Closing of the transaction is subject to execution of a definitive agreement which will provide for additional cash payments, stock issuance, and ongoing royalties.
As part of the agreement, Z3 Enterprises expects to produce a major motion picture and documentary as well as other musical and promotional projects over the next several years. The music, which has been locked away for over 30 years, features the Aleems and Hendrix recordings before Jimi’s death.
“This is a significant piece of music history,” said Ross Giles, the company’s new President and Chief Executive Officer. “The story of the Aleems and Hendrix will shed light on Hendrix’s continuing impact on musical artists around the world for over 40 years.” Giles added, “Jimi Hendrix’s extraordinary talent and influence lives on in rock, hip-hop, R & B, even country music.”
“We are thrilled to be with Z3 Enterprises and feel that they will help us to expose the opulent legacy between Jimi and The Ghettofighters,” said TaharQa Aleem. “We feel strongly that the true story of our lives and the work we did with Jimi so many years ago will be in the right hands at Z3E,” added Tunde Ra Aleem.
Z3 Enterprises expects to release the first single in a video featuring imagery of Jimi Hendrix and the Aleems. The company also plans to donate a portion of the profits derived from the projects to the James Marshall Hendrix Foundation for the purpose of educating students and musicians around the world.