NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS
FOR: HERITAGE CONCEPTS INTERNATIONAL INC.
TSE, ME SYMBOL: HCI
SEPTEMBER 16, 1999
Heritage Acquires Platinum InterMedia
BURLINGTON, ONTARIO--Heritage Concepts International Inc. a
Burlington based restaurant Franchisor, announces its acquisition
of an irrevocable option to acquire all the common shares in the
Dallas-based Corporation known as "Platinum InterMedia".
Platinum InterMedia has created mini and micro portals based on
existing radio infrastructure, reach and audience. Platinum
InterMedia expects to be the Host Engine for the radio industry
creating new and substantial revenue streams for both radio and
alliance partners. According to a Statistics Canada's report radio
listening time rose in 1998 to 20.4 hours per week, confirmation
that radio remains a very current media. Platinum InterMedia seeks
to exploit this trend by providing the largest repository of web
content and e-services available to the radio industry. Platinum
InterMedia expects to have an active customer base of over 100,000
by 2000 year end, generating some $8 million in revenue on annual
basis by the 4th quarter. It is expected to breakeven in its
first year and to repay the funding by year-end. With its goal of
having an active customer base of over one million it is
anticipated that Platinum InterMedia will have substantial asset
growth in a short period of time.
Under its agreement, upon exercise of the option to purchase all
the shares of Platinum InterMedia, the founders of the Platinum
InterMedia shall receive six million shares of the Corporation
based on a value of 5 cents U.S. per share (7.5 cents Canadian).
It is expected that a member of the Platinum InterMedia group will
join the board of directors of Heritage Concepts International
Inc.
Certain statements and words such as "exploit" "intends" "expects"
"anticipates" "hopes" or "believes" or variations of such words
and similar expressions are used to describe possible future
scenarios and, of course, are subject to risk and uncertainty
which could adversely effect such projections and goals.
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