iNTELEFILM(SM) Receives $15 Million from Catholic Radio Network in Early Debt Retirement; Supports Capital Formation for Ongoing Acquisition Strategies
MINNEAPOLIS, Oct. 1 /PRNewswire/ -- iNTELEFILM(SM) (Nasdaq: FILM), today announced that it has received early payment in full on its $15 million note with Catholic Radio Network LLC ("CRN").
"We are pleased to have received early payment in full from CRN. This transaction goes a long way toward the formulation of our acquisition capital as we continue to build iNTELEFILM into the world's premiere broadcast commercial production service organization. Additionally, we intend to explore the Internet as a servicing tool for our clients as well as an outlet for the tremendous short form video talent within our divisions," Chairman and CEO Christopher T. Dahl said.
In an unrelated matter, iNTELEFILM also announced that it officially changed its name to iNTELEFILM Corporation from Children's Broadcasting Corporation.
iNTELEFILM, when combined with its 55 percent interest in Harmony Holdings, Inc. ("Harmony"), is one of the largest commercial production companies in the world and services global advertising agencies and their Fortune 500 clientele. Individual companies managed under Minneapolis-based iNTELEFILM umbrella include Chelsea Pictures, New York and Los Angeles; Curious Pictures, New York and San Francisco; The End, Los Angeles and New York, and Populuxe, New York. For further information about iNTELEFILM, visit its Internet site at intelefilm.com
Certain statements made in this press release constitute "forward looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated. Such factors include, but are not limited to, changes in economic conditions and the risks and uncertainties described in the company's filings with the Securities and Exchange Commission. No assurance can be given that iNTELEFILM will consummate any acquisitions or that any such acquisitions will be profitable.
For more information contact Karen J. Snedeker of Swenson NHB Investor Relations Corporation, 612-344-1000, for iNTELEFILM Corporation, or Christopher T. Dahl, CEO of iNTELEFILM Corporation, 612-925-8840.
SOURCE
/CONTACT: Karen J. Snedeker of Swenson NHB Investor Relations
Corporation, 612-344-1000, for iNTELEFILM Corporation, or Christopher T. Dahl,
CEO of iNTELEFILM Corporation, 612-925-8840/
/Web site: intelefilm.com /
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