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Subsequent Events
6 Months Ended
Aug. 31, 2011
Subsequent Events [Abstract] 
Subsequent Events
9. Subsequent Events
Restructuring
The Company announced on September 29, 2011 that it intends to separate its operations into two separate operating divisions which will function as separate subsidiaries of Premier. Premier is undertaking this restructuring to better position the Company to pursue strategic alternatives and manage both businesses independently.
Premier’s business will be divided into both an exhibition management subsidiary and a content subsidiary. The content division will be the Company’s existing subsidiary, RMST, which holds all of the Company’s rights with respect to the Titanic assets and is the Salvor-in-Possession of the Titanic wreck site. These assets include title to all of the recovered artifacts in the Company’s possession, in addition to all of the intellectual property (video, photos, maps, etc.) related to the recovery of the artifacts and research of the ship. In addition, all of Premier’s collection and curatorial staff will be employed by the RMST subsidiary.
The Company will also form a new entity, Premier Exhibition Management (“PEM”), to manage all of the Company’s exhibition operations. This will include the operation and management of Premier’s Bodies, Titanic and Dialog in the Dark exhibitions. PEM will also pursue “fee for service” arrangements to manage content owned or licensed by third parties. All personnel not directly involved in the management of the Titanic artifacts will function as employees of the PEM subsidiary.
Appointment of Director
On September 21, 2011, Premier announced the appointment of Mr. Mark P. McGowan to the Board of the Directors of the Company. Mr. McGowan is the managing member of SAF Capital Management LLC and also currently serves as Chairman of the Board of CombiMatrix Corporation.
Lease Agreement for Warehouse Space for Artifacts and Other Exhibitry
The Company’s current lease for warehouse and lab space in Atlanta, Georgia for the conservation, conditioning and storage of artifacts and other exhibitry expires December 31, 2011. Other storage space has been rented on a month-to-month basis, in various locations, as needed. In order to consolidate storage and reduce related costs, on October 12, 2011 the Company entered into a lease agreement for approximately 48,536 square feet of warehouse and lab space in Atlanta, Georgia. For security purposes, we do not disclose the location of this property. The agreement is for a five year term with two additional options to extend for up to an additional ten years. Minimum annual rent for the first three years is $158 thousand, payable in equal monthly installments, and $167 thousand a year thereafter.