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The Entertainment Internet Announces Update on Recent Corporate Developments; Management to Host Investor Conference Call Tuesday, August 17 LOS ANGELES, Aug. 13 /PRNewswire/ -- The Entertainment Internet, Inc. (OTC Bulletin Board: EINI) announced today the scheduling of an information presentation via teleconference on August 17th, 1999, at 4:15 p.m. EST. Tony Cataldo, President of The Entertainment Internet's CastNet.com and CEO of 1st Miracle Group, Inc. (OTC Bulletin Board: MVEE), will provide investors with an in-depth discussion on a number of recent corporate developments, the current corporate structure and asset base of the Company and an analysis of the pending merger with 1st Miracle Group, Inc. To participate, call 888-890-6816 and request the "EINI/MVEE conference." The replay of the entire conference will be available nationally and internationally on a 24-hour basis from 5:30 p.m. EST, August 17th, through August 24, 1999, by dialing 402-351-9980. The audio replay will be accessible online at eini.net. Mr. Cataldo stated, "I am pleased to be able to share a number of recent positive developments in the growth of 1st Miracle Group, and to address the issues which have been raised in light of our announced merger with The Entertainment Internet. "Since joining 1st Miracle (as CEO) approximately four months ago, I have taken numerous steps to increase shareholder value, such as alliances with Jean-Claude Van Damme's Long Road Films, Emmett/Furla Films, Cutting Edge Films, as well as securing the rights to several high profile projects: 'After Sex,' starring Brooke Shields (which is expected to be released later this year), two books by Lois Duncan, author of 'I Know What You Did Last Summer,' 'Alicia's Book' by Stanford Whitmore and financing through Millennium Films. In total, we have 12 projects in various stages of development. "In addition, earlier this week we announced the signing of a definitive merger agreement with The Entertainment Internet which, pending shareholder ratification, will be approved. The estimated market capitalization of the new entity will be in the vicinity of $36 million, based on approximately 42 million shares outstanding. We believe that once completed, this alliance will prove to be of tremendous benefit to both the MVEE and EINI shareholders. From a business standpoint, 1st Miracle gains instant access to a database of over 50,000 actors and actresses for its various projects. This entry into the online entertainment arena will create significant e-commerce and cross marketing opportunities for the future. EINI, on the other hand, will instantly receive a significant increase in equity and a reduction in operating expenses, as well as increased visibility. "Following the completion of the merger , it is our intent to become a fully reporting public entity through the filing of a consolidated Form 10 with the Securities and Exchange Commission, and we believe that the merger should provide the necessary criteria for an eventual move onto the Nasdaq." This statement includes forward-looking information as that term is defined in the Private Securities Litigation Reform Act of 1995, and, therefore, is subject to certain risks and uncertainties. There can be no assurance that the actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the forward looking statements as a result of various factors, including market conditions, competition, advances in technology and other factors. SOURCE The Entertainment Internet, Inc. -0- 08/13/99 /CONTACT: InHouse Investor Relations, 323-857-9820, for The Entertainment Internet, Inc./ /Web site: castnet.com /Web site: eini.net |
