CECS - This is what's stirring - good timing on your behalf ;-)
Most missed this news because it came out Monday morning!
Monday January 17, 6:00 am Eastern Time
Company Press Release
SOURCE: Choices Entertainment Corporation
Choices Announces Millennium Initiative
SEATTLE and CORAL SPRINGS, Fla., Jan. 17 /PRNewswire/ -- Chairman of the Board and major shareholder James D. Sink today announced that the Board of Directors of Choices Entertainment Corporation (OTC Bulletin Board: CECS - news) has adopted a proposal to reinvent the company as a technology holding company that proposes to acquire, invest in and incubate companies in various stages of development engaged in Internet, computing and other technologies. Chairman Sink said, ''In the current business and social environment, it is difficult for our board to overlook the fact that we are in the midst of a revolution driven by the development of the Internet and other technologies.''
Chairman Sink said that the new CECS will configure itself to function in four modalities: providing capital to public companies, providing capital to start-ups, acquiring operating companies and incubating new companies under the corporate umbrella.
As its first foray into the world of technology holdings, Chairman Sink announced that CECS is organizing a wholly owned subsidiary to be called SoftUse.com, Inc. Still in the early stages of development, SoftUse.com(SM) will be developed as an application service provider or ''ASP.'' Mr. Sink said that the new subsidiary has developed a demonstration website still under construction, and that it is in the process of establishing strategic alliances with other companies engaged in providing services to ASPs.
Mr. Sink also announced that the Board has chosen Tracy M. Shier, a director and General Counsel of Choices, to assume the role as President and Chief Executive Officer of CECS. Mr. Shier is a 49-year-old Seattle securities attorney with public company experience as well as significant experience in high technology start-ups and corporate finance. Mr. Shier was a founder in 1983 of New Era Communications Corp., an early round applicant for cellular radiotelephone licenses that is a predecessor to Vanguard Cellular Communications, a company acquired last year by A T & T for 1.6 billion dollars. Mr. Shier has also represented and otherwise participated in funding partnerships and other business entities engaged in, for example, early research at Yale University on Artificial Intelligence, development of new railcar and automobile suspension technologies, toxic gas emission detection technology with emphasis on bomb detection, and Internet start-ups developing various on-line technologies.
Mr. Sink stated that the Board, in deciding to change the direction of CECS also decided to terminate the company's plan to acquire the business plan of Republic Hotel Investors, Inc. On September 21 of last year Choices announced entering into a letter of intent to acquire the business of privately held Republic Hotel Investors, Inc. of Seattle, WA and Vancouver B.C. That letter of intent was intended to lead to an agreement which would have transferred to Choices all of Republic's assets in exchange for 144,789,382 shares of restricted Choices common stock. The details of the deal are contained in a Form 8-K filed with the Securities and Exchange Commission on September 20, 1999.
As a result of the termination of the letter of intent, Lorne Bradley has resigned as Chairman and President of Choices. Also, Choices has agreed to issue 500,000 restricted shares of Choices common stock to Republic as a negotiated settlement with Mr. Bradley of claims that may have exceeded $120,000 in connection with the termination of the letter of intent. Mr. Shier owns 50% of the issued and outstanding stock of Republic but the shares of Choices common stock to be issued have been assigned over to Mr. Bradley or his nominee. Dr. Sink stated that the reasons the Board decided to terminate the Republic agreements included the current state of the hotel financing market, the overbuilt and late stage status of the hotel industry and, most importantly, a lack of enthusiasm for financing the hotel idea on the part of existing Choices' shareholders.
General Description of Choices
Choices Entertainment Corporation was incorporated in Maryland in July 1985, under the name PPV Enterprises, Inc., and was reincorporated in Delaware under the name DataVend, Inc. in August 1987. In March 1990, Choices changed its name to ''Choices Entertainment Corporation.'' In 1997, Choices sold all of its assets. Until then, Choices was engaged in the retail home video cassette rental business.
Forward-Looking Statement.
The information set forth herein includes ''forward-looking statements'' as defined by Section 21E of the Securities Exchange Act of 1934, as amended, and is subject to the safe harbor provisions contained within that section. Certain factors could realistically cause results to differ materially from those projected herein, including but not limited to final approval by shareholders of the proposed name change, the provision of required capital and other financial factors.
CONTACT: Thomas Renna, Corporate Information Officer, 954-494-9766, or teerenna@msn.com, or Tracy M. Shier, President, 206-443-7668, or tms1903@hotmail.com, both of Choices Entertainment Corporation
SOURCE: Choices Entertainment Corporation
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