Telecommunication Products, Inc. Signs a Letter Of Intent To Acquire Hotel Movie Network, Inc.
BUSINESS WIRE - November 12, 2002 10:39
BEVERLY HILLS, Calif., Nov 12, 2002 (BUSINESS WIRE) -- Telecommunication Products, Inc. (OTCBB:TCPD) "Telpro" today announced it has signed a Letter of Intent to acquire from Coast Communications, Inc. the assets of Hotel Movie Network, Inc. Hotel Movie Network is an Arizona-based company with an ongoing program for the distribution of media, sports and entertainment programming through the deployment of a set top box. HMN, a highly recognized leader in the Pay Per View ("PPV") and Free to Guest ("FTG") market in the hospitality industry, will launch Telpro in this rapidly expanding marketplace.
In announcing the acquisition, subject to certain defined terms and conditions including satisfactory due diligence, Robert Russell, President and CEO of Telpro, confirmed that, simultaneously with the closing, Telpro will expand its existing entertainment based projects which will outline the basis of cooperation and joint development of systems architecture for the video on demand projects the Company is currently engaged in. Mr. Russell continued: "The closing of the acquisition of HMN represents a significant step towards fulfillment of our strategy to develop as a premier entertainment provider network for media and entertainment services in the hospitality industry. We will now proceed with achieving the necessary steps toward the execution of a formal contract with HMN."
Mr. Ernest McKay, President of Coast Communications, Inc., added: "We are pleased to see this significant step that Telpro has taken towards initiating the developmental phase of this important project. As a reflection of our commitment to work together on the systems architecture and eventually construction of the hospitality segment of the Video on demand business, in the letter of intent Coast has formally agreed to `aggressively pursue its marketing and deployment with Telpro.' |
