We got the emails, but yes, we know Psyop was sold this year. Psyop (ye of Coke Factory fame) was bought by Fortissimo Acquisition Corp. The deal was long in the making and here were the terms in case you missed it:
Psyop was bought for $29.4 million. An additional $13.75 million in cash and stock comes Psyop’s way if revenue equals or exceeds certain specified targets (ranging from $31.0 million in fiscal 2008 to $59.0 million in fiscal 2010).
Well, the new conglomeration has announced its 2007 results:
– Net revenue rose $9.6 million or 60% to $25.4 million from $15.8
million in 2006.
– Operating income rose to $888,035 in 2007 from an operating loss of
$(321,302) in 2006.
– Net income was $532,370, or $37.89 per basic and diluted share, as
compared to a net loss of $(307,785), or $(21.91) per basic and
diluted share.
Now who are these mysterious buyers? “Fortissimo Acquisition Corp. was formed on December 27, 2005 to serve as a vehicle to effect a merger, capital stock exchange, asset acquisition or other similar business combination with an operating business that has operations or facilities located in Israel, or that is a company operating outside of Israel which management believes would benefit from establishing operations or facilities in Israel.”
Got all that? Their whole game is to raise some cash and the buy something… that could benefit Israel. Any takers?