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Entertainment Arts Research, Inc. Announces It Has Reached an Agreement with Explain My Surgery, Inc.

Posted : Mon, 09 Nov 2009 18:56:05 GMT
Author : Entertainment Arts Research, Inc. (“EARI”)
Category : Press Release
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ATLANTA - (Business Wire) Entertainment Arts Research, Inc. (“EARI”) today announced that it has reached an agreement with Explain My Surgery, Inc (“Explain My Surgery”). The effective date of the agreement is no sooner than January 4, 2010 and no later than March 31, 2010. The agreement, as explained below, will be administered and all funds handled by EARI’s counsel acting as an escrow agent. Some of the major terms of the agreement are:

1. EARI will issue 20,000,000 shares of its Preferred “B” to Explain My Surgery in exchange for certain property of Explain My Surgery.
 
2. 2,000,000 common shares of EARI currently held by Explain My Surgery will be handled, as follows:
 
  A. 300,000 shares will be distributed to the Explain My Surgery shareholders of record as of November 6, 2009 on a pro rata basis.
 
B. 1,700,000 shares will be cancelled and returned to EARI treasury. It is anticipated that these shares will be later sold and the proceeds used for the development and expenses of operating the new assets of Explain My Surgery.
 
C. The operations and development of Explain My Surgery business will begin immediately upon the closing of the transaction and the release of the operating funds by the escrow agent.
 
3. EARI intends to contact a FINRA market maker to establish a public trading market for the Preferred Class “B” shares. EARI can provide no assurance, however, that a trading market will develop in the Preferred Class “B” shares.
 
4. In the event that EARI is sold, merged, or otherwise acquired by another entity, the Preferred “B” shareholders will be entitled only to a value for their shares equal to 40% of the value of Explain My Surgery as determined by the calculation of the sale, merger, or acquisition by another entity.

Entertainment Arts expects to achieve results equal to or better than originally reported by Explain My Surgery, Inc. in its prior press releases.

Entertainment Arts Research, Inc.
Renee Graham, 216-674-5425
fax: 404-393-0586


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