LOS ANGELES--(BUSINESS WIRE)--Wizard World, Inc. (OTCBB: WIZD) (the “Company”), a leading exhibitor in the pop-culture and comic con space, today announced that it has entered into a definitive financing agreement with Bristol Investment Fund, Ltd. ("Bristol"), one of its largest shareholders and long term investors. The net proceeds of the offering will be used by the Company for the purpose of providing working capital for existing operations and for the creation of new vertical operating units.
Paul Kessler, a well-regarded financier, investor and operator serves as both the portfolio manager of Bristol and the Chairman of Wizard World. Mr. Kessler stated: “I have been involved in the day-to-day operations of Wizard World since late spring with a focus on operations, strategy, internal controls, and governance. With the guidance of our external legal and financial advisors, which include Lucosky Brookman LLP, Olshan Frome Wolosky LLP, DLA Piper, Freeh Group International Solutions, LLC, Redwood Capital, and Brio Financial Group each of whom we acknowledge and to whom we express gratitude, we have made, and continue to make, progress in each of these areas. I believe we have assembled a highly-regarded and exceptionally qualified management team during this time of transition. The financing by Bristol provides a solid fiscal foundation enabling the Company to drive toward future success by focusing on the existing business as well as some new business extensions. We have great plans on the table for Wizard World.”
Wizard World is scheduled to produce 16 shows in 2017. John D. Maatta, President and Chief Executive Officer of Wizard World, stated: “The investment by Bristol insures the Company’s ability to aggressively move forward into 2017, and beyond. The second half of 2016 was a re-set and rebuilding period during which the Company moved aggressively to professionalize its operations and systems while containing costs and greatly enhancing the entertainment value at its shows. The Company is being actively converted from a “mom and pop” road show carnival culture into a significant live event and entertainment company. While continuing to revamp the existing business operations, the Company, during the first two quarters of 2017, plans to move into new vertical brand extensions designed and contemplated to compliment and grow the existing business. We have cut costs, restructured the executive roster, and re-imagined the core nature of the company. In a material break from the past, the Company is now operated professionally, by professionals in the entertainment space”
Maatta continued: “With the new investment in the company comes the renewed commitment and continuing obligation that we all have to do everything that we can do as a company to enhance value for the shareholders, produce extraordinary events for the fans, while respecting our employees and enhancing revenue and aggressively containing costs. It is a new and very positive day at Wizard World.”
About Wizard World, Inc. (OTCBB: WIZD)
Wizard World, Inc. (www.wizardworld.com) produces comic, gaming and pop culture conventions across North America that celebrate the best in pop culture, movies, television, cosplay, comics, gaming, graphic novels, toys, sci-fi, original art, collectibles, contests and more. A first-class lineup of topical programming takes place at each event, with celebrity Q&A's, comics-themed sessions, costume contests, movie screenings, evening parties and more. Wizard World has also launched ComicConBox™ (www.comicconbox.com), a premium subscription-based monthly box service and Wizard World Rewards among its initiatives. Fans can interact with Wizard World on Facebook, Twitter, Pinterest, Instagram and other social media services.
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. The actual results or outcomes of Wizard World, Inc. may differ materially from those anticipated. Although Wizard World, Inc. believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any such assumptions could prove to be inaccurate. Therefore, Wizard World, Inc. can provide no assurance that any of the forward-looking statements contained in this letter will prove to be accurate.
In light of the significant uncertainties and risks inherent in the forward-looking statements included in this letter, such information should not be regarded as a representation by Wizard World, Inc. that its objectives or plans will be achieved. Included in these uncertainties and risks are, among other things, fluctuations in operating results, general economic conditions, uncertainty regarding the results of certain legal proceedings and competition. 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. Because they are forward-looking, such statements should be evaluated in light of important risk factors and uncertainties. These risk factors and uncertainties are more fully described in Wizard World, Inc.'s most recent Annual and Quarterly Reports filed with the Securities and Exchange Commission, including under the heading entitled "Risk Factors." Wizard World, 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.