OmniReliant purchases Clearwater film studio

August 5, 2008

Source: OmniReliant

OmniReliant Holdings Inc. has purchased a 33,000-square-foot facility in Clearwater it will use to help bolster its infomercial, commercial and high-end video and audio productions.

OmiRelant purchased the facility at 14375 Myerlake Circle, for $2.7 million from Daktronics Inc., a wholly-owned subsidiary of Keyframe Inc., said Paul Morrison, president and chief executive officer of OmiReliant. Daktronics will remain a tenant in the building, which has been named OmniComm Studios.

The studio will be operated by ValCom Inc., a minority owner in the studios, which features multiple sound stages, editing suites, and pre-production and post-production facilities. ValCom is headed by Vince Vellardita, who has worked in the production industry for more than 30 years with involvement in more than 10,000 television episodes, 100 films and 200 major concerts.

Other tenants include Chamelon Filmworks Inc., TVGoods.com LLC, and another OmniReliant subsidiary, OmniResponse Inc. OmniReliant will move its corporate headquarters to the studios, previously located on West Linebaugh Avenue in Tampa.

OmniReliant does production work for the fragrance product line of Kathy Hilton, mother of Paris Hilton. Those products are regularly featured on HSN, located in St. Petersburg.

OmniReliant, listed as a development stage company with the Securities and Exchange Commission, earned a profit of $11.8 million, or 27 cents per share, on revenue of $412,996, in the first quarter that ended March 31. The profit came from a derivative fair value adjustment, according to documents filed with the SEC of just under $12 million. In restated earnings from a year ago, the company earned $1.8 million, or 10 cents per share, on no revenue. Profit there came from a derivate fair value adjustment of $2.5 million.

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