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Article: Genius Products Announces Stockholder Approval and Closing of The Weinstein Company Transaction; Company Emerges as Leading Independent Home-Entertainment Distributor To Retailers.
- Article from:
- Business Wire
- Article date:
- July 24, 2006
CopyrightCOPYRIGHT 2006 Business Wire. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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SANTA MONICA, Calif. -- Genius Products, Inc. (OTCBB:GNPI) announced that its stockholders voted to approve the transaction with The Weinstein Company LLC ("TWC") at a Special Meeting of Stockholders held on July 21, 2006 and that the transaction has closed.
Under the terms of the transaction, as outlined in the Master Contribution Agreement signed on December 5, 2005, the operating company, Genius Products, LLC, is 30% owned by Genius and 70% by certain affiliates of TWC. The Board of Directors of Genius Products, Inc. also increased from four to six members with the addition of two TWC executives, Larry Madden, Executive Vice President and CFO of TWC, and Irwin ...