WSMI.com Pre-Sells ''Auction Network'' Banner Ad Space to Sterling Media Fund I, for
$5,000,000.00 US
TORONTO, July 9 /CNW/ - World Sports & Music Inc. - WSMI.com (CDN:WSMI)
announced today that it has entered into an agreement with Sterling Media Fund
I, L.P. of Tulsa, Oklahoma, (Sterling). This agreement will see Sterling
pre-purchase banner space and other net advertising on WSMI.com's On-Line
Auction Network, in the amount of $5,000,000.00 US Dollars.
Sterling Media Capital Fund I, L.P. is a media based investment fund that
is capitalized with units of pre-paid broadcast and print media advertising
time and space which in turn invests the media credits into various capital
ventures. Fund I was formed in April of 1999 and is now in the process of
acquiring Media Credits with a stated goal of One Billion ($1,000,000,000.00
US) of such media credits before the end of year 2000.
WSMI.com has accepted Sterling's offer and is contracted to supply
Sterling with media credits based on a value of six dollars ($6.00) US funds
per one thousand (1,000) ''Hits'' for a total of 833,000,000 ''Hits''. This
media will be derived from the WSMI.com On-Line Auction Network and other
WSMI.com Internet properties, over a ten (10) year period.
''This pre-sale of on-line ad space is just what WSMI.com has been
looking for to fully finance the company without diluting our shareholders''.
Stated Christopher L. Bradshaw - CEO/Chairman - WSMI.com. ''The way this deal
is structured, WSMI.com will receive upon signing, a $1.25 million US dollar
''Media Bond'', which is fully secured by the fund and will be used as
collateral to secure working capital for the company. The asset balance will
be used to qualify for the listing requirements of the NASDAQ small cap
exchange.''
WSMI.com specializes in on-line marketing of sports and entertainment
collectibles merchandise. WSMI.com licenses 'turn-key' on-line auction sites
and e-tail stores to help traditional businesses establish an on-line presence
through strategic alliances. WSMI.com is a charter member of the Internet
Marketing Consortium and further information on the Company can be found at
www.wsmi.com
World Sports & Music Inc.-WSMI.com is a publicly traded company quoted on
the Canadian Dealing Network (CDN) under the stock symbol CDN: WSMI. As of
July 9th, 1999 there are 29,651,488 shares issued and outstanding in the
company.
-30-
For further information: Paul Gorman, WSMI.com, (416) 366-9764,
pgorman@vantagepointcapital.com |
