Social commerce specialist FONU2 has agreed to acquire Georgia-based film production company Studioplex City. And, FONU also announced the appointment of Jake Shapiro as chairman of the board.
An executed two picture deal with motion picture director Penny Marshall are among Studioplex City's projects.
The deal is for 2.5 million shares of FONU's Series B Preferred Shares ($1 par value), convertible at a price of $0.10 per share.
"We are very excited to welcome Studioplex City to the FONU2 family," said Roger Miguel, CEO of FONU2. This acquisition is a major accomplishment for FONU2 and its shareholders. With a number of Ms Marshall's films grossing in excess of $100 million, this represents a tremendous opportunity for us to work with one of America's top directors. FONU's proprietary social media platform will be instrumental in the marketing of the company's film projects."
Shapiro meanwhile is a veteran financier and serial entrepreneur. He serves as CEO of Moon River Studios.