I guess the tread is dead because there is so little behind this company. They are a fringe player in the Internet music download business and they have a small software business for music creation. They have very little revenues and no earnings.
So, what's to get excited about? Maybe they have something new coming.... They seem to be trying to gain an Internet strategy. I just got this press release.
Regards, Mark
NEWS RELEASE
FOR IMMEDIATE RELEASE
For Further Information Contact:
Dian Griesel, Ph.D. / Juan Dominguez
The Investor Relations Group, N.Y. N.Y.
(212) 736-2650 TheProTeam@aol.com
Brian Allodi, General Manager, Internet Products & Services
(425) 313-3429; briana@midisoft.com
Internet Music Creation Strategy Transforms Midisoft Into recordLab
recordLab.com Embraces First Mover Opportunity with Products and Services Aimed at the
$6 Billion Amateur Musician Market
Issaquah, Washington, October 20, 1999 - Using its significant portfolio of proprietary music and Internet technologies, Midisoft Corporation (OTCBB:MIDI) executives today announced sweeping changes in its business, and revealed a new corporate identity that reflects its new strategy. Larry D. Foster, President and C.E.O., outlined his strategy for recordLab(tm) Corporation and its planned website recordLab.com(tm), a rich media-based music destination site that will cater to the needs of millions of amateur musicians worldwide, motivating and enabling them to realize their music.
"The emergence of the MP3 phenomenon represented a dramatic change for the recorded music industry," Foster said. "recordLab.com intends to create the same type of sensational transformation for the music creation industry that serves an estimated 67 million amateur artists in the U.S. alone." According to the National Association of Music Merchants (NAMM), one-fourth of the US population spends over $6 billion on musical instruments alone each year.
recordLab.com will introduce a new class of Internet-based music products and services that are "wrapped" with extensive expert know-how in the art of making music. The first product will be recordLab's Internet TapeDeck(tm) a multi-track, digital audio recording application for Windows(r) which the Company intends to make freely available from the recordLab.com site. The Company will also assist musicians in using the products by delivering expert advice from legendary music producers.
Jack Douglas, Michael Lloyd, Nile Rogers and Tony Visconti, who have produced or engineered recordings for some of the biggest names in the music industry - including John Lennon, Aerosmith, David Bowie and Madonna - have already begun applying their expertise to the recordLab.com site. Together, the four producers have earned hundreds of gold and platinum records, and have recorded albums and singles that have sold hundreds of millions of copies. Douglas, Lloyd, Rogers and Visconti comprise the charter members of recordLab's Advisory Board.
Advisory Board member, Michael Lloyd commented, "To date, the online music and recording industries have focused on the distribution of music over the Internet. I believe recordLab is the first to envision and embrace the opportunity to create and deliver products and content to help musicians, songwriters and artists realize their dreams."
recordLab's Foster underscored the new mission, "Our goal is to provide the tools amateur musicians need to develop or rekindle their passion for music creation, and to bring the magic of recording your own music to a very large but latent market of music makers. We are saying to every musician out there release the music in you."
ABOUT RECORDLAB.COM
recordLab.com (formerly Midisoft Corporation) is a music technology pioneer and a recognized leader of innovative applications for the control and use of music and sound on personal computers and the Internet. The Company develops and sells music creation software for musicians to compose, edit and record music and print engraver-quality sheet music under the recordLab and Midisoft brands, and also develops and markets sound and media management products for users to conveniently access Internet content, sound controls and media files directly from their desktops.
The Company estimated the number of amateur musicians from NAMM's report that one-quarter of the U.S. population are amateur musicians and the U.S. Bureau of Census reports that the U.S. population is 270 million. For further information, please contact Brian Allodi, General Manager, Internet Products & Services (briana@midisoft.com) at (425) 313-3429.
Midisoft is a registered trademark of Midisoft Corporation. All other names mentioned are trademarks of their respective companies. All statements in this press release other than statements of historical fact are forward-looking statements that involve risks and uncertainties. There can be no assurance that the Company's plans will be realized, that revenues will increase or that the Company's operations will improve. Reference is made to Midisoft's Annual Report on Form 10-KSB for the year ended December 31, 1998 and to the Company's other reports filed with the Securities and Exchange Commission for a discussion of such risks and uncertainties and other factors that may have a material effect on the Company's business. Revenues from the Company's Internet operations will depend largely on the widespread acceptance and use of the Internet as a source of music creation capabilities and as a method of music distribution and education and in general as a vehicle for commerce in goods and services. The success of the Company will also depend in part on the development and maintenance of the Web and Internet infrastructure, such as a reliable network backbone with the necessary speed, data capacity and security, and timely development of complementary products such as high speed modems, for providing reliable Web access and services.
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