On June 17, 3D Entertainment Holdings, which does business as 3D Eye Solutions Inc., announced that it had entered an agreement to acquire MyWorx LLC and multiple companies belonging to MyWorx's CEO. 3D Eye Solutions' CEO stated in a press release that the Wyoming-based corporation would move its companies along with MyWorx to a Dallas building. The agreement between the companies was scheduled to fully close at the end of the month.
According to the memorandum of understanding between the parties, 3D Eye Solutions will purchase the other company's common stock to take control of assets and management. It will establish a new plan for sales and marketing through its holding company while integrating the acquired company's sales staff and treating MyWorx as a full subsidiary focused on 3D Eye Solutions' marketing and sales. MyWorx will retain its sales and management staff as well as its CEO in the agreement.
3D Eye Solutions first emerged as a creator of 3D graphical products and marketing campaigns. The company had focused on conversion technology, original 3D media that would work with or without glasses and apps for smartphones. New management decided in 2014 to branch the company into alternative revenue streams through acquisitions and new projects with an intent to increase the company's profit and take it out of a low-revenue state of development. The acquisition of MyWorx LLC, a company focused on health products, appears to fit that goal.
Acquisitions can be complicated when a corporation with a diverse profile looks to take over a company that seems complementary to the corporation's goals. A business attorney can help a corporation to sort out complicated negotiations, avoid future disputes between the corporation and the leadership of the acquired company and maximize the profitability of the change for all involved parties.
Source: Smallcap Network, "3D Eye Solutions, Inc. Signs an Acquisition Agreement With My Worx LLC", June 17, 2014