SAN JACINTO, Calif.--(BUSINESS WIRE)--Sept. 16, 1999-- Peacock Financial Corporation
(OTC BB - PFCK) announced today that San Diego-based Solution Media, Inc. is moving closer
to becoming a publicly traded corporation.
Peacock has confirmed with management of Solutions Media that an IPO (initial public offering) is in
process, and based on the equity stake Peacock owns, Peacock's book value could increase by $
.40 per share.
Peacock Financial owns 800,000 shares, and 300,000 of these shares will be issued to existing
Peacock shareholders on a 1:100 ratio. This will pattern the formula of Peacock's first dividend
earlier this year, that of the San Diego Soccer Development Corp., owner of the San Diego FLASH
professional soccer franchise. The record date for the Solutions Media stock distribution, which will
be the second such dividend under Peacock's restructured business plan that began in late 1998, will
be announced as soon as possible. By law, announcement of such a stock dividend will need a
minimum of 20 days public notice.
Solutions Media is an Internet company currently developing its ''SpinRecords.Com'' unit.
SpinRecords.Com is an online music E-commerce Website similar to MP3.Com (NASDAQ:
MPPP - news) which recently went public. Recently, SpinRecords.Com has been in the news,
announcing the signing of several new bands as well as the formation of a ''comprehensive strategic
partnership'' with TuneTo.Com, an Internet radio company, to create a custom ''Spin Radio''
interface to stream music from the SpinRecords.Com artist using a high quality filtering technology.
Peacock Financial Corporation is a fully reporting investment holding company registered with the
SEC as a Business Development Company under the Investment Act of 1940. Current holdings
include investments in Real Estate, and in Investment Banking, specializing in professional sports and
the Internet.
Contact:
Company Contact:
Peacock Financial
Steven Peacock
909/652-3885
Company Website: www.peacockfinancial.com
Related Websites: www.spinrecords.com,
www.solutionsmedia.com, www.sdflash.com.
or |
