Roger.
Another floreless - ACEI, currently over 6, 3.2 M shares (for now):
<< HAYWARD, Calif.--(BUSINESS WIRE)--July 9, 1998--American Champion Entertainment Inc. (Nasdaq:ACEI) Thursday announced it has received $1 million in a private placement of up to $1.8 million of 7 percent debentures convertible, under certain terms and conditions, into shares of American Champion common stock.
The debentures come due July 1, 2000. The company expects to receive the remaining $800,000 before the end of the 1998 fourth quarter, subject to certain conditions, including stockholder approval. The transaction was completed on July 6, 1998.
Net proceeds from the offering will be used to finance the fall production of an additional seven episodes of the company's popular new children's television series, "Adventures With Kanga Roddy," adding to the 13 episodes already completed.
In April of this year, American Champion signed an agreement with San Jose Public Broadcast Station KTEH, the show's co-producer, to develop an additional 26 half-hour episodes and two one-hour specials, making way for the program to become a daily show by spring 1999. The half-hour program debuted on April 4, 1998, and is currently being broadcast weekly across public television stations nationwide, including Hawaii.
"Preliminary ratings of the 'Kanga Roddy' series have been excellent and on par, in some markets, with other successful children's programs like 'Barney' and 'Sesame Street,'" said Anthony Chan, president and chief executive officer of American Champion.
"Building on these positive indications, this financing is the first step in allowing us the opportunity to turn 'Adventures With Kanga Roddy' into a daily show, which would fuel our pursuit of toy, video and other related merchandise licensing opportunities and reinforce 'Kanga Roddy' as a household name."
"Adventures With Kanga Roddy," targeted to kids ages three to eight, stresses a non-violent format and incorporates the values of martial arts to teach children social and moral lessons. The program stars Pat Morita of "Karate Kid" fame and, most recently, the Disney cartoon feature "Mulan," and Jennifer Montana and Karen Lott, wives of football legends Joe Montana and Ronnie Lott.
The development-stage entertainment company is also involved in licensing and merchandising rights related to the "Kanga Roddy" series and the development, production and marketing of various fitness tapes and workbooks. In addition, the company operates five karate studios in California, under the name America's Best Karate Studios.
--30--RPL/la* AJE/la
CONTACT:
American Champion Entertainment Inc., Hayward
Anthony K. Chan, 510/782-8168
or
Pondel Parsons & Wilkinson, Los Angeles>>
Amots |
