HOUSTON--(BUSINESS WIRE)--ONE WORLD HOLDINGS, INC.-–The One World Doll Project, subsidiary of One World Holdings, Inc. (OTCQB: OWOO) announced that on February 25, 2016 the company filed a Current Report on Form 8-K with the U.S. Securities and Exchange Commission detailing the formation of a new company, Tonner-One World, a Texas Corporation and wholly owned subsidiary of One World Holdings, Inc. The Report also disclosed that the new company is in the final stages of securing a multi-year licensing deal with a major television and film studio, the decision to cancel a previously announced proposed merger, and terminate the merger agreement, with The Tonner Doll Company in order to pursue business under Tonner-One World.
Following the execution of the Merger Agreement on December 2, 2016 and prior to the closing, management of One World Holdings, The One World Doll Project (OWDP), and Tonner reviewed and discussed potential alternative structures between OWDP and Tonner other than the Merger, including the formation of a new subsidiary of One World Holdings. Following those discussions, management of One World Holdings, OWDP, and Tonner determined it to be in the best interests of their respective companies to terminate the Merger and explore other opportunities. The termination of the proposed merger and the merger agreement did not result from a disagreement between the parties, or from any information discovered about any of the companies during the due diligence process or the preparation of the financial statements of Tonner.
“We are very excited to announce our being in the final stages of securing a licensing agreement with a major television and film studio within just a week of our appearance at Toy Fair 2016,” stated Joanne Melton, CEO of One World Holdings. “We believe that this deal, in tandem with other pending licensing deals, is a validation of our belief that our partnership with Tonner Doll Company has the potential for massive success,” she added.
One World Holdings plans to issue a press release to announce the name of the studio and the first project Tonner-One World will be working on as soon the release has been cleared by the studio. One World Holdings will also release an online interview with Robert Tonner, CEO of Tonner Doll Company and Trent T. Daniel, founder of The One World Doll Project to discuss these projects in greater detail.
About Tonner-One World
More information about Tonner-One World log onto at tonneroneworld.com.
Notice Regarding Forward-Looking Statements
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipate," “plans,” or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above; and the Company expressly disclaims responsibility to update the information included herein for events occurring after the date hereof.