musicmaker.com Board Declares $3.00 Per Share Cash Distribution
NEW YORK--(BUSINESS WIRE)--Feb. 15, 2001--musicmaker.com Inc. (Nasdaq NM:HITS) announced today that its board of directors has approved a cash distribution to its common stockholders in the amount of $3.00 per share, payable to stockholders of record as of March 1, 2001. The company further announced that the board is reviewing alternatives for the company going forward, in addition to the plan of complete liquidation and dissolution previously proposed to be submitted to stockholders by the board as constituted on Jan. 3, 2001. Those alternatives include, among other things, potential dispositions of assets, the possibility of one or more additional cash distributions to stockholders, and the potential continued operation of musicmaker.com as a public company which may pursue other business opportunities as they arise, as well as other possible steps intended to provide stockholder value, all subject to the ongoing review and consideration of the board.
The alternatives mentioned above are among those under consideration by the company and do not include all of the possible courses of action that might be pursued in the future. There is no certainty that any of the alternatives mentioned will be implemented.
Certain statements in this press release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform act of 1995 including but not necessarily limited to statements about the proposed complete liquidation or any alternative partial liquidation of musicmaker.com's business, the disposition of assets, distributions to stockholders, and the potential continued operation of the company in the future. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results or performance of the company or any distribution to stockholders to be materially different from any future results or performance indicated or implied by such forward-looking statements. Such factors include and/or concern, among other things: the adequacy of the reserves to be created for payment of musicmaker.com's expenses and liabilities; the failure to obtain as high a price for a particular asset disposed of by the company as might have been secured under different circumstances; the failure to negotiate an orderly resolution of the company's obligations to its creditors; and the effect of litigation in which the company is involved, as well as the risks set forth in the company's Registration Statement on Form S-1 dated as of July 7, 1999 as filed with the Securities and Exchange Commission and the company's Annual Report on Form 10-K dated Dec. 31, 1999 and those other risk factors listed from time to time in the company's other SEC filings. Musicmaker.com assumes no obligation to update or revise any forward-looking statements appearing in this press release.
CONTACT:
Musicmaker.com, New York
Jim Mitarotonda, 212/974-5701
KEYWORD: NEW YORK |
