In August of 2011
Arius3D Corp made an
offer to purchase Masterfile for $21.4 million in a bid to expand into the 2D market. Since then Arius3D has been trying to raise the financing necessary to close the deal. Several tentative closing dates have passed, the last being March 31, 2012, and it has now been announced that the deal “will not close,” and the offer to purchase is not being extended.
The companies are now exploring alternative strategic options, which include a 3D image distribution agreement for Arius3D images by Masterfile. In addition to a distribution agreement, the two companies are evaluating various potential transactions that would further their mutual interests.
Perry Monych, CEO of Arius3D stated "Masterfile represents a unique opportunity for Arius3D and the strong management and financial performance of Masterfile over its history has reinforced our view that its existing image licensing business is a sound platform for Arius3D to work with to further our own 3D image distribution strategy. Arius3D continues to believe that a direct relationship with Masterfile is the optimal solution for both companies and every effort is being pursued to establish that relationship with the active support of Masterfile."
Arius3D Corporation with head offices in Mississauga, Ontario is classified as an "Information Technology" company and publicly traded and listed on the TSX Venture Exchange trading under the symbol "LZR". Arius3D creates imaging solutions that allow organizations to capture and share unique physical objects in digital form. Arius3D offers 3D imaging systems and services to a growing 3D image library. The Arius3D technology supports wide ranging applications in culture and heritage, entertainment, education and product design with a primary focus of generating image license recurring revenues from rich media content.