New Releases Exerpts
Planet Entertainment Announces Full Reporting Status
MIDDLETOWN, N.J.--(BUSINESS WIRE)--June 8, 1999--Planet Entertainment Corp. (OTCBB: PNEC) announced today through Chairman, Wallace Giakas, that the Company's Registration Statements on Form SB-2 and Form 10 are now effective and the Company is fully reporting under the Securities Exchange Act of 1934, as amended.
Chairman Giakas said, "We are pleased to have our Form 10 approved by the S.E.C., following the usual intensive review process by that agency. This status now makes Planet Entertainment a fully reporting company. This is a necessary prelude to Planet Entertainment's intention to become listed on NASDAQ, which we hope will occur in the near future. We believe these steps reflect the continuing maturation of Planet Entertainment as a publicly-owned company which has grown to an estimated $40 million in revenues and to over $25 million in assets since its formation only three years ago."
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Planet Entertainment Corp.'s Joint Venture Partner in Negotiations With African Media Entertainment Ltd. -AME-
MIDDLETOWN, N.J.--(BUSINESS WIRE)--June 24, 1999--Planet Entertainment Corp. (OTCBB:PNEC) announced today that African Media Entertainment Limited (AME) is finalizing negotiations to buy a controlling interest in Shandel Music, Planet Entertainment Corporation's 50/50 Joint venture partner in Planet Africa.
AME is a cohesive group of companies focused on the origination, production, distribution and commercial exploitation of content for the media, event management, sport and entertainment industries. AME is a publicly traded company on the Johannesburg Stock Exchange (JSE)in the Media Sector (Stock Symbol:AME). Substantial institutional shareholders in AME are representative South African groups Worldwide African Investment Holdings and Women's Investment Portfolio Holdings.
AME recorded revenues of over 179 million Rand for fiscal Year ending October 1998.
AME through its Music Division distribution company, ISDS, will ensure the successful release of Planet's catalogue product, including "Premium" product compilations for chain stores, individual sub-licensing, and general retail releases. New and previously unreleased product from Planet Entertainment will be sold and distributed by ISDS.
Planet Africa has confirmed July 12, 1999 as its release date for 37 CD albums. The CD's will be released under "Planet Africa" with various press, wholesalers and retailers having already been notified. A second batch of CD albums is scheduled for release by year end. AME will be distributing in Africa, Australia, New Zealand and Israel.
Planet Entertainment President John S. Arnone, stated "We are excited to have AME as our new joint venture partner and expect revenues from this alliance to begin immediately. Planet and AME plan to do additional business with Planet's Internet Radio Station, MaxPlanet Radio (MPR) which is co-owned by Maxnet Inc. (OTCBB:MXNT), by featuring the AME family of artists and hosting its live event schedule."
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Planet Entertainment Corp. Signs Letter of Intent to Acquire Renaissance Records
MIDDLETOWN, N.J.--(BUSINESS WIRE)--June 28, 1999--Planet Entertainment Corp. (OTCBB: PNEC) announced today the signing of a letter of intent to acquire Renaissance Records, located in Nashville, TN.
Renaissance Records has built a reputation over the past five years as a leader in the fields of classic rock and classic country and specializes in issuing albums that have not been previously released on CD. As a result, Renaissance Records' revenues for 1999 are projected to be now approximate $2,000,000 annually. Renaissance is currently distributed nationally by Ryko Distribution Partners through their agreement with Universal Music & Video Distribution. Renaissance's major customers include Tower Records, the Musicland Group (NYSE: MLG), Best Buy, Circuit City (NYSE: CC), Collector's Choice and Borders (NYSE: BGP).
John S. Arnone, Planet CEO, stated: "The acquisition of Renaissance now positions Planet Entertainment not only as a major wholesaler of entertainment product, but as a developer and distributor of proprietary audio content and additional independent record labels."
Joe Venneri, President of Planet Records, added: "Renaissance and John Edwards now bring the added dimension to Planet Entertainment of strengthening our domestic distribution presence and overall creative ability of audio product in all genres."
John W. Edwards, CEO of Renaissance, said: "Joining the Planet family will give Renaissance Records access to Planet's 15,000 proprietary master recordings, studio facilities, outstanding internal distribution through Northeast One Stop, and financial resources, which are necessary to elevate Renaissance into a major force in the catalog music arena. We could not be happier having the strength and reliability of Planet behind our efforts."
Renaissance currently represents such classic rock recording artists as John Wetton (Aisa, King Crimson), Russ Ballard (argent), T'Pau, Crack The Sky, Prism, Wishbone Ast, Juice Newton, Pure Prairie League, Amazing Rhythm Aces, Melanie, Charlie and classic country artists Sylvia, Deborah Allen, Lynn Anderson, Dave & Sugar, Louise Mandrell, Stella Parton, Janie Fricke, Charly McClain and Razzy Bailey, in addition to over 100 other "classics."
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PLanet Entertainment Corporation Files for Listing On Nasdaq
MIDDLETOWN, N.J.--(BUSINESS WIRE)--July 22, 1999--Planet Entertainment Corp. (OTC BB:PNEC) announced today that the Company has submitted its application for listing on the NASDAQ Small Cap Market.
Planet Entertainment, now has over $25 million in assets and $32.5 million revenues through nine months, 1999.
The Company announced on July 19, 1999, it signed a letter of intent for a $14 million dollar private placement of its common stock. The new issuance is not a convertible funding with a floater. The terms of the common stock private placement are for a fixed dollar amount to be set prior to closing. The Company has entered into an agreement with Encore Capital, the holder of the Company's outstanding Convertible Preferred Stock, pursuant to which Encore (upon closing of the Private Placement) will sell back to the Company a portion of its Convertible Preferred Stock and the remaining balance of the Convertible will be exchanged for similar securities as being sold in the Private Placement.
It is intended that the use of proceeds will include the further expansion of its fulfilment operations and capabilities including expanding its warehouse facilities, increasing inventories, furthering the growth of the Company's business-to-business website and finalizing the Company's digital downloading initiative. Additionally, funds will be dedicated to the Company's 50% owned Internet Radio Station (MPR Radio) together with Maxnet Inc. (OTC BB:MXNT) in order to create a presence in the marketplace through advertising, marketing and content origination.
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Planet Entertainment Corporation Appoints Two New Directors
MIDDLETOWN, N.J.--(BUSINESS WIRE)--July 27, 1999--Planet Entertainment Corp. (OTC BB:PNEC) announced today that the Company has approved the appointment of two outside directors to its Board.
Robert G. Thomas, an attorney, has a general corporate, banking and securities law practice in New York. His primary experience has been in representing domestic and foreign banks before federal and state regulatory agencies, as well as advising banks in compliance matters and transactional activities such as loan agreements and other financings.
He currently serves as outside counsel, member of the Board of Directors (since 1986), and Chairman of the Audit Committee of Toyo Trust Company of New York since 1986. He has also served as outside counsel to the Norinchukin Bank since 1983, becoming its General Counsel in March 1999, and since 1983 as a director of The Norinchukin Foundation, a charitable organization in New York.
Don Maggi is currently the President and owner of Intertainment, Inc. which is an interactive entertainment company that creates marketing and promotional opportunities for the past four years. Don has over 18 years experience in the music business that includes stints with leading concert promoter Metropolitan Entertainment, as a record executive with Atlantic, Geffen and Interscope Records and management companies, McGhee Entertainment and Left Bank Management.
Intertainment, Inc.'s experience and relationships in both the entertainment and technology field has led to a client roster that includes: Pepsi (NYSE:PEP), Musicmaker.com (Nasdaq:HITS), TVT Records, Emusic with the NFL, First Auction, Pixelon, Reciprical, Level 3 (Nasdaq:LVLT), DDB Needham, MCY, King Biscuit Flower Hour and Xatrix Entertainment.
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Planet Entertainment Corporation Announces Internet Fulfillment Agreement With Internet Shopping Network
MIDDLETOWN, N.J.--(BUSINESS WIRE)--July 28, 1999--Planet Entertainment Corp. (OTCBB: PNEC), a world-wide provider of front-line music, video, DVD and proprietary compilation CD's announced today that it has signed an agreement with Internet Shopping Network Inc. (ISN), a wholly owned-subsidiary of USA Networks, Inc. (NASDAQ: USAI)
to provide internet fulfillment services for ISN, for sales of music, video and DVD's, conducted through ISN's firstauction.com internet web site. First Auction is a commerce site featuring products for the home, office, and individual, some in collaboration with the Home Shopping Network in an online auction format.
Planet Entertainment stated, "We are pleased to begin this relationship with Internet Shopping Network by working with ISN's firstauction.com internet site. This relationship will allow Planet to gain further exposure for its proprietary CD compilations. As the product is ordered by ISN's customers it will be shipped from Planet's wholesale distribution facility." The Company currently is doing internet fulfillment business for Amazon.com (NASDAQ:AMZN), EveryCD.com and Tower Records.
According to ISN, Internet Shopping Network has the distinction of being the first online retailer in the world when it launched in 1994. In June 1997, Internet Shopping Network launched First Auction at www.firstauction.com.
Planet Entertainment recently announced that they submitted their application to have the stock listed on NASDAQ, and the signing of a Letter of Intent for a Private Placement of up to $14 million dollars of common stock. The proposed financing will be at a fixed rate and does not include any type of convertible security with a floating
discount rate.
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Planet Entertainment Corporation Announces Sale of Non-Exclusive Rights to 2,500 Record Masters for $1.6 Million
MIDDLETOWN, N.J.--(BUSINESS WIRE)--August 3, 1999--Planet Entertainment Corp. (OTCBB: PNEC) a worldwide provider, wholesale distributor of front-line music, video, DVD and proprietary compilation CDs, announced today that it has signed an agreement with Maxnet Inc. (OTCBB: MXNT) to sell non-exclusive rights to 2,500 of its master recordings from the Company's Maestro catalog to Maxnet for $1.6 million dollars of Maxnet's common stock. Planet Entertainment will book the transaction on a current basis. The effect should have a favorable impact on earnings.
The Company stated "We are currently in negotiations with other companies that have expressed various levels of interest to license rights from the Company's vast library of over 15,000 master recordings for digital distribution."
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Planet Entertainment Corporation Announces Release of 60 CD Albums in Europe Through Joint Venture
MIDDLETOWN, N.J.--(BUSINESS WIRE)--August 10, 1999--Planet Entertainment Corp. (OTCBB:PNEC) announced today that New Millenium Communications (NMC), Planet Entertainment's 50/50 joint venture partner based in London, England, has released 60 CD albums throughout Europe under the jointly owned label "Auto Pilot."
New Millenium Communications, through its music distribution division, will ensure the successful release of Planet's catalogue product, including "Premium" product compilations for chain stores, individual sublicensing, and general retail releases. New and previously unreleased product from Planet Entertainment will also be sold and distributed by New Millenium under the "Auto Pilot" label.
New Millenium has confirmed the release of 60 CD albums with various press, wholesalers and retailers in England, Portugal, Spain, France, Germany, Italy, Norway, Sweden, Finland, Ireland, and Netherlands.
New Millenium, CEO, Barry Sanders, stated "I am pleased with the quality of the product, delivered to the "Auto Pilot" label by Planet Studio's re-mastering technicians. We expect to release an additional 50 albums before year end. We are excited to have Planet as our joint venture partner and expect revenues to begin immediately."
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Planet Entertainment Subsidiary Northeast One Stop Set to Launch Business to Business Web Site
MIDDLETOWN, N.J.--(BUSINESS WIRE)--Oct. 13, 1999--Planet Entertainment Corp. (OTCBB: PNEC) announced today that its wholly owned subsidiary Northeast One Stop (NEOS) will open its <b<business to business website by year end at www.neoneb2b.com. The site will offer customers of NEOS over 250,000 entertainment titles of pre-recorded music on CD or cassette, as well as a full line of video and DVD titles. Customers of Northeast One Stop will need an account number to log on for access to the database.
The website is being completed by the Boston based firm IGI (www.igic.com), who have created internet solutions for Fidelity Investments, 3Com (NASDAQ:COMS) and Muzicdepot.com, among others.
At the heart of the NEOS Business to Business website is a MUZE (www.muze.com) based, searchable database that uses Verity Information Server, a powerful search engine tool that quickly returns information on a massive catalog of Pop, Rock, Jazz, Country and many other genres of music. The MUZE database consists of detailed product information (Album, Title, Artist, Song Listing, Production Notes, etc.) on over 250,000 music and music related video titles, and is widely recognized as the premier source for on-line music information.
This system is designed with the NEOS customer in mind: Flexible "fuzzy logic" searches will allow users to input partial, or even incorrect information and still get their desired result; Album artwork accompanies search results letting users know for sure they have found the right title; Price information and purchase options listed with search returns make buying product simple and quick.
A search engine based on NEOS' own accessory database features the same functionality as the main search engine, but allows users to search for accessories (headphones, recordable cds, blank videotape, etc.) by manufacturer, product category, or item.
The site is broken down into sections, much like a store is set up in departments. The first page of each section will feature images and information relative to that section, along with news, press releases and other information of interest to NEOS customers.
Also of particular interest to NEOS customers will be our listing of top sellers and deal specials. Users who view the listings will be able to click on any title to immediately find out more about that title, and then have the option to purchase it. All of this is accomplished in a straightforward interface that's easy to navigate, and won't distract users by making them dig for information.
The primary business activity of Northeast One Stop is the wholesale distribution of recorded music and video products to its base of over 1,000 customers. Located in Latham, N.Y., NEOS was voted Medium Wholesaler of the Year at the 1998 National Association of Record Manufacturers (NARM) Convention. The Company established in 1982, operates sales offices in Michigan, Pennsylvania, Vermont,
Maryland, and New York.
NEOS for the Fiscal Year ended August 31, 1998 produced revenues of approximately $34 million an increase of approximately 48% from the previous fiscal year ended Aug. 31, 1997 when the Company recorded revenues of approximately $23 million. The company reported that its revenues for it's first three quarters of Fiscal Year 1999 was $33.8 million with 4th quarter ending August 31, 1999 soon to be reported.
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Gary |
