(COMTEX) B: 1st Miracle Group Announces Sale of Assets of California
B: 1st Miracle Group Announces Sale of Assets of California Health Clubs Inc.;
Company to Focus Efforts on Its Core Film Business
SAN MATEO, CALIF. (Nov. 4) BUSINESS WIRE -Nov. 4, 1998--1st Miracle
Group, Inc. (OTC BB: MVEE), today announced the sale of the assets of
its California Health Clubs, Inc. subsidiary to 24 Hour Fitness, Inc.,
the country's second largest chain of health clubs. Terms of the
transaction were not disclosed. However, 1st Miracle anticipates
reporting a gain on the sale of the assets.
Commenting on the sale, Peter Benz, Chairman of 1st Miracle, stated,
"The sale of the assets of California Health Clubs accomplishes two
very important objectives. First, it enables us to devote all of our
efforts to the Company's film subsidiary, Magic Entertainment, and
second, it enables us to re-deploy these assets to Magic where they can
be better utilized to enhance shareholder value."
1st Miracle Group, Inc. is the parent of Magic Entertainment, which
was co-founded by Menahem Golan and Yoram Globus to produce and
distribute feature length motion pictures.
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CONTACT: 1st Miracle Group, Inc., San Mateo
Peter Benz, 650/340-1074
or
Rubenstein Investor Relations, New York
Jeffrey Volk, 212/843-8086
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