(CelebrityAccess MediaWire) — Grand Entertainment & Music, Inc., a Canadian music production, recording and publishing company, has signed a letter of intent to acquire a 50% interest in JBS Rentals, a well known private sound and lighting company, also in Canada. Under the terms of the agreement, GEM will have an option to acquire the remaining 50% of the company within 18 months of contract signing. GENM has a maximum due diligence period of 120 days to finalize this agreement.
JBS Rentals has the capacity of supplying a 200-5,000 seat venue. Most recently at Montreal's renowned 4,000-seat Rialto Theatre, JBS Rentals supplied the lighting, sound and technician for the concert of Elephant Man.
"This acquisition is the first step in the diversification of our business into the lucrative event management market," said Peter Stocola, GEM vice president and director of production. "We are currently evaluating other acquisition targets in order to establish a significant presence in this market." — Bob Grossweiner and Jane Cohen