impluCorporation

MAC FILMWORKS INC Merges with Sahara Media Acquisitions, Inc.

On September 17, 2008, Mac Filmworks, Inc. ("MFI" or the "Company") entered into an Agreement and Plan of Merger (the "Merger Agreement"), with Sahara Media Acquisitions, Inc., a Delaware corporation and wholly owned subsidiary of the Company (the "Subsidiary")and Sahara Media, Inc., a Delaware corporation ("Sahara"). Pursuant to the Merger Agreement, which closed on September 17, 2008 (the "Closing Date"), the Subsidiary merged into Sahara, such that Sahara became a wholly owned subsidiary of the Company (the "Merger"). Pursuant to the Merger Agreement, the Company issued 18,150,000 shares of the Company's common stock to the shareholders of Sahara (the "Acquisition Shares") (subject to the placement of 5,000,000 Acquisition Shares in escrow pursuant to the Escrow Agreement (defined below)), representing approximately 61.7% of the Company's aggregate issued and outstanding common stock following the closing of the Merger and the Private Placement (defined below), and the outstanding shares of common stock of Sahara were transferred to the Company and cancelled.

Tags: Merger Shares
Related URLs: MAC FILMWORKS INC
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