Subj: USA Video Interactive
Date: 5/23/00 3:16:25 PM Pacific Daylight Time
From: usvonews1@usvo.com (USVO News)
To: LSchne2537@aol.com
USA Video Interactive Signs For Rights To Webcast 10th Annual L.A. Music Awards
Ownership of Event to Remain with Founders
MAY 24, 2000 - HOLLYWOOD, CALIFORNIA - USA Video Interactive (NQB: USVO; CDNX: US; www.usvo.com) has signed an agreement with the L. A. Music Awards (www.lamusicawards.com ) making the company a Double Platinum sponsor of the 10th Annual L. A. Music Awards and securing the rights of first refusal to webcast the event later this year. Additionally, USA Video Interactive has agreed that full ownership of the event will remain with its founder, Alfred Bowman, and his partner, Brent Harvey.
"Last year's L. A. Music Awards was our inaugural webcast. It went flawlessly and we were very pleased to get more than 180,000 viewers," said Edwin Molina, President of USA Video Interactive. "Now that our new division, USA Video Productions, has so successfully produced the webcast of The Webby Awards 2000 (www.webbyawards.com), we are looking forward to working again with the L. A. Music Awards. With more time to plan this year, and with the name recognition for the event having grown as a result of last year's webcast, I would expect we could bring an even larger Internet audience for the 10th Annual L. A. Music Awards."
"Our experience working with USA Video Interactive has been a positive one for the L. A. Music Awards, both in terms of exposure for our event, and for showcasing an outstanding new technology," said Al Bowman, founder of the L. A. Music Awards. "We look forward to evolving our working relationship with USA Video Interactive to a higher level in the near future."
Noting that neither the L. A. Music Awards nor USA Video Interactive had moved forward on the 1999 agreement to acquire a majority ownership in the Awards, Molina continued, "We've also decided that full ownership of the event will remain with Al Bowman and Brent Harvey. With their background and knowledge of the emerging music scene in the Los Angeles area, Al and Brent are best equipped to continue making it a success." USA Video Interactive had agreed last year to acquire a majority ownership of the L. A. Music Awards but the companies had not finalized any contracts or moved forward on joint ventures aside from the actual Awards show and webcast. "We're dissolving our original agreement on the best of terms," said Molina, "and we look forward to working together in the future by letting each of us focus on our key areas of strength, coming together whenever it produces synergies for both of us."
About the L. A. Music Awards
The L. A. Music Awards recognizes and honors the grassroots (local and national) music community consisting of emerging unsigned and / or independent record label artists. In addition, established celebrity artists are recognized and honored for specific contributions and accomplishments in the music industry by receiving the Special Achievement Award, Creative Influence Award and the Lifetime Achievement Award. Live performances by nominees representing their specific categories and award presentations are intermixed throughout the show, including some of the nationally known artists involved. The award presenters are drawn from all entertainment fields including music, motion pictures, television and radio that contributes to the entire entertainment extravaganza.
About USA Video Interactive
USA Video Interactive is an international designer and supplier of high-tech Internet streaming video and Video-on-Demand? systems, services and innovative end-to-end solutions. The USA Video Interactive technology gives users full-motion video; the unique flexibility of standard, VCR-like controls of play, fast-forward, reverse and pause; and the convenience of a standard internet-browser format for access. It provides video images significantly faster and at a higher degree of resolution than with previously available methods; significantly overcomes bandwidth restrictions; and eliminates the blockiness and slowness of current technologies -- all at a lower cost and at or near broadcast quality. For more information on USA Video Interactive, visit www.usvo.com.
USA Video Interactive Corporate Headquarters Office: 70 Essex Street; Mystic, CT 06355; (800) 625-2200; (860) 572-1560. Canada Office: 837 West Hastings Street; Suite #507; Vancouver, B.C. V6C 3N6. Trading symbol on the US NBQ: USVO; Trading symbol on The Canadian Venture Exchange: US. Standard & Poors Listed. CUSIP 902924208; USA Video, USA Video Interactive, Video-On-Demand and Video Yellow Pages are trademarks of USA Video Interactive. The Canadian Venture Exchange (CDNX) has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. For more information contact: Tony Castagno, Media Relations, 860-572-1560; Kevin Yorio, Investor Relations, 860-572-1560; info@usvo.com
This press release may contain forward-looking statements. Actual results may differ materially from those projected in any forward-looking statement. Investors are cautioned that such forward-looking statements involve risk and uncertainties, which may cause actual results to differ from those described. |
