[1]Arius3D Corp. [1] and Masterfile Corporation [2]announced late yesterday that the proposed acquisition by Arius3D of
[2]
all of the issued and outstanding securities of Masterfile scheduled to close on March 31, 2012 will not close. The companies are now exploring alternative strategic options, which include a 3D image distribution agreement for Arius3D images by Masterfile. In addition to a distribution agreement, the two companies are evaluating various potential transactions that would further their mutual interests.
Perry Monych, CEO of Arius3D stated “Masterfile represents a unique opportunity for Arius3D and the strong management and financial performance of Masterfile over its history has reinforced our view that its existing image licensing business is a sound platform for Arius3D to work with to further our own 3D image distribution strategy. Arius3D continues to believe that a direct relationship with Masterfile is the optimal solution for both companies and every effort is being pursued to establish that relationship with the active support of Masterfile.”