News

Magnetic 3D announces stock buyback from former partners

May 1, 2013

Magnetic Media Holdings, parent company of 3D digital signage provider Magnetic 3D, has purchased 240,000 shares from former shareholders Peter Zahakos and James Zahakos. The shares represent 18 percent of the company's outstanding equity, according to a news release, and the company said it has satisfied all outstanding loans and other obligations to the Zahakoses.

"Given the underlying strength of Magnetic 3D's glasses-free 3D technology and long-term business prospects, we felt that the timing was right to repurchase the stock from the Zahakoses," Norm Jacobs, the company's lead investor and largest shareholder, said in the release. "We look toward a bright future with investors who share a common vision for Magnetic 3D."

Magnetic 3D founder and CEO Tom Zerega said the company's technology is ripe for adoption in industries where 3D glasses are undesirable and no longer necessary.

"The stock repurchase allows us to be more agile and consider other strategic partners or investors that will directly benefit from our unique, robust technology platform," he said in the release. 

Learn more about 3D digital signage.