IRVINE, CA -- (Marketwired) -- 04/25/13 -- Global Vision Holdings, Inc. (OTCQB: GVHIB), a diversified financial holding company focusing on investments in profitable and growing companies, announced today it has finalized its acquisition of The Place Media, a travel-based publication company whose magazines cover the LA, Orange County and San Diego areas that make up Southern California. Global Vision Holdings, Inc. closed this Asset Purchase Agreement at a price of $1,000,000.00. The Place Media, LLC, will operate as a wholly owned subsidiary of Global Vision Holdings, Inc.
Former CEO Michael Maxsenti, who is leaving the magazine business to work on national political reform, says "Global Vision Holdings is the right choice to take The Place to the next level. I am confident in the new leadership to maintain the integrity and creativity of The Place's business model and to ensure its continued relevancy in the industry."
The Place magazines currently reach over 1.5 million visitors each month, distributed in-room and in lobbies of over 640 Southern California hotels, ranging from large Hilton and Radisson locations to smaller beach boutique hotels. The magazines include insider tips on places to eat, things to do, as well as customized TV listings for the area and coupons for local attractions and theme parks. Advertisers range from large theme parks such as Disneyland, Universal Studios Hollywood, Legoland, and Sea World, to theaters such as the Pantages Theater, as well as local sporting teams like the Los Angeles Angels of Anaheim, and smaller scale entertainment venues like Medieval Times. The Place also includes an online presence, with a comprehensive website (www.visittheplace.com) and community (http://community.visittheplace.com/) that includes local tips, videos, blogs and ticket giveaways.
Glen Carnes, CEO of Global Vision Holdings, Inc. states: "The Place Media is an exciting addition to the Global Vision Holdings portfolio of companies. For 35 years, these magazines have introduced visitors to the countless entertainment opportunities here in Southern California. We look forward to growing their presence in the marketplace, increasing readership and establishing them as a leading travel and visitor magazine."
About Global Vision Holdings, Inc.
Headquartered in Irvine, California, Global Vision Holdings, Inc. is a diversified financial holding company that evaluates acquisition and investment opportunities with a focus on up-and-coming and growing businesses. Global Vision Holdings, Inc. uses a superior team of financial research experts and an in-house responsibility analysis to make recommendations for strategic acquisitions. For more information, please visit our website at www.globalvisionholdings.net.
Cautionary Statement Regarding Forward-Looking Statements
This release may include forward-looking statements. These forward-looking statements are based on current expectations that involve risks, uncertainties and assumptions. Should one or more of these risks or uncertainties materialize or should underlying assumptions prove incorrect, actual results may differ materially. These risks include: changes in business or other market conditions; the challenge of managing asset/liability levels; the difficulty of keeping expense growth at modest levels while increasing revenues; unforeseen challenges with respect to product development and the timing thereof; integration efforts relating to our acquisition activities; uncertainties regarding financing efforts which may be undertaken by the Company; and other risks detailed from time to time in the Company's Securities and Exchange Commission reports, including but not limited to the Annual Report on Form 10-K for the most recent year ended. Pursuant to the Private Securities Litigation Reform Act of 1995, the Company does not undertake to update forward-looking statements contained within this news release.
Chairman and CEO
Global Vision Holdings, Inc.
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