Metro Global Media Announces Sale of Fanzine
CRANSTON, R.I.--(BUSINESS WIRE)--Oct. 4, 1999--Metro Global Media, Inc. (NASDAQ:MGMA - news), an
international, adult, multimedia entertainment enterprise, today announced that it has sold its wholly-owned subsidiary Fanzine
International, Inc. (``Fanzine'), acquired by Metro in July of 1998 for $4 million in cash and one million shares of Metro's
common stock, back to the former Fanzine shareholders and a company controlled by them. As consideration for this sale of
Fanzine's stock, Metro is scheduled to receive total payments of $4.5 million and has received back the one million shares of its
common stock held by Fanzine's former shareholders. Payment of the $4.5 million is scheduled in installments to be completed
by August 31, 2000.
Janet Hoey, Metro's Chief Financial Officer, stated, ``The venture between Metro and Fanzine did not work out to the
satisfaction of either party, and each party believed that its business interests would be better served by progressing
independently of each other. As a result, an amicable separation took place, so that neither party has further ties or obligations
to the other for any purpose.'
Updated information can be seen on Metro Global's corporate web site www.METROGLOBAL.com.
For further information, contact the Company's Investor Relations Manager, Jennifer St.Cyr, (888) 463-8764.
Contact:
Metro Global Media, Inc.
Jennifer St.Cyr, (888) 463-8764
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