(O.T.) NEWS OUT ON ETPI:
Wednesday April 29, 9:00 am Eastern Time
Company Press Release
$1.4 Million of Amusement Game Equipment Obtained by
Entertainment Technologies & Programs Inc.
HOUSTON--(BUSINESS WIRE)--April 29, 1998--Entertainment Technologies & Programs Inc. (OTC Symbol:ETPI - news) announces that they are adding amusement equipment originally valued at $1,400,000 to their rapidly expanding corporate asset base. The Company has signed an Agreement Letter with Bell Atlantic Credit Corp. in New York City to purchase this significant amount of amusement equipment through a highly favorable, self-financed, long term payment plan. For a total cost of $700,000 to be paid over a 36 month time period, Entertainment Technologies & Programs Inc. will obtain a vast assortment of amusement and video game equipment with a current value in excess of $1,000,000.
The on-going aggressive growth and expansion program launched by the Company should be significantly enhanced by this development. Entertainment Technologies & Programs Inc. is currently in the process of dramatically enhancing their assets, revenues and profits by opening a series of family entertainment amusement centers. The equipment obtained in the Bell Atlantic Credit Corp. agreement will enable them to open eight new entertainment centers. Video game and related family entertainment amusement centers represent an exciting growth sector that can generate very impressive gross profit margins sometimes as high as 85 percent.
A recently announced influx of investment capital obtained by the Company together with this equipment purchase places Entertainment Technologies & Programs Inc. in an excellent position to achieve rapid expansion and corporate growth. A fully-integrated entertainment and amusement company, they have established a solid business base and stellar reputation supplying a wide variety of entertainment services to U.S. military bases around the world. They are now aggressively
expanding their entertainment expertise into private endeavors. Their corporate growth strategy is aimed at the acquisition of selected restaurants, family entertainment centers and other operational
private sector establishments with significant profit potential.
Except for historical matters contained herein, the matters discussed in this press release are forward-looking statement and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Contact:
Entertainment Technologies & Programs Inc., Houston
Pete Cahill, 281/486-6061 |
