Bytecraft sold to PRG

Staging Connections Group have announced the sale of Bytecraft Entertainment to entertainment technology giant, Production Resources Group.

In their half-yearly report to the Australian Stock Exchange (ASX) dated February 24th,  Staging Connections  Group (STG) Managing Director, Tony Chamberlain announced:

“that an agreement was signed on 24 February 2011 with Production Resource Group (PRG), a leading global supplier of entertainment and event technology, for the sale of the Bytecraft Entertainment operations for gross proceeds of $15 million. The sale will enable STG to focus on its core integrated event services and exhibitions businesses, to further reduce debt levels and to augment working capital. A write-down of assets to recoverable amount of $7.3 million has been recorded at December to reflect the expected accounting loss on sale. The sale is expected to complete in March 2011 subject to standard conditions.”

PRG has announced that Managing Director Stephen Found will continue in a leadership role with the company. “This acquisition will be hugely beneficial to our customers,” said  Found.  “PRG’s global reach, depth of inventory and technical expertise will provide many opportunities for our existing clients.”