OUTSTANDING ETPI NEWS! $3.75 Million, non-dilutive funding!
Should fund second wave of expansion. ETPI already is profitable (and fully reporting). This will clean up balance sheet even more and drive 1999 expansion plans.
Entertainment Technologies & Programs Inc. Signs a $3.75 Million Letter of Intent
HOUSTON--(BUSINESS WIRE)--Nov. 5, 1998--Entertainment Technologies &
Programs Inc. (OTC BB:ETPI - news), a fully integrated military and civilian entertainment and amusement gaming company, today announced that a Letter of Intent for a $3.75 million debenture was signed with $600,000 of bridge financing attached through Capital Growth Planning of El Cajon, Calif.
This new financing will eliminate all current company debt, has payments deferred for the first 12 months, allows ETPI to complete all of the planned Entertainment Centers and, most importantly, does not dilute the stock. This is the third time that Capital Growth has financed the company.
''These dollars will empower our company in its mission to 'focus and finish''' according to CEO Doug Butcher. A non-dilutive type of debt is usually something that shareholders like to see, as it typically does not have a negative effect on share value. Terms of the $3.75 million debenture include no payments for 12 months, on the 13th month $20K per month reduced outgo and convertible at $1.50 for payoff when stock performs.
Part of this focus and finish mission will include completion of the Hero's Family Entertainment Center location and three Laser Tag & Soft Play facilities. These entertainment centers will fill a niche market between Discovery Zone (OTC BB:DVZN - news) which caters to young children and Dave & Busters (Nasdaq:DANB - news) which is more adult oriented.
Except for historical matters contained herein, the matters discussed in this press release are forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Call your broker or contact Investor Relations at ETPI for more information at 281/486-6061.
Contact:
Entertainment Technologies & Programs Inc., Houston
Pete Cahill/Larry Tiller, 281/486-6061
ETPNLife@aol.com |
