Name Change to Kanakaris Wireless Approved by Landslide Margin for World Leader in Full-Length Online Movie Distribution and eBook Innovator Wireless Internet Audience to Grow in U.S. From 560,000 in 1999 To 73.1 Million by 2003
HOLLYWOOD, Calif., May 30, 2000 /PRNewswire via COMTEX/ -- Kanakaris
Communications, Inc. (OTC Bulletin Board: KKRS) announced today overwhelming
shareholder approval for changing its corporate name to Kanakaris Wireless and
for all other proposals recommended by the Board at a special shareholders
meeting. Affirmative votes ranged from 97.69% to 99.52% on all measures
(complete results are posted at www.CinemaPop.com, Kanakaris News).
"The wireless web is going to grow from 560,000 present U.S. users to 73.1
million by 2003 and the rest of the world will share a similar surge in usage
according to statistics published in the June 5, 2000, Business Week magazine. I
am pleased at the overwhelming shareholder support for our initiatives,
particularly for changing our name to Kanakaris Wireless to more accurately
reflect the direction of our company. We were there at the very beginning in
delivering movies and books directly over the internet and now its time to take
our Kanakaris content, already viewed in over 100 countries, to the next plateau
-- wireless, hand held delivery," said Alex Kanakaris, CEO.
"Kanakaris has the ability to create and acquire content, the access and
understanding of technology and the proven ability to obtain capital which
enables us to be the wireless content global leader in the post dot.com boom,"
Kanakaris added. "Our five years of Internet development (with sites including
www.CinemaPop.com) and 25 years (through our Desience division) of Fortune 500
and governmental agency experience in the utilization of data is now ready to
payoff for Kanakaris Wireless," he added.
"Alliance holds positions in stocks ranging from small cap to major cap and
believes, in its experience, that Kanakaris is currently grossly undervalued in
terms of its ultimate market potential," said Richard Epstein, Alliance
Equities, which holds a position in Kanakaris stock.
"I am very pleased to see that the investment community is now recognizing the
value of Kanakaris, and that market maker and wholesale brokerage National
Capital, L.L.C. (800-378-5130) has just come out with a Buy recommendation on
Kanakaris. I am in total agreement with their analysis that Kanakaris is an
ideal candidate for acquisition by a larger content or delivery player in the
Internet area, and that Kanakaris is an attractive acquisition candidate because
of the head-start that KKRS has established in this exciting Internet technology
area of direct online content," added Mr. Epstein.
"The PC as we know it will be obsolete and we are entering into an era of
wireless revolution. I have been pleased to be involved with Kanakaris in the
last two years, watching the company grow and develop and will continue to lend
my financial and consulting support to the Company wherever possible," concluded
Mr. Epstein.
About Kanakaris Communications:
Kanakaris Communications is the world's leader in Internet distribution of
full-length motion pictures in multiple bandwidths. The Company innovates in the
direct delivery of Entertainment content over the Internet. Its web sites
include www.CinemaPop.com, which offers Hollywood feature films in streaming
video, www.CineManiaNetwork.com, which offers Spanish language feature films,
and www.NetBooks.com, which offers a wide range of digital-format books.
For information on Kanakaris Communications (www.kanakaris.com) contact:
Investor Relations: Colby Marceau, 714-444-0560, 3303 Harbor Blvd. #F-3, Costa
Mesa, CA 92626.
Alliance Equities maintains a stock position in Kanakaris and consequently has a
vested interest in the value of Kanakaris stock, and cannot be considered a
disinterested party. This news release contains forward-looking statements
within the meaning of The Private Securities Litigation Reform Act of 1995 (the
"Act"). In particular when used in the preceding discussion, the words "plan,"
"confident that," "believe," "expect," "intend to," and similar conditional
expressions are intended to identify forward-looking statements within the
meaning of the Act and are subject to risks and uncertainties, and actual
results could differ materially form those expressed in any forward-looking
statements. Such risks and uncertainties include, but are not limited to, market
conditions, competitive factors, the ability to successfully complete additional
financings, and other risks.
SOURCE Kanakaris Communications, Inc. |
