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TheCopperWire
PEACOCK FINANCIAL ISSUES UPDATE ON
SOLUTIONS MEDIA/SpinRecords.com
SAN JACINTO, CALIF. ? October 6, 1999 - Peacock Financial Corporation (OTC
BB ? PFCK) announced today that privately held Solutions Media, Inc.
(SMI), an Internet and convergence technology firm headquartered in San
Diego and an equity holder of SpinRecords.com, has formed a music
publishing company to augment its expanding online record label. Peacock
Financial is a shareholder of SMI, owning 800,000 common shares. Of
these, 300,000 shares are intended to be issued as a special stock
dividend to Peacock shareholders in the near future, under formula, based
on a record date not yet announced. Final arrangements are being made for
an IPO (initial public offering) of SMI.
The creation of SpinRecords Publishing Company, Inc. comes amid the
signing of acts such as ALIEN ANT FARM, BELLY PUDDLE, KENOCHAMP,
SOULCRACKER, THE CHUBBIES, and THE COLOR RED. The expanding talent roster
necessitated the formation of a stand-alone publishing entity in order to
properly manage and account for composer and publisher royalties. The
publishing company is a member of the American Society of Composers,
Authors and Publishers (ASCAP), which is the largest music performing
rights organization in the world, as well as the leading Internet music
licensor.
?Our partnership with ASCAP is essential.? stated Wayne Irving, president
and CEO of SpinRecords.com. ?It allows us to build the foundation from
which we can launch our artists and protect their rights. The formation
of SpinRecords Publishing Company, Inc. marks an important milestone in
the evolution of SpinRecords.com from a start-up to a full-fledged online
and traditional record label. The protection of songwriter and mechanical
royalties that the relationship with ASCAP will afford gives power to the
artist-friendly deals at SpinRecords.com.?
Separately, SpinRecords.com announced that they have forged a strategic
alliance with Software of the Month Club (SOMC). SpinRecords.com CDs will
be mailed to SOMC customers, a 60,000 member retail network, in exchange
for SpinRecords promoting special SOMC software offers on the
Spinrecords.com Website.
Investor Relations Contact: Jim Stock/Stock Enterprises/(702)614-0003
Company Contact: Steven R. Peacock/Peacock Financial/(909)652-3885
Related Websites: www.peacockfinancial.com/ www.spinrecords.com,
www.solutionsmedia.com
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained herein which are not historical are
forward-looking statements that are subject to risks and uncertainties
that could cause actual results to differ materially from those expressed
in the forward-looking statements, including, but not limited to, certain
delays beyond the company?s control with respect to market acceptance of
new technologies or products, delays in testing and evaluation of
products, and other risks.
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