American Film Technologies Inc., a North Hollywood film colorizer and provider of special effects and animation for television and movies, said it has terminated a letter of intent to sell a controlling stake in the company to a group of investors led by evangelist Pat Robertson.
The company said it called off the proposed transaction even though discussions with the Robertson group continued after the expected closing date of June 30. It said it took the action "so that management could pursue certain other alternatives." It did not elaborate.
In May, American Film said it had approved the tentative deal with the Robertson-led group providing for the group's purchase of about $4.7 million in American Film stock and warrants, which would have given the group a 51.5% stake in the firm. The company said at the time that the agreement fulfilled its long search for a strategic alliance with an investor that would provide it needed capital.