Friday, 15 Sep 2000 at 8:44 PM EDT
MPEG Super Site, Inc. Announces the Signing of an Acquisition Agreement Of Stuart Communications Corporation.
LAKE FOREST, Calif., Sept. 15 /PRNewswire/ -- MPEG Super Site, Inc. (OTC Bulletin Board: MPSS - news), an entertainment content and artist management company has announced today that it has entered into an agreement to acquire Stuart Communications Corporation (SCC) in a stock for stock transaction.
MPEG Super Site Inc. entered into a Plan of Merger and Agreement with Stuart Communications Corporation which holds 100% ownership of The Billiard Channel and thebilliardchannel.com, a Nevada corporation. The Merger Agreement was adopted by the unanimous consent of the Board of Directors of MPEG Super Site, Inc. and Stuart Communications Corp. Final approval of the Merger Agreement and all its terms and conditions will be subject to the approval of the MPEG Super Site, Inc. shareholders. The Company is in the process of preparing and disseminating proxy materials to its shareholders in preparation for a shareholder meeting to be held later this year. The Agreement contains, among other items, a twenty to one reverse stock split of the MPEG Super Site, Inc. capital share structure and a name change to Colosseum Sports and Entertainment Inc.
``We looked at several opportunities for a fresh direction for MPEG,'' says Bruce M. Tomiyama, interim President. ``We believe that SCC offers the best opportunity to increase shareholder value at this time. The Company is managed by a core group of experienced personnel who have a long history in the field of sports & entertainment. SCC is engaged in the daily development, production and marketing of Internet & television programming, live promotional events, and the future licensing and sale of branded consumer products. The key managers who comprise the management core team all possess considerable experience in the sports, media, entertainment and billiard industry. They have participated in growing start-up companies with a track record of success and will provide the necessary leadership in all areas of operating the Company.''
Colosseum Sports and Entertainment Inc. (CSE) through The Billiard Channel, intends to provide new Television programming and an expanded Internet web site, thebilliardchannel.com in a coordinated, cross business Television/Internet media strategy targeting billiard players around the world. ``The Billiard Channel'' will provide Billiard Tournament programming to Sports Television Companies and air the world's greatest professional players on ``Internet/TV'' at thebilliardchannel.com 24 hours a day. The Billiard Channel will provide television programming, to North American and overseas networks to bring Billiards' many different disciplines to cue-sport fans around the globe. The company intends to sell DVD's, Cassettes, ABP Billiard Tour clothing and memberships to billiard fans throughout the world via the Internet at thebilliardchannel.com.
The Billiard Channel is positioning its future to become a major participant in the fast growing ``TV Sports and Internet'' industry. TBC expects to increase its revenues and thereby increase shareholder value significantly over the next three years through the development and marketing of International Billiard coverage by providing programming, available to the home satellite dish market, the cable television market, to the direct satellite television providers and the ``on demand'' Internet billiards fan.
SOURCE: MPEG Super Site, Inc.
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