Production Resource Group, LLC (PRG) and VLPS Lighting Services International, Inc. (VLPS)(OTC: LITE.PK), today jointly announced the completion of their historic merger, which has created the foremost equipment and technology company in the entertainment industry.
The merger, which was announced on June 11, has been approved by VLPS stockholders, and the regulatory review period has expired. Effective today, a newly formed subsidiary of PRG will be merged with and into VLPS, with VLPS becoming a wholly-owned subsidiary of PRG. The combined company will operate as PRG Lighting, PRG Audio, PRG Scenic Technologies and Showpay, and will maintain its headquarters in New Windsor, NY.
Under the terms of the merger agreement, VLPS stockholders are to receive $8.32 per share in cash immediately, with up to an additional $.50 per share payable from an escrow account established to pay for any indemnification claims. VLPS shares, heretofore listed on the OTC pink sheets, will cease trading immediately.
"This is an important milestone for these two companies and our industry as a whole," said Jere Harris, chairman and CEO of the newly merged PRG. "Going forward, we plan to strengthen PRG's position as a global brand leader in the entertainment equipment industry, and we are now moving ahead to ensure that the integration of these two great companies takes place as smoothly and as seamlessly as possible."
The new PRG has a global presence, with major operations in Chicago, Las Vegas, London, Los Angeles, New York City and vicinity, Michigan, Nashville, Orlando, Tokyo and Toronto. H.R. "Rusty" Brutsche III, VLPS founder and CEO, becomes vice chairman and chief technology officer of PRG.