Matthews, Studio Rentals Inc. form strategic partnership; Discontinue acquisition talks.
At the same time, the two companies discontinued negotiations in which Matthews would have acquired SRI's outstanding stock and operating equipment assets. A letter of intent between Matthews and privately-held SRI had been announced on Dec. 12, 1994.
According to Terry A. Worsdell, Matthews president and CFO, "Both managements agreed that a business development partnership would be a preferable arrangement, in which SRI would work hand-in-glove with Matthews to develop mutually profitable projects throughout the Midwest.
"SRI's 31-acre facility and comprehensive inventory are perfectly positioned at the hub of the Midwest market. They are a major key in our overall customer coverage strategy. We anticipate even greater cost and performance efficiencies in servicing entertainment industry needs in those states," he added.
John Crededio, Studio Rentals CEO, commented, "We look forward to maintaining what has been both an amicable and mutually profitable association with Matthews. Their industry leadership in the development of unique and innovative remote cameras and customized lighting is a marketable plus for our operation."
Matthews Studio Equipment Group designs, manufactures, sells and rents grip, camera and lighting support equipment for the film, television, commercial photography and theatrical production industries worldwide. In addition, the company designs, manufactures and rents its proprietary Cam-Remote systems.
CONTACT: Matthews Studio Equipment, Burbank
Terry Worsdell, 818/843-6715
South Coast Communications Group
Marty Tullio or Owen Daley, 714/252-8440
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|Date:||Feb 10, 1995|
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