Thursday July 20, 9:45 am Eastern Time
Company Press Release
SOURCE: SBI Communications, Inc.
SBI Announces Acquisition
GLENDALE, Calif., July 20 /PRNewswire/ -- SBI Communications, Inc. (OTC Bulletin Board: SBID - news) Wednesday announced the signing of a letter of intent to acquire Valencia Entertainment International. The acquisition would create a company with substantial revenues and additional shareholder's equity. The letter of intent would give both companies until August 15, 2000to conduct diligence. On or before August 15, 2000 a definitive agreement will be signed by the parties to have this acquisition completed by September 15, 2000.
Valencia Entertainment is a vertically integrated entertainment conglomerate that includes television
production (both network and syndication), motion pictures, sports, the Internet and real estate holdings. Valencia Studios has housed 2 ongoing hit series, JAG and Power Rangers for the past 4 years. Valencia Entertainment has substantial revenues and equity. Vince Vellardita, Chairman and CEO of Valencia Entertainment, announced that the company's 120,000 square foot production facility located in Valencia, California. Valencia's facilities houses six sound stages that have been functioning at full capacity since 1995 has expanded by an additional four acres (52,000 square feet) that will include two additional full service, state-of-the-art production facilities and soundstages. (For
information Valencia's web site is valenciaentertainment.com.)
``I'm very excited about the possible acquisition of Valencia Entertainment. This is in line with the
company's diversification and acquisitions in the communication and entertainment field,'' said Foster.
The results of the previous announced Thursday board meeting will be released Friday morning, July 21, 2000.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results could
differ materially from those projected in the forward-looking statements as a result of various factors
including the ability of the company to successfully commercialize its new technologies as well as risk
factors set forth under ``Factors Affecting Future Operating Results'' in the company's annual report
on Form 10-K and such other risks detailed from time to time in the company's reports filed with the
Securities and Exchange Commission. The company undertakes no obligation to publicly release the
result of any revisions to these forward-looking statements, which may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of unanticipated events.
SOURCE: SBI Communications, Inc. |
