and another:
ETPI Plans the Opening of Hero's Family Fun Center in Pasadena Texas; Hero's Obtains City Permits for Its Laser Tag Arena At Hero's Pasadena
HOUSTON--(BUSINESS WIRE)--Dec. 7, 1999--Entertainment Technologies & Programs Inc. (OTCBB:ETPI) a fully reporting company, today announced that its Stargate Entertainment division will open its Hero's Families Entertainment Center on Dec. 17. Hero's has secured City of Pasadena permits for its laser tag facilities.
Hero's Family Entertainment Center reopens after an extensive remodeling designed to increase revenues by 40%-45% over previous operations. The facility was remodeled, drawing on ETPI's years of experience, designing and building such facilities for maximum profit per square foot on military bases throughout the world. The remodeling was completed using company owned assets, which were reconfigured for maximum revenue yield. The Dec. 17 soft opening represents phase one of the Hero's project, which utilizes ETPI's arcade, redemption and video games, along with food concessions and party facilities. Phase two of the project employs ETPI's laser tag facility, billiard tables and outdoor batting cages. Batting cages will be increased from six previously indoor cages to 12 outdoor cages, for maximum revenue potential. The remodeled facility is designed to attract entire families, with fun and games for all age groups.
Stargate's year 2000 projections for the Hero's Pasadena facility are expected to exceed $400,000. New attractions over the next three years are expected spur a 35% growth rate for the facility. Hero's Water World in Midland, Texas is expected to generate approximately $1 million for the 2000 season.
Hero's profit model is based on a layering of revenue streams within the context of its facility. The primary revenue stream comes from private party bookings (birthday parties, corporate picnics, church groups, etc.) and catering services, which is a value added to the private party offerings. The second revenue stream is generated from the games and attractions themselves. The third revenue stream is generated through the food concessions, from restaurant items to impulse snack kiosks and vending machines strategically located throughout the facility.
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 changes in ETPI's business environment, completion of a planned funding package, certain other contingencies and other risks.
CONTACT:
Entertainment Technologies & Programs, Inc. Houston
Fritz Boudreaux, 281/486-6061 |
