Atlantic International Entertainment, Ltd. (AIEE) has entered into an agreement to sell 80 percent of its interest in its wholly owned subsidiary, Eminet Domain (d/b/a Atlantic Internet) to Centerline Associates, Inc. for $2.5 million. Centerline will pay Atlantic in a combination of cash and Atlantic stock (500,000 shares of AIEE) that it currently owns. The closing date of the transaction is March 31, 1999.
"In addition to the profits due on this transaction, the sale of
Eminet Domain will leave the company totally focused only on the
Interactive gaming market both in terms of resource allocation and
product line," Atlantic President and CEO Richard Iamunno said.
"Furthermore, the company will announce a dividend in the form of stock to its current shareholders in the Internet Company. We envision as much as 75 percent of our 20 percent will be distributed to current shareholders. An announcement will be made prior to the closing date of March 31 with the specifics of the stock dividend portion of this
Centerline intends to continue with the strategy of providing
bandwidth to the business community as well as targeting several strategic acquisitions. The company plans to go public in the fourth quarter 1999.