Premier Exhibitions Announces Strategic Restructuring
Premier Exhibitions, Inc. (Nasdaq: PRXI) announced today it intends to separate its operations into two separate operating divisions which will function as separate subsidiaries of Premier. Premier is undertaking this restructuring to better position the Company to pursue strategic alternatives and manage both businesses independently.
Premier's business will be divided into an exhibition management subsidiary and a content subsidiary. The content division will be the Company's existing subsidiary, RMS Titanic, Inc., which holds all of the Company's rights with respect to the Titanic assets and is the salvor-in-possession of the Titanic wreck site. These assets include title to all of the recovered artifacts in the Company's possession, in addition to all of the intellectual property (video, photos, maps, etc.) related to the recovery of the artifacts and research of the ship. In addition, all of Premier's collection and curatorial staff will be employed by the RMST subsidiary.
The Company will form a new entity, Premier Exhibition Management to manage all of the Company's exhibition operations. This will include the operation and management of Premier's Bodies, Titanic and Dialog in the Dark exhibitions. PEM will also pursue "fee for service" arrangements to manage content owned or licensed by third parties. All personnel not directly involved in the management of the Titanic artifacts will function as employees of the PEM subsidiary.
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