Revenue Increases for ETPI's Vision Quest Division
HOUSTON--(BUSINESS WIRE)--Aug. 26, 1999--Entertainment Technologies & Programs Inc. (OTC BB:ETPI) ("ETPI" or the "Company") today announced revenue increases for its Vision Quest Productions (VQ) Division. Year-to-date revenues for the live entertainment production division increased to $683,644 compared to $311,621 for the same period in 1998. This represents a 119% increase over the same period of 1998. Vision Quest Productions promotes and produces turnkey live entertainment performances on U.S. military bases internationally.
Vision Quest was created as a separate entity from its sister company NiteLife Entertainment in 1995 to focus exclusively on this profitable niche market. "The Company is still young," says VQ President and Director, Jeff Thornton. "We have spent the last two to three years building the business and now we are starting to see the results. In fact, as our business has developed I have seen competitors enter the market without much success. Our advantage hinges on our turnkey entertainment solutions. Once a client signs on with us, we do all the work to ensure that the performance is a success. No other competitor offers such a comprehensive package, so our Vision Quest Productions brand is increasingly recognized as the leader in the market. We will continue building on that and I think we will see significant growth in the coming years."
Vision Quest Productions has become an important profit center for ETPI. The Company has projected substantial growth for the VQ division over the next several years as profits continue to increase. The future for Vision Quest lies in two directions: expansion among additional U.S. military bases in international markets and expansion into civilian commercial markets worldwide. To date Vision Quest has begun developing both of these sectors. With a strong foothold established in Asia, initial performances are scheduled in Europe next year. The Company has been able to leverage its reputation to make a strong move into the civilian sector. The first show of this nature was produced on Aug. 5 of this year. The famous band Asia appeared for a sold out performance at the Sun Plaza in Downtown Tokyo. Additional productions are in the works for the coming year.
Recently completed performances include successful tours with rock bands Warrant, Blue Oyster Cult, and Three Dog Night with Firefall. A routing tour and dates have been finalized for the dance group Tony, Toni, Tone. Also, World Class Wheels, the national skateboard championships are scheduled for this month.
Forward-looking statements in this press 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 popularity of entertainment facilities, increased levels of entertainment competition, U.S. Government funding changes, completion of a planned funding package and other risks.
CONTACT:
Entertainment Technologies & Programs Inc., Houston
Fritz Boudreaux, 281/486-6061 |
