CHOICES TAKES FIRST PICTURE
SEATTLE, Feb 17, 2000 /PRNewswire via COMTEX/ -- Choices Entertainment
Corporation (CECS or Choices) (OTC Bulletin Board: CECS) today
announced that it completed its first investment of CDN$350,000 in
publicly-traded Photochannel Networks, Inc. ("Photochannel")(Montreal
Exchange: PNI; OTC Bulletin Board: PHCHF) pursuant to a subscription
agreement, the terms of which are more fully set forth in a press
release published by Photochannel on January 26, 2000. As a result of
the investment, CECS has acquired CDN$350,000 of 0% Subordinated
Convertible Redeemable Debentures issued by Photochannel. The
debentures are convertible at the rate of 1 share of the common stock
of Photochannel for each CDN$.50 of principal exchanged on or before
April 30, 2000. As part of the transaction CECS also acquired 140,000
warrants to purchase Photochannel common stock at CDN$.75 per share and
300,000 warrants to purchase Photochannel common stock at CDN$1.00 per
share. The warrants expire on June 30, 2000. At the time this release
was prepared, Photochannel was last traded on the Montreal Exchange
(ME) at CDN$.73 and was last traded on the OTC Bulletin Board at
US$.50.
This release was prepared for immediate release to respond to questions
CECS has been receiving from shareholders and the public regarding the
status of its investment in Photochannel. Photochannel has informed
CECS that the Montreal Stock Exchange has approved the subscription
agreement.
General Description of Choices On January 17, 2000, CECS announced that
the Board of Directors of the Company had decided to change the
business of Choices to that of a technology holding company. In 1997,
Choices sold all of its assets. Until then, Choices was engaged in the
retail home video cassette rental business. Choices Entertainment
Corporation was incorporated in Maryland in July 1985, under the name
PPV Enterprises, Inc., and was reincorporated in Delaware under the
name DataVend, Inc. in August 1987. In March 1990, Choices changed its
name to "Choices Entertainment Corporation."
Forward-Looking Statement. The information set forth herein includes
"forward-looking statements" as defined by Section 21E of the
Securities Exchange Act of 1934, as amended, and is subject to the safe
harbor provisions contained within that section. Certain factors could
realistically cause results to differ materially from those projected
herein, including but not limited to final approval by shareholders of
Photochannel of the proposed investment by CECS, the provision of
required capital to make additional investments and other business,
legal and financial factors.
CONTACT: Thomas Renna, Corporate Information Officer, 954-494-9766, or
teerenna@msn.com, or Tracy M. Shier, President, 206-443-7668, or
tms1903@hotmail.com, both of Choices Entertainment Corporation.
SOURCE Choices Entertainment Corporation
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Thomas Renna, Corporate Information Officer, 954-494-9766, or
teerenna@msn.com, or Tracy M. Shier, President, 206-443-7668, |
