VIRTUAL REALITY, INC. AGREES TO ACQUIRE VIRTUAL ENTERTAINMENT, INC.
PLEASANTVILLE, N.Y., Dec. 7 /PRNewswire/ -- Virtual Reality, Inc. of Pleasantville (OTC Bulletin Board: VIRT) announced today an agreement in principal to acquire 100% of Virtual Entertainment, Inc. in a stock for stock exchange. Virtual Entertainment plans to market Virtual Reality systems to a variety of end users including cable systems, interactive media, in addition to major theatrical producers. When the acquisition is finalized, Sandor Jacobs, a Broadway theatrical producer and President of Virtual Entertainment, Inc., will assume the role of Chief Executive Officer of VIRT. Nelson Merritt, Chairman of VIRT, stated, "We believe Mr. Jacobs brings a high level of expertise necessary to lead VIRT in its desire to aggressively expand both marketing and financing efforts. This transaction will enhance our ability to be an important part of the future of the Virtual Reality industry." This transaction is expected to close shortly. Terms were not disclosed. -0- 12/7/93 /CONTACT: Maureen J. Davis, vice president - investor relations of Virtual Reality, 914-769-0900/ (VIRT)
CO: Virtual Reality, Inc.; Virtual Entertainment, Inc. ST: New York IN: CPR SU: TNM
MP-PS -- NY083 -- 1409 12/07/93 16:01 EST
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|Date:||Dec 7, 1993|
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