More News:
ETPI Opens VQ Live, a Premier Houston Live Entertainment Club
HOUSTON--(BUSINESS WIRE)--Nov. 30, 1999--Entertainment Technologies & Programs Inc. (OTCBB:ETPI) a fully reporting entertainment-based company, today announced the opening, Friday Dec. 3, of "VQ Live," the live entertainment venue of Vision Quest Productions (VQ). Opening night features Texas bands "Zero Gravity," with opening act "Face Plant." Saturday's line-up features "The Sheila Marshall Band," with opening act "The Sonnier Brothers."
Vision Quest Productions promotes and produces live entertainment performances on U.S. military bases internationally. VQ Live will augment the revenues of Vision Quest Productions and furnish ETPI's live entertainment division with a tangible domestic base of operations. VQ Live has signed an agreement with Houston entertainment promoter Dennis Lange to ensure that the most popular Houston bands appear at VQ Live on a regular basis. Live acts will primarily consist of local bands, with national bands scheduled on route through Texas. VQ Live will generate revenues through cover charge proceeds, bar sales and special events. Marketing for the venue will include local print media, radio and TV spots and charity event sponsorships for maximum exposure.
Total revenues for Vision Quest Productions are expected to be $1.3 million, including revenues from VQ Live and existing international entertainment productions. VQ Live was created to generate a return on assets already owned by the company, including state of the art sound and light equipment, leased space previously unused, and the live entertainment production expertise of VQ president, Jeff Thornton.
"VQ Live is part of Vision Quest Productions' growth program," commented Thornton. "We already have a strong international productions business, with a solid foothold in Asia and an expanding presence in Europe. VQ Live is our first step in our domestic live entertainment expansion."
"This is an exciting time for ETPI," commented ETPI CEO, James D. Butcher. "This new live entertainment venue in Houston strengthens one of our most promising divisions, Vision Quest Productions. Taken by itself, $1.3 million for Vision Quest Productions might seem modest, but combined with the aggressive momentum of ETPI, and the achievable growth projections for Vision Quest over the next 3 years, this division is becoming a strong force within our company."
"ETPI is poised for one of the strongest growth periods in its history as a public company," continued Butcher. "Among recent events is a signed agreement regarding the acquisition of Multi-Technologies Ltd. Also, each of our existing divisions is poised for aggressive growth and profitability, while unproductive divisions are being liquidated. All of this coincides with the signing of a major debt restructuring agreement. On the whole, ETPI is set to deliver strong shareholder returns over the foreseeable future."
Forward-looking statements in this press release are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risks and uncertainties, including without limitation, continued popularity of entertainment facilities, increased levels of entertainment competition, U.S. Government funding changes, completion of a planned funding package, and other risks.
CONTACT:
Entertainment Technologies & Programs Inc., Houston
Fritz Boudreaux, 281/486-6061 |
