Dynamic Technologies Group Inc. announced that the company’s wholly-owned co-venture subsidiary, Dynamic Entertainment Group Ltd. has acquired a 50% ownership interest in the flying theater attraction named SkyFly: Soar America located in Pigeon Forge, Tennessee.
“I am thrilled to announce that the company now owns 50% of the Smoky Mountain Flyers attraction at The Island in Pigeon Forge. We have seen excellent attendance since opening last summer,” stated Guy Nelson, Executive Chair and CEO.
As background, the company announced prior that on June 19, 2019, DEGL entered into an Option to Purchase Agreement with High Express Holdings Ltd. providing DEGL with an option to acquire all of the issued and outstanding shares of High Express Holdings Inc. High Express owns a 50% equity interest in Smoky Mountain Flyers, LLC and Smoky Mountain owns and operates the SkyFly: Soar America flying theater attraction.
In December 2021, DEGL gave formal notice that it would exercise its right to acquire a 50% ownership interest. The flying theater acquisition was closed successfully on January 31, 2022. DEGL paid the purchase price of USD$3,995,822 by issuance of a promissory note to the vendor. The note is secured by a pledge of the common shares of High Express and carries an interest rate of USD$30,000 per month and is repayable on or before December 31, 2022.