GNEN- also jumped on this news
(COMTEX) B: Generation Entertainment Signs Letter of Intent to Acquir
B: Generation Entertainment Signs Letter of Intent to Acquire E Music
Productions, Inc.; Creating a New Frontier Offering 'Garage Bands' a Rare
Opportunity to be Discovered
DETROIT, Aug 26, 1999 (BUSINESS WIRE) -- Generation Entertainment
Corporation (OTC BB: GNEN) announced today it has signed a letter of
intent to acquire E Music Productions, Inc, the first Internet
recordlabel.
Generation Entertainment is in the final stages of negotiations to
purchase the first Internet record company; a major departure from the
traditional "brick and mortar," high maintenance, labor intensive, and
costly structures of the past. This bold new initiative will take
Generation Entertainment into the new millennium, as the Company
dedicates much of its experience, talent, and resources to their new
revolutionary Internet technology and e-commerce.
"The Company is mindful that more than 55% of the population in North
America is on-line and that e-commerce is becoming more the shopping
norm than the exception and by the year 2003, it is projected that
Internet sales will have produced approximately $654.3 billion
dollars." stated Mr. Sam Rodenberger, CEO of Generation Entertainment.
Upon completion of the acquisition, there will be an immediate campaign
to give the new label brand-identity, including cross marketing with
Generation's on-line record store at www.CDMusic.com. That site will
also undergo modifications to increase its capabilities for customer
convenience and functions.
Generation Entertainment is also seeking to improve corporate
communications with its shareholders. A professional public relations
and investor relations firm will be hired to keep the company's
faithful and committed investors well informed.
Forward looking statements in this release are made pursuant to the
"Safe Harbor" provisions of the Private Securities Litigation Reform
Act of 1995. Investors are cautioned that such forward-looking
statements involve risks and uncertainties, including, without
limitation, continued acceptance of the company's products, increased
levels of competition for the company, new products andtechnological
change, the company's dependence upon third-party suppliers,
intellectual property rights and other risk detailed from time to time
in the company's periodic reports filed with the Securities and
Exchange Commission.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: Generation Entertainment Corp.
Tahnee Berger, 917/677-0547
WEB PAGE: businesswire.com
GEOGRAPHY: ARIZONA
INDUSTRY CODE: ENTERTAINMENT
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