Magnetic 3D Announces Stock Repurchase from Former Partners
Former owners relinquish common stock in all-cash buyout.
NEW YORK, NY - APRIL 30, 2013
Magnetic Media Holdings, Inc. ("Magnetic 3D”), the industry leader in autostereoscopic, “glasses-free” 3D displays and digital signage solutions, today announced that it has purchased 240,000 shares (representing 18 percent of the company’s outstanding equity) from former shareholders Peter Zahakos and James Zahakos. In addition to the stock repurchase, Magnetic 3D satisfied all outstanding loans and other obligations to the Zahakoses. These transactions have terminated the involvement of Peter Zahakos and James Zahakos with the company and have further solidified Magnetic 3D’s financial position.
“Given the underlying strength of Magnetic 3D’s glasses-free 3D technology and long-term business prospects, we felt that the timing was right to repurchase the stock from the Zahakoses,” said Norm Jacobs, the company’s lead investor and largest shareholder. “We look toward a bright future with investors who share a common vision for Magnetic 3D.”
“Our glasses-free 3D technology is ripe for adoption in a wide array of industries where 3D glasses are undesirable and no longer necessary,” said Tom Zerega, founder and CEO of Magnetic 3D. “The stock repurchase allows us to be more agile and consider other strategic partners or investors that will directly benefit from our unique, robust technology platform.”
About Magnetic 3D
Headquartered in New York City, Magnetic 3D (http://www.magnetic3d.com) designs and produces industry leading, end-to-end autostereoscopic 3D display solutions, digital media and creative services. Magnetic 3D’s proprietary Enabl3D™ technology modifies flat panel LCD displays, enabling them to show high-definition 3D video content without the need for special eyewear. This process provides audiences with a realistic visual experience that includes both captivating off-screen “pop” and the immersive perception of depth on what would otherwise be a flat display. The company focuses on exceeding clients’ 2D expectations by delivering the highest-quality glasses-free 3D visual experience in retail digital signage, gaming, hospitality, movie theaters, casinos, hotels and other public venues.