New Frontier Media, Inc. [NASDAQ: NOOF], which operates the TeN Channel, finalized the terms of its acquisition of IGALLERY, INC., [IGI]. IGI is an e-commerce, technology and adult Internet distribution company. The terms of the acquisition call for the issuance of six million shares of NOOF common stock, of which one million shares are to be held in escrow, subject to IGI earning $6 million before income tax and depreciation expenses, for the 12 months ending December 31, 1999. IGI's revenues for the 12 months ending March 31, 1999 are expected to exceed $21 million. Based on New Frontier Media's March 23, 1999 closing price, the acquisition is valued at approximately $27 million.
All models were at least 18 years old at the time of their performance. 18 U.S.C. 2257 Record-Keeping Requirements Compliance Statement.
