Trans World Entertainment Purchases 19.9% of Woodstock Broadcasting Network Corp.; Company to be the Exclusive Music and Video Retailer to Carry Radio Woodstock.com
ALBANY, N.Y.--(BUSINESS WIRE)--July 22, 1999--Trans World Entertainment Corporation
(Nasdaq National Market: TWMC), a leading retailer of entertainment products, today
announced that it has executed an agreement to purchase 19.99% of the outstanding capital
stock of Woodstock Broadcasting Network Corp. The agreement offers Trans World
Entertainment exclusivity to entertainment content on Woodstock Broadcasting Network for
use on the Company's web site, www.twec.com, which will be promoted throughout the
Company's retail stores.
Woodstock Broadcasting Network Corp., a privately-held company, offers Radio
Woodstock, a streaming RealAudio Internet radio station that now can be listened to free
of charge, 24 hours a day on www.twec.com. The station, www.radiowoodstock.com, features
a wide variety of music broadcasts including an exciting mixture of archived music,
interviews with performers and talk programs, as well as live concerts and international
music festivals. The site also has information about Woodstock `99, which will feature a
diverse group of artists such as The Dave Matthews Band, Fat Boy Slim, Willie Nelson and
the Red Hot Chili Peppers.
"Radio Woodstock fits well with our strategy of offering exclusive entertainment
content to drive traffic to our website, www.twec.com," said Robert J. Higgins, Chairman
and Chief Executive Officer of Trans World Entertainment. "Radio Woodstock's audio/video
music and non-music programming, consisting of streaming, archived and live webcasts, is
among the best being offered on any Internet site today. By linking our site and
www.radiowoodstock.com, we will greatly enhance our content offerings to customers. In
addition, this relationship will create exciting cross marketing and branding
opportunities that will, once again, marry our retail stores with the Internet."
The Company's investment will provide Woodstock Broadcasting Network with sufficient
working capital to enhance its site as well as to further develop and produce new
entertainment content. In addition, the Company will offer Woodstock Broadcasting Network
Corp. assistance in developing, marketing and promoting Radio Woodstock and
www.radiowoodstock.com.
Gary Chetkof, Chief Executive Officer and President of Woodstock Broadcasting Network
Corp. commented, "The ability to strategically align our company with the largest music
retailer in the country presents us with many opportunities. In particular, we look
forward to raising the visibility of Radio Woodstock and to providing the most `cutting
edge' entertainment content on the Internet today."
Trans World Entertainment is the leading music retailer in the United States,
operating retail stores in 44 states, the District of Columbia and Puerto Rico as well as
an e-commerce site, www.twec.com. Mall locations include Record Town, Camelot Music, The
Wall, Saturday Matinee and F.Y.E. Freestanding locations include Coconuts Music and
Movies, Strawberries Music, Spec's and Planet Music.
Certain statements in this report set forth management's intentions, plans, beliefs,
expectations or predictions of the future based on current facts and analyses. Actual
results may differ materially from those indicated in such statements. Additional
information on factors that may affect the business and financial results of the Company
can be found in filings of the Company with the Securities and Exchange Commission.
CONTACT: Trans World Entertainment Corporation
John Sullivan, Chief Financial Officer
518/452-1242, ext. 400
or
The MWW Group
Media Relations -- Matt Rose (mrose@mww.com)
Investor Relations -- Robert Ferris (rferris@mww.com)
201/507-9500
09:28 EDT JULY 22, 1999 |
