- OES, currently part of Oceaneering International, Inc., built
its reputation over decades as a global leader in advanced ride and
show systems
- Falcon’s Beyond would seek to employ key OES staff to operate
OES
Infinite Acquisitions Partners LLC (“Infinite”) today announced
it has entered into a nonbinding letter of intent (“LOI”) with
Oceaneering International, Inc. (“OII”) for Infinite to acquire
Oceaneering Entertainment Systems (OES) from OII through an
acquisition of assets. In addition, Infinite and Falcon’s Beyond
Global, Inc. (Nasdaq: FBYD) (“Falcon’s Beyond”), a visionary leader
in innovative and immersive storytelling through Falcon’s Creative
Group, Falcon’s Beyond Destinations and Falcon’s Beyond Brands,
today announced that they have entered into a nonbinding LOI for
Falcon’s Beyond to operate OES. Infinite is a major stockholder of
Falcon’s Beyond.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20241119722148/en/
Cecil D. Magpuri, CEO of Falcon's Beyond
shakes hands with Dave Mauck, Vice President and General Manager,
Oceaneering International, Inc. (Photo: Business Wire)
OES, the entertainment focused arm of OII, has been an industry
leader in developing complex ride and show systems for over 25
years. OES is an award-winning pioneer of entertainment systems and
show equipment and a trusted provider to the world’s top theme park
developers and operators.
OES and Falcon’s Beyond have collaborated on themed
entertainment projects globally for more than two decades. If the
transactions proceed, Infinite, as the owner of OES, would tap
Falcon’s Beyond’s expertise to operate OES, including its
development and support of trackless ride vehicles, flying theaters
and beyond. Falcon’s Beyond would seek to employ key OES staff in
operating OES.
“We are excited about the opportunity to own and grow OES,” said
Lucas Demerau, President of Infinite. “We believe that Falcon’s
expertise in experiential themed entertainment and technology makes
them a great fit and they’ll be able to operate and further amplify
the OES brand.”
“We are thrilled to pursue the opportunity to operate OES and to
build upon OES’ legacy of innovation powered by world-class
employees,” said Cecil D. Magpuri, CEO of Falcon’s Beyond. “This
strategic move would further bolster Falcon’s Beyond’s platform as
a world-class entertainment provider.”
“Falcon’s innovative attraction development and storytelling
prowess make it an ideal operator of OES,” said Dave Mauck, Vice
President and General Manager of OII. “Existing OES customers would
remain customers of OES, with Falcon’s Beyond servicing the
contracts and providing the same high quality and level of service
that has built OES’s stellar reputation.”
The transactions involving Infinite, OII, OES and Falcon’s
Beyond are subject to ongoing discussions, due diligence and the
execution of binding agreements, and there is no assurance that
binding agreements for the transactions will be executed.
About Infinite Acquisitions Partners LLC
Infinite Acquisitions Partners, based in Henrico,
Virginia, is a major stockholder of Falcon’s Beyond.
About Falcon’s Beyond
Falcon’s Beyond is a visionary innovator in immersive
storytelling, sitting at the intersection of three potential high
growth business opportunities: content, technology, and
experiences. Falcon’s Beyond propels intellectual property (IP)
activations concurrently across physical and digital experiences
through three core business units:
- Falcon’s Creative Group creates master plans, designs
attractions and experiential entertainment, and produces content,
interactives and software.
- Falcon’s Beyond Destinations develops a diverse range of
entertainment experiences using both Falcon’s Beyond owned and
third party licensed intellectual property, spanning location-based
entertainment, dining, and retail.
- Falcon’s Beyond Brands endeavors to bring brands and
intellectual property to life through animation, movies, licensing
and merchandising, gaming as well as ride and technology
sales.
Falcon’s Beyond also invents immersive rides, attractions and
technologies for entertainment destinations around the world.
FALCON’S BEYOND and its related trademarks are owned by Falcon’s
Beyond.
Falcon’s Beyond is headquartered in Orlando, Florida. Learn more
at falconsbeyond.com.
Falcon’s Beyond’s Cautionary Note Regarding Forward-Looking
Statements
This press release contains statements that are “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, words such as
“plans”, “intends”, “would”, “will”, and similar expressions
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements are based on various assumptions,
whether or not identified in this press release, and on the current
expectations of Falcon’s Beyond’s management and are not
predictions of actual performance. Forward-looking statements are
not intended to serve as, and must not be relied upon as, a
guarantee, an assurance, a prediction or a definitive statement of
fact or probability. These forward-looking statements are subject
to risks and uncertainties that could cause actual results to
differ from those expressed in or implied by the forward-looking
statements. Some of the factors that could cause actual events or
results to differ include but are not limited to the following: (1)
the risk that Falcon’s Beyond may not be able to enter into binding
agreements for the operation of OES on terms satisfactory to
Falcon’s Beyond or at all, or that Falcon’s Beyond may not be able
to obtain any necessary consents or approvals to consummate such
potential agreements, (2) Falcon’s Beyond’s ability to hire key
former OES employees, (3) the risk that the announcement and
pendency of the proposed transactions disrupt Falcon’s Beyond’s
current plans and operations, (4) any failure to realize the
anticipated benefits of the operation of OES, (5) Falcon’s Beyond’s
ability to sustain its growth, effectively manage its anticipated
future growth, and implement its business strategies to achieve the
results it anticipates, (6) impairments of Falcon’s Beyond’s
intangible assets and equity method investment in its joint
ventures, (7) Falcon’s Beyond’s ability to raise additional
capital, (8) the closure of Katmandu Park DR and the repositioning
and rebranding of the FBD business, (9) the success of growth plans
in FCG, (10) customer concentration in FCG, (11) the risk that
contractual restrictions relating to the Strategic Investment by
Qiddiya Investment Company may affect Falcon’s Beyond’s ability to
access the public markets and expand its business, (12) the risks
of doing business internationally, including in the Kingdom of
Saudi Arabia, (13) Falcon’s Beyond’s indebtedness and reliance on
related parties with respect to such indebtedness, (14) Falcon’s
Beyond’s dependence on strategic relationships with local partners
in order to offer and market its products and services in certain
jurisdictions, (15) Falcon’s Beyond’s reliance on senior management
and key employees, and its ability to hire, train, retain, and
motivate qualified personnel, (16) cybersecurity-related risks,
(17) the ability to protect Falcon’s Beyond’s intellectual
property, (18) the ability to remediate identified material
weaknesses in Falcon’s Beyond’s internal control over financial
reporting, (19) the concentration of share ownership and the
significant influence of the Demerau family and Cecil D. Magpuri,
(20) the outcome of pending, threatened and future legal
proceedings, (21) Falcon’s Beyond’s continued compliance with
Nasdaq continued listing standards, (22) risks related to Falcon’s
Beyond’s Up-C entity structure and the fact that Falcon’s Beyond
may be required to make substantial payments to certain unitholders
under the Tax Receivable Agreement, and (23) the risks disclosed
under the caption “Risk Factors” in the Company’s Annual Report on
Form 10-K, as filed with the Securities and Exchange Commission on
April 29, 2024, and the Company’s other filings with the Securities
and Exchange Commission. If any of these risks materialize or
Falcon’s Beyond’s assumptions prove incorrect, actual results could
differ materially from the results implied by these forward-looking
statements. The risks and uncertainties above are not exhaustive,
and there may be additional risks that Falcon’s Beyond does not
presently know or that Falcon’s Beyond believes are immaterial that
could also cause actual results to differ from those contained in
the forward-looking statements. The forward-looking statements
herein speak only as of the date of this press release, and the
Company undertakes no obligation to publicly update or revise any
forward-looking statement as a result of new information, future
events or otherwise, except as otherwise required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241119722148/en/
Falcon’s Beyond Media Relations: Kathleen Prihoda, Falcon’s
Beyond kprihoda@falconsbeyond.com
Investor Relations: Ir@falconsbeyond.com
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