Leo - they don't have a $5-$10 category and it looks like Planet will be quickly going past $10....where should we put it - soon to be $20 stocks?....look at the last announcement:
Monday May 18, 3:54 pm Eastern Time
Company Press Release
Planet Entertainment and New Millenium
Communications Ltd. Forms Joint Venture for
European Distribution of Planet Catalog to begin
August 1998
MIDDLETOWN, N.J.--(BUSINESS WIRE)--May 18, 1998--Joe Venneri, president of Planet Entertainment Corp. (NASDAQ, BB:PNEC) announced today the formation of a joint venture between Planet Entertainment and New Millenium Communications Ltd.(UK).
The joint venture, which will be called Planet Entertainment Europe Ltd., will distribute Planet music product throughout Europe scheduled to begin by August 1998.
Venneri stated, ''We are pleased to have New Millenium as our distribution partner in Europe and together with Nippon Columbia's release of 50 Planet CD's over the next few weeks we are now moving toward a true global presence.''
New Millenium Communications Ltd. is one of Europe's leaders in the production and distribution of reissued music. The company currently sells to such chains as Virgin, Best Buy,Tower Records, HMV, World of Music and FNAC. Barry Sanders, New Millenium CEO, stated, ''Our company is emerging as a leader in Europe in the re-issue markets with sales growth of over 100% each year over the last two years. It is my feeling that in the first year alone the joint venture will produce in excess of $2,000,000 which is based on only 3,000 units per title being sold. We look forward to a long relationship between our two companies. Having access to Planet's catalog will now move us closer to becoming a world leader in the reissue market.''
Planet Entertainment Corp. owns a 15,000 master recording catalog and is engaged in the producing, licensing, acquisition and marketing and distribution of high-quality recorded music for all varieties of music, video, and motion picture formats. The company is moving forward with Atlantic Coast Digital Concepts to also expand its web site in order to aggressively market its proprietary catalog over the Internet and to make its catalog available for consumer downloading on home PC's. The company will continue to move forward with its core business and to seek additional traditional distribution partners throughout the world.
Contact:
Planet Entertainment, Middletown
Joe Venneri, 732/530-8819
or
New Millenium Communications, Ltd.
Barry Sanders, 44-181-514-6969
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