Attention Business And Technology Editors:
PayForView.Com Secures $40 Million in Funding
Funding Will Enable Company to Aggressively Expand Its Internet Entertainment
Site
LOS ANGELES, June 21 /CNW/ -- PayForView.com today announced it has
secured a 36-month, $40 million funding agreement from Swartz Private Equity
LLC of Roswell, Ga., with an option for $20 million more at a later date. The
new capital will be used by PayForView to license additional movies, music,
develop technologies including audio and video streaming capabilities and fund
its wholly owned subsidiaries Street Solid Records and Voyager International
Entertainment.
The financial agreement calls for a private equity line for the purchase
of common stock, subject to registration and certain conditions, in an
aggregate amount equal to $40 million. The equity line has options to expand
up to $60 million upon a mutual agreement between both parties.
"With more and more people everyday using the Internet for sports, movies
and music, this market is poised to take off," said Marc A. Pitcher, president
of PayForView." This funding will allow us to aggressively develop licensing
agreements, marketing partnerships and the technology necessary to become the
de facto standard for Internet-based entertainment."
Eric Swartz, Manager of Swartz Private Equity LLC, said, "We are excited
about the opportunities available to PayForView and chose to partner with them
on the strength of their team and marketing opportunities. They represent our
increased focus on emerging Internet-related companies. We believe our
association with PayForView will aid them in becoming leaders in the Internet
broadcast and entertainment Industries."
About PayForView
PayForView.com is an Internet-based entertainment company that will
distribute movies, music, sports, and live events direct to viewers on a
pay-for-view, retail and e-commerce basis. The company is in the process of
acquiring content and creating programming and broadcasting specifically for
the Internet. Additionally, the company has "Off Line" sources of revenue,
through Hip-Hop music label Street Solid Records, which is releasing four
albums over the next four months through K-Tel Distribution and entertainment
company Voyager International Entertainment, which is in negotiations for the
international rights to a number of motion pictures.
For Further Information, Contact: Corporate Communications for
payforview.com Toll Free: 800-545-7214 Fax 604-688-9519 email:
investpayforview.com or Web: payforview.com. Go to
wallstreetresearch.net to view the Wall Street
Research Report, or call Toll Free in the USA 888-615-1145 to request a
written report.
Certain information included in this communication (as well as information
included in oral statements or other written statements made or to be made by
payforview.com) contains statements that are forward-looking, such as
statements relating to the future anticipated direction of the Internet
industry, plans for future expansion, various business development activities,
planned capital expenditures, future funding resources, anticipated sales
growth and potential contracts. These forward-looking statements are subject
to a number of known and unknown risks and uncertainties that could cause
actual operations or results to differ materially from those anticipated.
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For further information: Malinda Poe of PayForView.com, 604-609-6181,
or invest@payforview.com; or Eric Sutphin of Blanc & Otus, 415-512-0500,
or esutohin@bando.com, for PayForView.com
/Web site: payforview.com |
