(COMTEX) B: Planet Entertainment Corp.'s Joint Venture Partner in Neg
B: Planet Entertainment Corp.'s Joint Venture Partner in Negotiations With
African Media Entertainment Ltd. -AME-
MIDDLETOWN, N.J., Jun 24, 1999 (BUSINESS WIRE via COMTEX) --
PlanetEntertainment Corp. (OTCBB:PNEC) announced today that African
Media Entertainment Limited (AME) is finalizing negotiations to buy a
controlling interest in Shandel Music, Planet Entertainment
Corporation's 50/50 Joint venture partner in Planet Africa.
AME is a cohesive group of companies focused on the origination,
production, distribution and commercial exploitation of content for the
media, event management, sport and entertainment industries. AME is a
publicly traded company on the Johannesburg Stock Exchange (JSE) in the
Media Sector (Stock Symbol:AME). Substantial institutional shareholders
in AME are representative South African groups Worldwide African
Investment Holdings and Women's Investment Portfolio Holdings. AME
recorded revenues of over 179 million Rand for Fiscal Yearending
October 1998.
AME through its Music Division distribution company, ISDS, will ensure
the successful release of Planet's catalogue product, including
"Premium" product compilations for chain stores, individual
sub-licensing, and general retail releases. New and previously
unreleased product from Planet Entertainment will be soldand
distributed by ISDS.
Planet Africa has confirmed July 12, 1999 as its release date for 37 CD
albums. The CD's will be released under "Planet Africa" with various
press, wholesalers and retailers having already been notified. A second
batch of CD albums is scheduled for release by year end. AME will be
distributing in Africa, Australia, New Zealand and Israel.
Planet Entertainment President John S. Arnone, stated "We are excited
to have AME as our new joint venture partner and expect revenues from
this alliance to begin immediately. Planet and AME plan to do
additional business with Planet's Internet Radio Station, MaxPlanet
Radio (MPR) which is co-owned by Maxnet Inc. (OTCBB:MXNT), by featuring
the AME family of artists and hosting its live eventschedule."
Special Note Regarding Forward Looking Statements: A number of
statements contained in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the applicable statements. These risks and uncertainties
include but are not limited to: the Company's vulnerability to rapid
industry change, technical obsolescence, limited customer base and
(COMTEX) B: Planet Entertainment Corp.'s Joint Venture Partner in Neg
B: Planet Entertainment Corp.'s Joint Venture Partner in Negotiations With
African Media Entertainment Ltd. -AME-
MIDDLETOWN, N.J., Jun 24, 1999 (BUSINESS WIRE via COMTEX) --
PlanetEntertainment Corp. (OTCBB:PNEC) announced today that African
Media Entertainment Limited (AME) is finalizing negotiations to buy a
controlling interest in Shandel Music, Planet Entertainment
Corporation's 50/50 Joint venture partner in Planet Africa.
AME is a cohesive group of companies focused on the origination,
production, distribution and commercial exploitation of content for the
media, event management, sport and entertainment industries. AME is a
publicly traded company on the Johannesburg Stock Exchange (JSE) in the
Media Sector (Stock Symbol:AME). Substantial institutional shareholders
in AME are representative South African groups Worldwide African
Investment Holdings and Women's Investment Portfolio Holdings. AME
recorded revenues of over 179 million Rand for Fiscal Yearending
October 1998.
AME through its Music Division distribution company, ISDS, will ensure
the successful release of Planet's catalogue product, including
"Premium" product compilations for chain stores, individual
sub-licensing, and general retail releases. New and previously
unreleased product from Planet Entertainment will be soldand
distributed by ISDS.
Planet Africa has confirmed July 12, 1999 as its release date for 37 CD
albums. The CD's will be released under "Planet Africa" with various
press, wholesalers and retailers having already been notified. A second
batch of CD albums is scheduled for release by year end. AME will be
distributing in Africa, Australia, New Zealand and Israel.
Planet Entertainment President John S. Arnone, stated "We are excited
to have AME as our new joint venture partner and expect revenues from
this alliance to begin immediately. Planet and AME plan to do
additional business with Planet's Internet Radio Station, MaxPlanet
Radio (MPR) which is co-owned by Maxnet Inc. (OTCBB:MXNT), by featuring
the AME family of artists and hosting its live eventschedule."
Special Note Regarding Forward Looking Statements: A number of
statements contained in this press release are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995 that involve risks and uncertainties that could
cause actual results to differ materially from those expressed or
implied in the applicable statements. These risks and uncertainties
include but are not limited to: the Company's vulnerability to rapid
industry change, technical obsolescence, limited customer base and
reliance on relatively a small number of its customers, the possible
impact of competitive products and pricing, uncertainties in the
duration of the life cycle of its products, manufacturing difficulties,
dependence on key personnel, market acceptance, reliance on a limited
number of outside vendors, potential difficulties, managing growth, the
ability to perform on existing and future agreements, the availability
of financing, and other risks all, or any of which may have a material
adverse impact on the company, its business, business prospects, and
financial condition.
Copyright (C) 1999 Business Wire. All rights reserved.
-0-
CONTACT: Planet Entertainment Corporation, Middletown
Wallace Giakas, Chairman
or John S. Arnone, President Chief Executive Officer
732/530-8819
WEB PAGE: businesswire.com
GEOGRAPHY: NEW JERSEY INTERNATIONAL AFRICA/MIDDLE EAST
INDUSTRY CODE: ENTERTAINMENT
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