EXHIBIT 10.1


 


Sona to Acquire Sibling Entertainment Group Assets


Ticker Symbol: U:SDVC 


VANCOUVER, British Columbia -- (Business Wire) -- May 22, 2006


 


Sona Development Corp. (“Sona”) (OTCBB:SDVC) today announced that it has executed a letter of intent to purchase 100% of the assets of Sibling Entertainment Group, Inc. (“Sibling”), an entertainment development and production company based in New York City by acquiring certain wholly owned subsidiaries to be formed by Sibling for the purpose of this transaction. Founded in 1995, Sibling is engaged in the finance, development and production of entertainment projects including plays and musicals for the live stage, independent feature films, and other entertainment projects, as well as the management of entertainment based real estate properties. Sibling’s strategy includes the coordination of synergetic elements between its divisions to provide optimal development for each project or property. One of Sibling’s most important properties under development includes a musical scheduled
to open this fall which is licensed from and in association with the Red Hat Society, Inc. Sibling also owns Sibling Pictures, Inc., a film division formed and organized to finance two or three independent films each year. 


 


Sibling’s Board of Directors is headed by the brother and sister team of Mitchell Maxwell (President) and Victoria Maxwell (Vice President) and also includes James Cardwell (Chief Financial Officer) and Richard Bernstein (Vice President). Prior to joining Sibling, each officer and director has an extensive career within the entertainment industry.


 


Mitchell Maxwell’s career of twenty-five years includes seven Broadway shows, twenty-seven Off-Broadway shows, four national tours, three West End shows and five independent films. He also owns and


operates three Off-Broadway theatres. His productions have been honored with nominations for 10 Tony Awards, 6 Olivier Awards, 15  Outer Critics Circle Awards, 9 Drama Desk Awards and 3 Obie Awards,


and have won Tony, Drama Desk, Outer Critics Circle, and Obie Awards, as well as the 2000 Pulitzer Prize for Drama.


 


Victoria Maxwell has been the producer for over 20 years with numerous theatre and film projects in collaboration with Mitchell Maxwell. She has worked with an elite roster of talent including Matthew Arkin, Christine Baranski, Ellen Barkin, Betty Comden, Dana Delany, Olympia Dukakis, Ron Eldard, Lisa Emery, Corey Feldman, James Gandolfini, Victor Garber, Adolph Green, Robert Klein, Nathan Lane, Anthony LaPaglia, Jerry Lewis, Donald Margulies, Penny Marshall, Rob Marshall, Jerry Mitchell, Rob Morrow, Kevin Nealon, Bebe Neuwirth, Jack O’Brien, Sarah Jessica Parker, Faith Prince, Paul Rudnick, Budd Schulberg, Patrick Stewart, Daniel Sullivan, Steven Weber and Sigourney Weaver.


 


James “Jay” Cardwell has been involved in the entertainment business for over twenty years, beginning his theatrical career in 1985 as the Associate Producer of the original production of the Off-Broadway musical Nunsense that ran over 14 years in New York and countless productions around the world. Prior to joining Sibling, Mr. Cardwell was the Deputy Director (1999-2001) of the National Jazz Museum in Harlem (a new Smithsonian Institution Affiliate), a theatrical consultant to Dentsu, Inc., and a senior tax consultant and


CPA (1981-1984) with Arthur Andersen & Co. in St. Louis.


 


Richard Bernstein is a veteran of the entertainment industry for over 20 years as a successful artist manager, booking agent, record producer, and a theatrical stage producer. He is the owner of several night clubs working with star talent including Linda Ronstadt, Steve Martin, Englebert Humperdinck, Dolly Parton, Joan Rivers, Don Rickles, Sam Harris, Willie Nelson, James Brown, Elliot Gould, Sister Sledge, Cliff Richard, Roy Clark, and Tim Weisberg. Mr. Bernstein has received numerous Grammy Awards nominations for his productions of national recording artists.


 


The letter of intent anticipates a share exchange pursuant to which Sona will issue up to 29,717,470 shares of common stock to Sibling for all the issued and outstanding shares of the Sibling subsidiaries to be acquired. Sona will further grant 12,189,970 purchase warrants with terms ranging from 3 to 5 years at 


 


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exercise prices ranging from $0.275 a share to $1.00 per share to Sibling. The closing of the transaction remains subject to the execution of a definitive agreement and shareholder approval. Sona and Sibling are


currently in the process of expediting the completion of these requirements.


 


A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward looking statements involve a number of risks and uncertainties, including a timely closing of the contemplated


acquisition, market acceptance of Sibling’s entertainment projects and the management services, competitive market conditions, successful integration of the companies, and the ability to secure additional


sources of financing. The actual results that Sona may achieve could differ materially from any forward-looking statements due to such risks and uncertainties, including but not limited to, the fact that no assurance can be given that the proposed acquisition of the Sibling assets described above will be consummated on the above terms, or at all. Sona encourages the public to read the information provided here in conjunction with its most recent filings on Form 10KSB and Form 10QSB. Sona’s public filings may be viewed at www.sec.gov.


Contacts:


Sona Development Corp.


Nora Coccaro, 604-602-1717


noracoccaro@attglobal.net


 


or


 


Sibling Entertainment Group, Inc.


Mitchell Maxwell, 212-414-9600


www.siblingentertainment.biz


 


 


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