SALT LAKE CITY, (GLOBE NEWSWIRE) — Sack Lunch Productions, Inc. (OTC PINK:SAKL), a publicly traded entertainment company with operations in event management, announced that its event subsidiaries have entered into licensing agreements with Happy Fun Events, LLC. The Lantern Fest Productions, Inc., Slide the City Productions, Inc., Trike Riot Productions, Inc., The Dirty Dash Productions, Inc., and Color Me Rad Productions, Inc. have each granted a license to Happy Fun Events, LLC (“Licensee”) to conduct licensed events for a period of five years in North America. It is expected that Happy Fun Events will immediately begin marketing and carrying out operational plans to conduct events during the coming year.
The agreements contemplate that the Licensee will carry out all event operations. All employees related to the operation of the events have resigned or were terminated prior to the close of 2017. The same employees may or may not be retained by the Licensee in 2018. The license agreements call for an investment that may exceed $500,000 in order to commence the operation of all events for the 2018 season. The investment is expected to cover select accounts payable necessary to operate the events in 2018. The Licensee will have the right to use all trademarks, websites, social media sites, and other assets necessary for the operation of the events. Licensee will be responsible for all costs associated with the use of such assets.
In the event the company is able to successfully raise significant capital under the pending Regulation A offering document, it retains the right to buy the licenses back from the Licensee for a fee of $300,000, 200,000 shares of Preferred Series A Preferred Stock, plus any amounts expended by Licensee less revenues within the first 2 years of the agreements.
The company entered into the licensing agreements because it did not have sufficient cash reserves to launch the events in 2018. The predominant reason for the cash shortfall was the cancellation or failure to open 6 Lantern Fest® events in the last half of 2017.
About Sack Lunch Productions, Inc.:
Sack Lunch Productions, Inc. (OTC PINK:SAKL) is an entertainment company with primary operations in event management. SAKL also holds a majority interest in Green Endeavors, Inc. (OTC PINK:GRNE). Learn more about SAKL’s operations at www.sacklunchproductions.com, www.slidethecity.com, www.thelanternfest.com, www.thedirtydash.com, www.colormerad.com, and www.green-endeavors.com.
SAKL strongly encourages the public to read the above information in conjunction with its reports filed at www.otcmarkets.com. The actual results that SAKL may achieve could differ materially from any forward-looking statements due to such risks and uncertainties. Investors should not invest more than they can afford to lose in penny stocks.