PENC News looks great!!!
Pen Interconnect Completes Letter of Intent to Purchase E Ware Systems,
New York City Music Industry Software Development Company
IRVINE, Calif., Jul 6, 2000 /PRNewswire via COMTEX/ -- Pen Interconnect, Inc.
(OTC Bulletin Board: PENC) (www.Pen-Interconnect.com) announced today that it
has completed a Letter of Intent to purchase E Ware Systems, Inc., a private New
York City music industry software development firm.
Pen Interconnect has completed its initial negotiations with E Ware, signing a
Letter of Intent to acquire the Company for $1.2 million in stock, cash and
notes. These negotiations were announced earlier and the final agreement
regarding the pricing has now been completed. It is expected that the due
diligence will be completed and the final purchase agreement completed within
the next 60-90 days.
E Ware is the inventor and developer of soundbusiness, which has become the
industry standard at more than 14 major record companies as a production
budgeting tool as well as a system used by administrative departments to track
recording costs. Clients using the system include Warner Music Group, Universal
Music Group, Virgin Records, Bad Boy Entertainment, and V2 Music plus key
producers in the recording industry including Don Was for The Rolling Stones and
Glen Ballard for Alanis Morissette.
Pen Interconnect has signed a Letter of Intent to merge with perFORMplace.com,
the New York City/Santa Monica, Calif., based online creative and management
resource center for the entertainment industry. perFORMplace.com
(www.perFORMplace.com) is a business-to-business Internet company operating as a
full applications service provider. It is the first and only Web based resource
company of its kind to establish an online site to facilitate the electronic
processing of union contracts for entertainers in motion pictures, television,
radio, recording, commercial production and life performances. The management of
perFORMplace.com is closely aligned with the entertainment industry, and
affiliated unions, and aware of the needs of automation within the industry.
perFORMplace.com is focused on becoming the global online creative and
management resource center for the entertainment industry including motion
pictures, television, multimedia, recording, commercial and live performances.
VISIT THE PEN INTERCONNECT WEB SITE at pen-interconnect.com |
