**TO ALL** NEWS OUT. Things keep loking better and better!
Entertainment Technologies & Programs Inc. Signs a $3.75 Million Letter
of Intent
Business Wire - November 05, 1998 12:12
HOUSTON--(BUSINESS WIRE)--Nov. 5, 1998--Entertainment Technologies &
Programs Inc. (OTC BB:ETPI), a fully integrated military and civilian
entertainment and amusement gaming company, today announced that a
Letter of Intent for a $3.75 million debenture was signed with $600,000
of bridge financing attached through Capital Growth Planning of El
Cajon, Calif.
This new financing will eliminate all current company debt, has payments
deferred for the first 12 months, allows ETPI to complete all of the
planned Entertainment Centers and, most importantly, does not dilute the
stock. This is the third time that Capital Growth has financed the
company.
"These dollars will empower our company in its mission to 'focus and
finish'" according to CEO Doug Butcher. A non-dilutive type of debt is
usually something that shareholders like to see, as it typically does
not have a negative effect on share value. Terms of the $3.75 million
debenture include no payments for 12 months, on the 13th month $20K per
month reduced outgo and convertible at $1.50 for payoff when stock
performs.
Part of this focus and finish mission will include completion of the
Hero's Family Entertainment Center location and three Laser Tag & Soft
Play facilities. These entertainment centers will fill a niche market
between Discovery Zone (OTC BB:DVZN) which caters to young children and
Dave & Busters (Nasdaq:DANB) which is more adult oriented.
Except for historical matters contained herein, the matters discussed in
this press release are forward-looking statements and are made pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995.
Call your broker or contact Investor Relations at ETPI for more
information at 281/486-6061.
CONTACT: Entertainment Technologies & Programs Inc., Houston
Pete Cahill/Larry Tiller, 281/486-6061
ETPNLife@aol.com
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