Tony Cataldo Resigns Position as President of The Entertainment Internet, Inc. (TEI)
LOS ANGELES, Jan. 14 /PRNewswire/ -- The Entertainment Internet, Inc. (TEI) (OTC Bulletin Board: EINIE) announced today that the resignation of Mr. Tony Cataldo, earlier offered in conjunction with cancellation of a proposed TEI-Miracle Entertainment (OTC Bulletin Board: MVEE) merger, was accepted by TEI's Board of Directors. Mr. Cataldo served as TEI President and a member of its Board of Directors. TEI Chief Operating Officer Jeremy Schuster said TEI and Miracle Entertainment will continue to work together through earlier-executed casting agreements.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release may contain forward-looking statements involving risks and uncertainties that may cause actual future events or results to differ materially and adversely from those described in the forward-looking statements. Important factors that may cause such a difference for The Entertainment Internet Inc. include, but are not limited to, risks of delays in preparation and introduction of new services; dependence on outside and third-party service providers, consultants, and attorneys; dependence on third-party software developers for a significant portion of new products and services; risks of rapid technological change and platform change; intense competition; risks of product defects; dependence upon licenses from third parties; risks associated with present and future capital requirements; dependence upon key personnel, and risks associated with domestic business, intellectual property disputes and other factors discussed in the company's filings from time to time with the Securities and Exchange Commission. The Entertainment Internet Inc. disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.
SOURCE The Entertainment Internet, Inc. -0- 01/14/2000 /CONTACT: Sheila Morris of Morris Marketing, 818-487-9300, sheila@morrispr.com, for The Entertainment Internet, Inc./ (EINIE MVEE)
actors.castnet.net
The Entertainment Internet Files to Eliminate Prior Debts, Continues Castnet.com Services as Host
LOS ANGELES--(BUSINESS WIRE)--Nov. 24, 2000--The Entertainment Internet Inc. (TEI) (EQS:EINI) filed for reorganization to eliminate millions of dollars in unsecured and other debts incurred by prior management and to protect it from creditors while it continues to operate the Castnet.com(TM) Web sites it developed.
The filing is expected to rid the company and its subsidiary of several classes of claims and debts and to recover monies paid for certain claims and settlements during the past 90 days, while present management frames a reorganization plan.
According to the company, the Castnet.com(TM) Web sites are now owned by its principal lender and are operated through an arrangement which allows the company continued but reduced funding. The lender recognizes that Web site value is impaired or negated by interruption of service and is allowing the company to continue to operate and host the Castnet.com(TM) Web sites on its behalf.
Subscribers to the Castnet.com(TM) services, like other creditors, will receive appropriate notices as the case proceeds, but are assured that the company has taken this decisive action to rid itself of suffocating debt so that it can better serve as an electronic community host.
Strategic Marketing V.P. Rick La Fond said: "We will continue to serve the production, casting, and acting communities while outside counsel assists us in shedding the debt amassed by prior management. While our detractors and competitors may make contrary statements, it will be business as usual for Castnet.com(TM) and TEI's dedicated staff."
TEI offices will be closed through Monday in observance of the Thanksgiving holiday.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release contains forward-looking statements involving risks and uncertainties that may cause actual future events or results to differ materially and adversely from those described in the forward-looking statements. Important factors that may cause such a difference for The Entertainment Internet Inc. include, but are not limited to, risks of delays in preparation and introduction of new services; dependence on outside and third-party service providers, consultants, and attorneys; dependence on third-party software developers; risks of rapid technological change and platform change; intense competition; risks of product defects; dependence upon licenses from third parties; risks associated with present and future capital requirements; dependence upon key personnel, and risks associated with domestic business, intellectual property disputes and other factors discussed in the company's filings from time to time with the Securities and Exchange Commission. The Entertainment Internet Inc. disclaims any obligation to revise or update any forward-looking statement that may be made from time to time by it or on its behalf.
SOURCE: The Entertainment Internet, Inc.
Elizabeth Cantu, Investor Relations
Info@eini.net (323) 857-9820
actors.castnet.net |
