(BSNS WIRE) PLanet Entertainment Corporation Files for Listing On Nasdaq
PLanet Entertainment Corporation Files for Listing On Nasdaq
Business Editors
MIDDLETOWN, N.J.--(BUSINESS WIRE)--July 22, 1999--Planet
Entertainment Corp. (OTC BB:PNEC) announced today that the Company has
submitted its application for listing on the NASDAQ Small Cap Market.
Planet Entertainment, now has over $25 million in assets and
$32.5 million revenues through nine months, 1999.
The Company announced on July 19, 1999, it signed a letter of
intent for a $14 million dollar private placement of its common
stock. The new issuance is not a convertible funding with a floater.
The terms of the common stock private placement are for a fixed dollar
amount to be set prior to closing. The Company has entered into an
agreement with Encore Capital, the holder of the Company's outstanding
Convertible Preferred Stock, pursuant to which Encore (upon closing of
the Private Placement) will sell back to the Company a portion of its
Convertible Preferred Stock and the remaining balance of the
Convertible will be exchanged for similar securities as being sold in
the Private Placement.
It is intended that the use of proceeds will include the further
expansion of its fulfilment operations and capabilities including
expanding its warehouse facilities, increasing inventories, furthering
the growth of the Company's business-to-business website and
finalizing the Company's digital downloading initiative. Additionally,
funds will be dedicated to the Company's 50% owned Internet Radio
Station (MPR Radio) together with Maxnet Inc. (OTC BB:MXNT) in order
to create a presence in the marketplace through advertising, marketing
and content origination.
Planet Entertainment is a diversified entertainment company
specializing in music production, wholesale distribution and marketing
of front-line recorded music, video and DVD titles as well as its
proprietary CD compilation albums. The Company, which operates a
wholesale distribution facility, two wholly-owned recording studios
and four record labels, is also engaged in the acquisition,
enhancement, licensing and re-release of music from its extensive
library of over 15,000 musical master recordings as well as the
production of new artist albums.
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.
--30--RYG/se*
CONTACT: Planet Entertainment Corporation
Ivy Ball, 732/530-8819
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: ENTERTAINMENT
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