I mentioned JNNE yesterday. News out today ! Tuesday July 14, 8:31 am Eastern Time
Company Press Release
Jones Naughton Completes Acquisition of Affiliated Marketing Services
AMS to be Cornerstone of New Acquisitions Corporation
LOS ANGELES--(BUSINESS WIRE)--July 14, 1998--Jones Naughton
Entertainment, Inc. (OTC BB: JNNE - news) announced today they have
completed the acquisition of Affiliated Marketing Services, Inc. (AMS).
Jones Naughton has formed a wholly-owned subsidiary for the purpose of
acquiring AMS, Inc. and all of AMS' assets including THE SMART SHOPPER
SAVINGS GUIDE and THE ENTERTAINER AND LIFESTYLES MAGAZINE. The new
company will retain the AMS name and will absorb all business activities
of Jones Naughton's Community Marquee Division, including the Community
Marquee Kiosk advertising program.
AMS is an established and growing Del Mar, CA based multi-media
publisher, advertising agency and media buying concern with current
annual revenues in excess of $1 Million. The purchase price of $597,000
will be paid out over three years. Jones Naughton projects AMS' annual
revenues alone will reach $2 Million in 1999, $3.8 Million in 2000 and
$6.1 Million in 2001.
AMS President Paul Hentschl will be appointed President of the new
division, and will lead a seasoned management team as well as selected
advertising, sales, marketing and design professionals brought on board
as part of the AMS acquisition.
Assisting AMS' efforts will be Associate Publisher James Wellborn
(founder of the SMART SHOPPER SAVINGS GUIDE, a valuable monthly consumer
discount book distributed to over 2,000,000 income-targeted homes
annually). Mr. Wellborn's experience will be valuable in further
expanding products such as AMS' ENTERTAINER AND LIFESTYLES MAGAZINE, a
tabloid-sized 40-page full color bi-monthly magazine which highlights
the best of San Diego's social and entertainment scene for its affluent
readership.
The AMS acquisition marks the second acquisition for Jones Naughton
since April of this year. AMS' services will compliment the Community
Marquee Division and will provide extensive cost savings through the
elimination of overlapping expenses and labor functions. Major growth
plans are currently underway for the combined companies.
Patrick M. Rost, Director of Business Development and Corporate
Communications for Jones Naughton Entertainment, discussed the benefits
created by the addition of AMS saying, ''By eliminating duplicative
tasks and consolidating related business functions, we will be able to
increase profit margins in all of Jones Naughton's divisions. Based upon
the stated profitability of AMS, this acquisition is clearly accretive
to shareholder value. We will now be able to better exploit the Southern
California and Las Vegas markets by providing a much broader range of
products and services.
Mr. Rost concluded, ''The obvious synergies created, by combining the
AMS, Community Marquee and PromoCam Products Divisions under Jones
Naughton Entertainment, will provide the maximum growth potential in the
shortest time frame. Jones Naughton's new alignment of their business
interests will allow for smoother and more seamless horizontal growth,
and will make possible the pursuit of acquisition opportunities in a
multi-state area.''
Prior to his tenure with AMS, Mr. Hentschl's career was primarily
focused in the cable/pay TV and consumer entertainment industries where
he held senior management positions with top industry players such as
Westinghouse, Oak Industries and Cybernetic Data Products. He has a
proven track record of creating and executing aggressive rollout
strategies. ''I'm personally very excited about teaming up with Jones
Naughton Entertainment,'' Hentschl states emphatically. ''Adding Jones
Naughton's strength to our current products and services makes the
future opportunities bright, indeed.''
This press release contains forward-looking statements that 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.
ABOUT THE COMPANY
Jones Naughton Entertainment (OTC Bulletin Board: JNNE - news), through
its Affiliated Marketing Services subsidiary and AMS' COMMUNITY MARQUEE
Division, provides multi-media publishing, advertising and media buying
services. COMMUNITY MARQUEE also 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 a joint venture agreement with Royal West Sales.
24-HOUR AUTOMATED SHAREHOLDER INFORMATION: Phone 888/209-7223
------------------------------------------------------------------------
Contact:
Jones Naughton Entertainment, Inc.
Patrick M. Rost, 888/847-5663 ext. 13
Paul Hentschl, 619/259-1808 ext. 15
Joseph Naughton, 714/736-0988
Investor Relations Website: www.jnne.com
------------------------------------------------------------------------
More Quotes and News:Jones Naughton Entertainment Inc (OTC BB:JNNE -
news)Related News Categories: banking, computers, entertainment,
internet, telecom
------------------------------------------------------------------------
Help
------------------------------------------------------------------------
Copyright c 1998 Business Wire. All rights reserved. All the news
releases provided by Business Wire are copyrighted. Any forms of copying
other than an individual user's personal reference without express
written permission is prohibited. Further distribution of these
materials is strictly forbidden, including but not limited to, posting,
emailing, faxing, archiving ina public database, redistributing via a
computer network or in a printed form. |
