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MDI Entertainment Becomes Fully Reporting
Company and Announces Record 1st Quarter
Revenues and Earnings
HARTFORD, Conn.--(BUSINESS WIRE)--Oct. 1, 1998--MDI Entertainment, Inc (OTC BB:MDIH) is pleased to announce that it has become a fully reporting company with the Securities and Exchange Commission with the filing of its Registration Statement on Form 10-SB on September 28, 1998.
The company is also pleased to announce that its first fiscal 1999 quarter revenues (ended August 31, 1998) totaled a record $2.1 million. This compared to $291,000 revenues in the same period in the previous fiscal year. For the first quarter, MDI earned $465,000 or $.06 per share versus a loss of $361,000 or the equivalent of ($.05) per share loss in the same period last year. As of August 31, 1998 there were a total of 7,776,500 fully diluted shares outstanding.
Commenting on the first quarter results, President and CEO Steven Saferin stated, ''I am extremely pleased with our first quarter sales and earnings. As evidenced by our 10-SB filing with the SEC, MDI generated more revenue in its first quarter of fiscal 1999 than in all of our 1998 fiscal year. Our success reflects a full integration of management's strategy to secure and market licensed promotions for well-known entertainment properties and brand names to the lottery industry. It is important that our shareholders know that we view this quarter as just the first stage in the implementation of the company's growth strategy and not an isolated one-time event. The company has already entered into contracts with various state lotteries that are expected to generate additional revenues throughout the balance of our current fiscal year.''
MDI Entertainment intends to file its quarterly report on Form 10QSB by October 15, 1998.
MDI specializes in creating, marketing and implementing entertainment-based promotions to the North American lottery
industry. MDI's current lottery promotions include scratch games featuring properties such as Harley-Davidson, Star Trek, Wheel of Fortune, Twilight Zone and the Rock and Roll Hall of Fame and Museum. A significant aspect of MDI's promotion is the awarding of merchandise tied to the various properties as prizes.
The Private Securities Litigation Reform Act of 1995 provides a ''safe harbor'' for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by MDI) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the lottery industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of MDI. These risks and
uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing
management, financing activities, domestic and global economic conditions, changes in federal or state tax laws and market
competition factors.
Contact:
MDI Entertainment, Inc.
Alon Kutai, 401/848-7955 (Investors)
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