SBID just got creamed today, has news too.
VALENCIA, Calif., Dec 28, 2000 /PRNewswire via COMTEX/ -- Vince Vellardita,
President and CEO of Valencia Entertainment /SBI Communications, Inc. (OTC
Bulletin Board: SBID) today announced that the acquisition of Half-Day is
complete. The company has purchased Half-Day for $1,300,000 in cash and stock.
Half-Day Video, Inc. specializes in supporting the entertainment industry with
television and film equipment rentals. Half-Day client list includes The Academy
Awards, Emmy Awards, NBC, Entertainment Tonight, MTV, Oscar Awards, General
Hospital, and other major entertainment and production companies. This
acquisition brings over a million in revenue, with over a million in real estate
and equipment.
Vince Vellardita, President and CEO of SBI/Valencia, commented, "The company is
not just buying equipment, it is acquiring companies that have management,
equipment and revenues. Half-Day will significantly enhance our Valencia
projects and the Company's Interactive production facilities outside Atlanta,
Georgia with operations to start next month. With Half-Day's property and office
complex in Burbank, California we will continue to service and support present
clients and the entertainment industry with Half-Day's inventory of production
equipment." Vellardita also commented "This acquisition is on tract with the
company business plan and goals to grow the company and increase shareholder
value. Vellardita further commented, "the company intends to aggressively pursue
other acquisitions in the near future. We are negotiating with several Foreign
Stock Exchanges to have the company securities listed Internationally and to
apply to a major US Exchange for listing of its securities."
About Valencia Entertainment
Valencia Entertainment is a vertically integrated entertainment conglomerate
that includes television production, for network and syndicate, motion pictures,
sports, Internet and real estate holdings. The acquisition will give the company
30 acres of land located on both the east and west coast, and over 250,000
square feet of commercial buildings, which consist of ten film and television
production sound stages. The company has contracts in place to utilize the sound
stages with Paramount Pictures for the hit CBS series "JAG" and Saban
Entertainment for the Fox Family popular show "Power Rangers." Valencia's
clients include Warner Bros., Universal, MGM, HBO, NBC, Twentieth Century Fox,
Disney, CBS, Sony, Showtime and the USA Network.
About Half-Day Video, Inc.
Half-Day Video, Inc. is located in Burbank, California supporting the film and
television entertainment business with its inventory of rental equipment.
Half-Day has sales of $10,000,000.00 since inception and assets of approximately
$1,000,000.00 with revenues of $1,000,000.00 annually. Half-Day owns its offices
and warehouse facility in Burbank and will continue to operate and service the
entertainment industry with all of its current employees.
Safe Harbor Statement
As a cautionary note to investors, certain matters discussed in this press
release may be forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such matters involve risks and
uncertainties that may cause actual results to differ materially, including the
following: changes in economic conditions; general competitive factors; SBI's
ability to execute its business model and strategic plans; and the risks
described from time to time in SBI Communications, Inc. Securities and Exchange
Commission filings.
SOURCE SBI Communications, Inc./Valencia Entertainment
CONTACT: Vince Vellardita of SBI Communications, Inc./Valencia
Entertainment, 661-257-8000
URL: valenciaentertainment.com
prnewswire.com
(C) 2000 PR Newswire. All rights reserved.
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KEYWORD: California
INDUSTRY KEYWORD: ENT
SUBJECT CODE: TNM
OTC
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