Jacksonville, FL - (Press Release) - InMotion Pictures, the company that rents and sells portable electronics, movies, and accessories at airports has entered into a purchase agreement with AltiTUNES Partners, LP to bring one-stop shopping for portable entertainment to travelers in airports across North America. AltiTUNES was founded by Amy Nye Wolf, CEO, in 1994, and currently has 27 locations. AltiTUNES is the leading retailer of music, movies and electronic accessories in airports throughout the country. The new combined entity will be known as InMotion Entertainment, and has an initial store base of 53 locations (50 US locations, 2 Canadian locations, and a location at Grand Central Terminal in New York). I am very proud of what AltiTUNES has accomplished over the last ten years, says Ms. Wolf. This combination is a classic example of the sum of the parts being much greater than the two independent companies. It is a win-win strategy for our customers, employees, airports and vendors. In addition to the 53 combined locations, InMotion Entertainment currently has 9 new locations under development.
InMotion Pictures is currently the leader in portable DVD player and movie rentals in airports. Customers may choose from numerous rental options at any InMotion Pictures location, or receive movies and players directly from InMotion Pictures via FedEx. InMotion Pictures anticipates that rental will be available at all 53 locations by the second quarter of this year. In addition to being the leader in portable entertainment rentals, InMotion Pictures also sells portable electronics, accessories, and software such as DVD players, digital cameras, camcorders, and movies. The acquisition enables the combined entity to expand its retail mix to include a broad selection of music software, portable music hardware and video games, including digital downloads. These additions, along with a myriad of rental options available to travelers, will further enhance InMotion Entertainment's projected revenue of $40 million in 2005. Our intention and goal is to leverage our new and improved mix of entertainment with the expanded access our customers are demanding, and top it off with the superior InMotion Entertainment customer experience, said David Kight Co-Founder of InMotion Pictures.
InMotion Entertainment expects to launch a number of new products in 2005, including digital photo print kiosks, personal digital device rentals (including content for music, TV programming, and business seminars), GPS rentals, and more. Many of these products are currently in testing stages at several InMotion Pictures locations and will complement the successful '04 fourth quarter launch of the company's movie rental subscription service.
The Avalon Group, Ltd., an investment banking boutique based in New York, represented AltiTUNES Partners, LP on this transaction. The Mercanti Group, LLC represented InMotion Pictures, LLC.