( BW)(CA-MULTI-MEDIA-INDUS)(MMIC) Multi-Media Industries Corp. Announces Auctionfun.com Acquires The Licensing Group Ltd.
Business Editors
LOS ANGELES--(BUSINESS WIRE)--Oct. 28, 1999--Auctionfun.com Inc., a subsidiary of Multi-Media Industries Corp. (OTCBB:MMIC) announced the acquisition of The Licensing Group Ltd.
This marks the first company to be absorbed by Auctionfun.com, an Internet auction site offering more than 1,500 categories of products ranging from Hollywood memorabilia to a Malibu beach house. Auctionfun.com will premiere on Nov. 1.
The Licensing Group is one of Hollywood's premier entertainment licensing agencies, representing such properties as "Baywatch," "Nash Bridges," "Mortal Kombat," "Alf," "Mr. Magoo," McMullen Argus Publishing, IMAX Films and "Terminator 2: Judgment Day."
"The reason for acquiring The Licensing Group is to provide us with top-level entry into the licensing community. This is an industry rich in products and services, much of which we want to have available on Auctionfun.com," said David Altshuler, spokesperson for the company.
"In absorbing TLG, we also gain the benefits of having the licensing and product expertise of Danny Simon and his associates Lisa Lockhart and Leslie Buhler. Simon is an acknowledged leader in the industry, whose career also includes the licensing of such properties as 'Dallas,' 'Dynasty,' 'Alf,' and 'M-A-S-H.'"
"The rationale for this move is quite simple. With the convergence of licensing and new media in addition to the growth of the Internet as a vehicle for product sales, we feel that establishing close ties with an aggressive auction site will provide us with an important new means of marketing licensed products -- not only those which we represent, but also licensed products from a wide range of companies," stated Danny Simon, president of The Licensing Group.
The Licensing Group is a full service, independent, international licensing/merchandising agency representing a select roster of clients within the categories of entertainment, lifestyle, sports and corporate properties on a worldwide basis.
Multi-Media Industries, a development-stage company, is the holding company for Auctionfun.com, Randall Entertainment, Century Records and Hall of Fame Partners. Auctionfun.com is an innovative online auction experience. Randall Entertainment owns a significant film library, and Century Records holds a notable song library.
This news release contains forward-looking statements relating to future revenues and operating information and their impact on future results. Actual results may differ materially from those projected.
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CONTACT: Auctionfun.com
Samy M. Salem, 201/307-8758
salem@auctionfun.com
or
Princeton Research
Mike King, 888/689-8018
or
The Licensing Group Ltd.
310/724-5300, 310/724-5310 (fax)
bob@auctionfun.com
KEYWORD: CALIFORNIA
INDUSTRY KEYWORD: INTERNET TELEVISION/RADIO E-COMMERCE
MERGERS/ACQ |
