MODERN RECORDS INC: Hires Perry of Investment Firm Perry & Co. / June 15, 1999
MODERN RECORDS INC ("MZR-V") - Hires Perry of Investment Firm Perry & Co.
Modern Records, Inc. announced that it has engaged the services of Roland Perry of Perry & Co., a highly regarded investor and public relations firm specializing in The Internet, restaurant and entertainment industries. Modern Records will additionally be utilizing Perry & Co.'s recently formed Internet Consulting division, which helps public and private corporations identify e-commerce opportunities within their stated field of expertise.
Perry will assist Modern Records in developing an Internet strategy intended to strengthen Modern's brand identification with both trade and consumer audiences through consistent messaging of Modern's activities via the Internet and assist in identifying acquisition candidates and joint venture partners within the rapidly expanding Internet based Music industry.
Perry & Co., which is head quartered in Beverly Hills, CA., has additional offices in San Francisco, CA and Boca Raton, FL. The firm introduces small cap and micro-cap companies to professional investors including investment brokers, small cap mutual funds, private investment managers and hedge fund managers. The firm currently publishes three industry specific newsletters including the Hollywood Stock Review, the Internet Stock Review and the Restaurant Stock Review and operates the InternetStockReview.com
The agreement is for an initial term of two years and provides that Perry will receive, as sole compensation for his services, incentive stock options to purchase 200,000 common shares at the current market price for two years. Additionally, Mr. Perry has been given the right to subscribe for 100,000 units in the Company's private placement announced on June 11, 1999.
Randy Jackson, CEO and President stated, "We're excited to retain the services of Roland Perry and his team of advisors to bring our independent record label to the forefront of Internet technology. The Internet represents the single most powerful change in the music industry since the introduction of the CD and creates enormous opportunities to cost effectively promote both our label and our artists to music purchasing public."
"Understandably, we are excited beyond words to work with Modern Records and Members of the Jackson family which undeniably has one of the most recognizable brand names in the entertainment industry," stated Roland Perry. "In our opinion Randy Jackson and his brothers have an incredibly unique opportunity to exploit the Internet to attract new artists to their label and at the same time attract music lovers to their artists. With Internet start ups spending millions to develop a brand name, it will be interesting, to say the least, to see how an established brand name like the Jacksons--a name which is quite possibly known to every single resident in the United States and countless millions internationally--performs in and about the Internet."
ABOUT MODERN RECORDS.
Modern Records, Inc. is a Beverly Hills based independent record label. Formed in 1978, Modern Records was organized with the purpose of obtaining an exclusive recording agreement with Stevie Nicks and other artists. From 1981 Stevie Nicks' six releases on the Modern Records label, distributed through a joint venture with Atlantic Records, a division of Time Warner (NYSE: TWX), sold in excess of 15 million albums.
In May of 1997, Stephen Randall ("Randy") Jackson acquired 47% of the then outstanding shares, constituting all of the shares owned by one of the founders of Modern Records. In late 1997 the company produced and released "Something Warm For Christmas" by multi-platinum hit recording artist and three times Grammy nominee Jeffrey Osborne. Mr. Osborne toured the country that holiday season in "The Color of Christmas" tour that featured other artists including Roberta Flack, Al Jarreau and Melissa Manchester.
In May of 1998, Modern in conjunction with Atlantic, released Stevie Nicks' three CD boxed set "Enchanted." The Nicks Enchanted album went Gold on April 7th, 1999 having sold in excess of 166,000 boxsets at $44.95 retail. The set stands unrivaled in its encapsulation of Stevie Nicks remarkable solo career. In addition to collecting material from her six Modern/Atlantic solo albums - 1981's RIAA quadruple-platinum BELLA DONNA, 1983's double-platinum THE WILD HEART, 1985's platinum-selling ROCK A LITTLE, 1989's platinum-certified THE OTHER SIDE OF THE MIRROR, 1991's RIAA platinum TIMESPACE: THE BEST OF STEVIE NICKS, and 1994's gold-certified STREET ANGEL - the 46-track set is highlighted by a number of previously unreleased tracks, studio demos, and live cuts, along with songs Nicks has contributed to motion picture soundtracks.
In June of 1998, R& B artist Abel Mason signed a five-album deal. Abel brings with him a unique style of adult romantic music, which he has developed over the years around the New England area.
On June 28, 1998, Jackson brothers' Jermaine, Marion and Tito Jackson joined Randy and Jackie (who is on the board of directors) as consultants. The Jackson Brothers stated they would be representing the Company at various media and public relations events held by the Company. Also, each of the Brothers stated they would assist the Company with Artist Development for current artists already signed to the label and new artists who may or may not be introduced by the Jackson Brothers to the Modern Records label. The Jackson Brothers will also be involved in structuring the Company as a premier and unique record label. In March of 1999, Modern entered into an agreement Randy Jackson and his brothers Jackie, Jermaine, Tito and Marlon to produce a forthcoming Jacksons' album.
Modern Records is a fully reporting issuer in the United States and has a full "Blue Sky" listing in Moody's manuals with secure manual exemption to trade in the after market in at least 30 States.
Legal Disclaimers: This Press Release may contain forward-looking statements with the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results of operations may differ materially from those projected or suggested in the forward-looking statements. The forward-looking statements contained herein represent the Company's judgment as of the date of this report hereof, and the Company cautions readers not to place undue reliance on such statements.
TEL: (310) 285-5350 Randy Jackson, President & CEO E-mail: jcminc@earthlink.net
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