First Miracle Group Reports Update On Planned Merger With the Entertainment Internet
LOS ANGELES--(BUSINESS WIRE)--Oct. 7, 1999--First Miracle Group, Inc. (OTCBB:MVEE) and the Entertainment Internet (OTCBB:EINI), which announced plans on August 9, 1999 to execute a stock-swap merger, today reported that they are obtaining fair market valuation opinions to determine an accurate stock swap ratio.
It was previously reported that each 12 shares of First Miracle Group would be exchanged for approximately one share of the Entertainment Internet, with the intent of EINI shareholders owning approximately 50% of the resulting company and MVEE shareholders owning approximately 50%.
Management of both companies cautioned that the ratio of exchange will be subject to the results of the valuation studies currently underway.
First Miracle's Chief Executive Officer Tony Cataldo stated, "In my opinion, both companies have significant assets that are far greater than their current market values, especially considering the positive synergies we expect to maximize once the operations of the two companies are combined.
"We are seeking due diligence through the valuation studies that are in progress on both companies, so that the final agreement we reach with EINI will serve the shareholders of both companies."
The Entertainment Internet's Chairman Mohamed Hadid commented, "Due to the nature of the merger transaction, the companies are seeking fair market value opinions as part of the merger process to demonstrate the significant current value and potential value going forward."
Cataldo added, "First Miracle and the Entertainment Internet are already working hand-in-hand on the promotion and casting for 'Very Mean Men.'"
"Very Mean Men," which is currently in pre-production, is a story about a bartender who weaves an outrageous tale about two notorious crime families who engage in a bizarre turf war over someone stiffing a waitress of her tip.
About First Miracle Group
First Miracle Group, Inc. is an independent and diversified film company with a unique corporate structure based on strategic and exclusive alliances with high-quality content producers.
About the Entertainment Internet
The Entertainment Internet is the parent company of CastNet.com, the leading online casting service that has expanded from Hollywood to New York City. CastNet.com's submissions span the continents; actors in countries such as Germany, England and South Korea have joined the service.
CONTACT: Coffin Communications Group
Sean Collins, 818/789-0100
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