Dutchess Advisors, Ltd. Issues Buy Recommendation With $36 12-Month ProjectionOn C-3D Digital
LOS ANGELES, Feb 16, 2000 /PRNewswire via COMTEX/ -- Chequemate International
Inc. (Amex: DDD), doing business as C-3D Digital Inc., the world's first 3D
television network and 3D Internet media company, announced today that
Boston-based Dutchess Advisors, Ltd. initiated coverage of the Company with a
buy recommendation and a 12-month price target of $36 per share.
Dutchess Advisors based its price target on C-3D Digital's key developments,
including: "The recent licensing agreement with Trimark Pictures, a division of
Trimark Holdings Corp. (Nasdaq: TMRK); an equity investment from I-O Display,
LLC a joint venture between Illixo, Inc. and Liberty Media Group (a division of
AT&T; (NYSE: T)); the enrollment of additional cable system Telepro, a national
DirectTV account, to provide distribution of the 3D Television Network to its
subscribers; and the expected launch of the 3D.COM Virtual Reality Portal(TM) in
June 2000."
Dutchess projected future growth, stating, "Management is making all the right
moves by licensing content, increasing distribution through the enrollment of
cable systems, building its internal team of seasoned and highly skilled
professionals while reshaping its Board of Directors. With the expected launch
of 3D.COM VIRTUAL REALITY PORTAL(TM) later this year and the continued non-stop
pace at which the C-3D Television Network appears to be moving, we believe puts
C-3D Digital on the fast track. By capturing just 1% of both the U.S. cable and
hospitality markets, together with Strata's current revenue, we project total
revenues of $36 million in 2001 and applying a 7x multiple, we forecast a 12
month price target of $36 per share."
The report noted particular growth in C-3D's Internet division 3D.COM, "We
believe that 3D.COM is poised for explosive growth and may contribute up to as
much as 25% of C-3D Digital's total revenues by 2003. The hidden gem here is the
fact that 3D.COM also doubles as the self supporting, dynamic R & D arm of the
Company."
A comparative analysis in the report commented on C-3D's virtual lack of
competition, "Although several companies currently offer 'simulated' or 'shadow'
3D e-tailing web sites, to date there are no known direct competitors of the
Company involved in either stereoscopic 'pop out' e-commerce or network
broadcast of 3D programming to the home. Imax Theaters and Universal Studios
currently offer a stereoscopic 3D experience within a controlled environment,
but the viewer must make an actual paid visit to the venue in contrast to a 3D
experience in the comfort of one's home, for a fraction of the cost. Nonetheless
the rapid growth of these 3D outlets is only further evidence of the vast market
potential that awaits those ready to service the public's insatiable appetite
for new and unique virtual entertainment."
To view the Dutchess Advisors report online, visit
www.nfnonline.com/ddd/dutchess.html. For a copy by mail or fax, please contact
Dutchess Advisors, Ltd. directly at 617-375-6747.
C-3D Digital is a leading innovator, manufacturer and developer of 3D imagery
and virtual reality entertainment for television and the Internet. The Company
operates several synergistic divisions, including C-3D Television, the world's
first and only broadcast network to offer 24-hour, 7 days a week 3D stereoscopic
programming; 3D.COM, its Internet subsidiary, which includes Strata software,
and the Hotel Movie Network.
The Company recently formed 3D.COM Virtual Reality Portal(TM), the world's first
3D virtual reality portal. This multimedia website is set to launch in mid-2000
and will feature streaming video over the Internet, real-time online gaming and
e-commerce solutions in stereoscopic 3D. For more information, visit www.3d.com.
This news release may contain forward-looking statements made pursuant to the
"safe harbor" provisions of the Private Securities Litigation Reform Act of
1995. While these statements are made to convey to the public the Company's
progress, business opportunities and growth prospects, readers are cautioned
that such forward-looking statements represent management's opinion. While
management believes such representation to be true and accurate based on the
information available to the Company, actual results may differ materially from
those described. The Company's operations and business prospects are always
subject to risk and uncertainties. Important factors that may cause actual
results to differ are set forth in C-3D Digital's periodic filings with the U.S.
Securities and Exchange Commission.
CONTACT: Geoffrey Eiten, Investor Relations of National Financial Communications
Corporation, geiten@otcfn.com, 800-344-1288, or 781-444-6100, ext. 13; or
Gwendolyn Oliver, Director of Marketing, 310-823-4957, investors@3d.com, for
C-3D Digital Inc.
SOURCE Chequemate International Inc.
(C) 2000 PR Newswire. All rights reserved.
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