box office is slated to grow, a strong anticipated rise in video-on-demand (VOD), and over the top streaming services (OTT) such as Hulu or Netflix. Additional outlets for creative products will also increase the revenue possibilities for Saddle Ranch Media.
In addition to its internally developed projects, Saddle Ranch Media owns a 7.5% partnership interest Troika Pictures ("Troika") that provides both cash flow and industry contacts. Troika recently released the very successful feature film "The Call" starring Halle Berry and Abigail Breslin, and "The Road Within" currently on Netflix, starring Robert Sheehan, Dev Patel, Zoë Kravitz with Robert Patrick and Kyra Sedgwick. Troika will soon release "Careful What You Wish For" starring Nick Jonas, Isabel Lucas, Paul Sorvino and Dermot Mulroney.
Philip M. Cohen, the Company's Chairman and Chief Executive Officer, stated, "With Saddle Ranch Media's three operating divisions (Film, Television and Digital Media), we are well-positioned to capitalize on the rapidly expanding demand for content in today's marketplace. Our experienced and entrepreneurial management team intends to develop diversified, marketable content to drive shareholder value."
The Company's experienced management team includes Philip Cohen, Michael Marcovsky and Alan Bailey.
Philip M. Cohen, the Company's Chairman and Chief Executive Officer, is known for being an investor, director, producer and executive producer of over 1,000 films, TV shows and digital video programming. Mr. Cohen has a rich entertainment marketing background which began 35 years ago with 20th Century Fox Film Corporation. Holding various positions with 20th Century Fox, Mr. Cohen was involved in the distribution and licensing tie-in promotions for the final "M*A*S*H" TV series, "Star Wars" and the "Porky's" film series. In 2001, Mr. Cohen founded PetCARE Television Network, a place-based media network for waiting rooms of North American veterinary offices. In 2003, he launched KidCARE TV, a similar concept for waiting rooms of pediatrician offices. In 2008, he launched Women's HealthCARE TV for OB/GYN waiting rooms. All three networks later operated under the banner of CARE Media Holdings Corp where Mr. Cohen began serving as President in 2008. In 2009, Phil became the third partner in Troika Pictures, Inc.
Michael Marcovsky, the Company's President and Chief Operating Officer, has been a veteran television and media executive with over five decades with executive experience in broadcast television, cable and related new media. Michael was assistant to the President of WPIX, Inc. where he was directly involved in the direction and management of its radio and television properties. As Vice President of Program Operations with Warner Cable, he played a key role in the development of the interactive PPV cable television system. Later, he became Vice President of Pay TV for Buena Vista Distributing, a division of Walt Disney Productions where he introduced Disney products to Pay TV and laid the foundation for the Disney Channel. Michael has served on many industry boards and associations throughout his career. Through his consulting firm, he has developed strategies for entry into new arenas of television, pay television, cable, new media and pay per view.
Alan Bailey, the Company's Chief Financial Officer, Secretary and Treasurer, was Senior Vice President and Treasurer of Paramount Pictures Corporation, a wholly owned subsidiary of Viacom. He served at Paramount Pictures from September 1975 through March 2009 and was the Financial Controller of Paramount Pictures International in Amsterdam from 1975 to 1979. He then became Treasurer, and ultimately Senior Vice President, with Paramount Pictures in New York from 1980 to 1986. Prior to joining Paramount Pictures, he was Senior Audit Director for the Bermuda affiliate of Ernst & Young. Alan is a Fellow of the Institute of Chartered Accountants of England and Wales.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy securities of Saddle Ranch Media, Inc. Certain statements in this release and other written or oral statements made by or on behalf of the company, are "forward-looking statements" within the meaning of the federal securities laws. Statements regarding future events and developments and our future performance, as well as management’s expectations, beliefs, plans, estimates or projections relating to the future are forward-looking statements within the meaning of these laws. The actual results the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. These statements are based on our current expectations and speak only as of the date of such statements. The Company undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of future events, new information or otherwise.
