Investor to Acquire 75% of American Film
American Film Technologies Inc., a North Hollywood producer of animation and special effects for movies and television, said New York attorney and investment banker Gerald M. Wetzler agreed to acquire 75% of American Film for about $3.3 million.
The agreement with Wetzler ends American Film’s long search for an investor to provide the company with needed capital.
Wetzler has purchased one million shares of American Film’s preferred stock, which is convertible into its common stock at Wetzler’s discretion. Converting half his preferred shares would give Wetzler 75% of American Film.
Wetzler has been a private investor since 1975, American Film said. He previously worked in the corporate finance department of the New York-based Lehman Brothers brokerage firm.
Last August, American Film called off without explanation a proposed deal with an investor group led by evangelist Pat Robertson.
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