JNNE news = Costco ************Thursday June 25, 3:03 pm Eastern Time
Company Press Release
Jones Naughton Receives First Royalty Payment from Costco Agreement
Affiliated Marketing Services Acquisition Set to Close by July 15th
LOS ANGELES--(BUSINESS WIRE)--June 25, 1998--Jones Naughton
Entertainment, Inc. (OTC BB: JNNE - news) announced today they are in
receipt of the first royalty payment resulting from Jones Naughton's
October 1997 joint venture with Royal West Sales.
This first payment represents royalty income from loans closed through
Costco Companies, Inc.'s loan referral program as of December 31, 1997.
Jones Naughton receives royalty payments as the result of the joint
venture's brokered agreement between Costco (Nasdaq: COST - news) and a
leading computer real estate loan referral company. Costco operates a
chain of over 270 wholesale membership warehouses world-wide, including
over 200 stores in the United States.
Costco has been conducting a test of the consumer-direct loan referral
program through a limited number of their stores in selected locations.
Based upon the successful results achieved at Costco's test sites, a
broad roll-out of the loan referral program is currently underway. The
extent and timing of the roll-out will be at Costco's discretion.
Royalty payments will be received from the loan referrals generated
through Costco stores for the life of the loan referral program. Royalty
payments will be received on a quarterly basis, and are expected to
increase proportionately as Costco's expansion of the loan referral
program is made available to all of their members through all of their
stores in the U.S.
Jones Naughton Entertainment, Inc. additionally confirmed that the
previously announced acquisition (see May 26th press release at:
jnne.com of Affiliated Marketing Services,
Inc. (AMS) should close on or before July 15th. AMS is a Del Mar,
California-based multi-media publisher, advertising agency, media buyer
and direct mail advertising firm with annual revenues in excess of $1
million.
AMS is the publisher of such well-known publications as THE ENTERTAINER
AND LIFESTYLES MAGAZINE, THE SMART SHOPPER SAVINGS GUIDE and the annual
elegant souvenir program for the PGA MERCEDES CHAMPIONSHIP in La Costa,
California.
Jones Naughton Entertainment (OTC BB: JNNE - news), through its
COMMUNITY MARQUEE Division, operates audio visual information systems
custom-designed to provide free, instant and site-specific information
for advertising goods and services in a variety of community forums.
Current subscribers include the U.S. Army, Enterprise Car Rental, Great
Western Savings, Manpower Inc. (NYSE: MAN - news), Round Table Pizza and
many others. Planned growth for COMMUNITY MARQUEE is through acquisition
of small specialized marketing companies in targeted markets nationwide.
Additionally, Jones Naughton receives royalty income from Costco's loan
referral program.
This press release contains forward-looking statements which are made
pursuant to the safe-harbor provisions of the Private Securities
Litigation Reform Act of 1995. Expression of future goals and similar
expressions reflecting something other than historical fact involve
risks and uncertainties. The actual results the Company achieves may
differ materially from any forward-looking statements due to such risks
and uncertainties.
24-HOUR AUTOMATED SHAREHOLDER INFORMATION -- Phone: 888/209-7223
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Contact:
Jones Naughton Entertainment, Inc.
Patrick M. Rost, Director of Business Development
and Corporate Communications, 888/847-5663
Joseph Naughton, Chairman, 714/736-0988
Investor Relations Website: www.jnne.com
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More Quotes
and News:
Costco Cos Inc (Nasdaq:COST - news)Jones Naughton Entertainment Inc
(OTC BB:JNNE - news)Manpower Inc (NYSE:MAN - news)
Related News Categories: banking, computers, entertainment, internet,
publishing, real estate, retail, telecom
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