(HUNTINGTON BEACH, CA) — Jill Kelly Productions has just taken the first step towards going public. IDC Technologies declared formally that it intends to buy Jill Kelly Productions in a near-complete stockswap that will leave former JKP stockholders with about 95 percent of outstanding IDC common stock.
JKP chief executive officer Robert Friedland calling it a major milestone for the company. “We’re very excited about the prospects and potential this brings for Jill Kelly Productions and the shareholders of IDC,” Friedland said with the announcement. “Over the past couple of years, we’ve been able to profitably grow the company at an exceptional rate.
“Having the ability to be a publicly traded company offers JKP amazing potential to grow through acquisitions, attract a larger audience of investors, and enables us to broaden our reach through an expanding base of resellers and distributors both domestically and abroad,” he added.
The proposed deal still awaits approval from its board of directors and the board and shareholders of JKP. It will involve IDC acquiring 100 percent of the JKP outstanding capital stock, IDC said, as well as IDC issuing about 19 million shares of its common stock and giving former JKP stockholders about 95 percent of the outstanding IDC shares.
IDC formerly operated under the name PacificTradingPost.com until November, 2001. They are incorporated in the state of Nevada though they are based in Huntington Beach.
JKP formed up around its namesake adult video star and Friedland in 2000, producing, developing, and distributing adult video and film as well as Internet content, developing a library of 180 film titles in its first three years and expecting to add between 40 and 50 more by the end of 2003, the company said. Their roster of contract stars includes Jenna Haze, Haven, Tyler Faith, Ashton Moore, Devon Davis, Cindy Crawford, Alexis Amore, and Kelly herself.
JKP is also sponsoring this summer’s 30-city tour by heavy metal stars Korn.
TPT Editor’s Note: I’m going to buy 1000 shares, then make an appt. with my broker and not show up!