PNEC NEWS!
Tuesday December 1, 10:03 am Eastern Time
Company Press Release
Planet Entertainment Announces Plans for Strategic Investor and Media
Relations Intiatives
Company Retains The MWW Group in Preparation for Anticipated Listing
on Major Stock Exchange Following Recent Acquisition of Northeast One
Stop, Inc.
MIDDLETOWN, NJ--(BUSINESS WIRE)--Dec. 1, 1998-- Planet Entertainment Corp. (OTC BB: PNEC - news), announced today that it has retained The MWW Group, a leading, national,full-service communications agency, for the launch of an investor and media relations program. The decision to retain strategic communications counsel was made mainly in anticipation of the Company's listing on a major stock exchange early next year and follows its recently announced acquisition of Northeast One Stop, Inc, a national wholesale distribution outlet of prerecorded music and video products.
MWW's mandate is to raise the corporate profile of Planet Entertainment with Wall Street as well as with appropriate financial publications and selected trade journals. In addition, MWW will field all investor and media inquiries on behalf of the Company.
''The acquisition of Northeast One Stop transformed Planet Entertainment into a significant player in the music and video content business practically overnight,'' stated Wallace M. Giakas, Chairman of Planet Entertainment, Inc. ''With revenues projected to be over $55 million during the current fiscal year, the Company is now well positioned to begin strategically communicating and marketing its corporate objectives and plans for growth to a broader audience. The decision to hire The MWW Group was largely made because of their expertise and proven track record of success with companies within our sector and of similar size. In addition, we identified with the firm's
entrepreneurial spirit and believe that they have a strong understanding of how to strategically address the myriad of corporate communications issues that can often arise with companies experiencing rapid growth.''
Planet Entertainment filed Form 10-SB with the Securities and Exchange Commission (SEC) on September 28, 1998 and anticipates approval by the end of the current calendar year. Upon SEC approval of the aforementioned filing, the Company becomes eligible for full reporting status and will submit an application for listing on a major stock exchange.
The MWW Group, the sixth largest independent full-service marketing and public relations firm in the U.S., has specialized practice areas in corporate public relations; consumer, business-to-business and high-tech marketing; investor relations; and public affairs and government affairs. The firm's clients include, Bally Total Fitness; McDonald's New York Tri-State; Barneys; Trans World Entertainment Corp.; The Ackerley Group; CyberShop; Union Camp; K-Mart; Bacardi Rum; Bethlehem Steel Corporation; Continental Airlines; Today's Man; GAF; Puerto Ricans in Civic Action; Trillium Corporation; and the American Cancer Society. Based in East Rutherford, NJ, the firm has offices in Trenton, NJ; Washington, D.C.; Seattle and Olympia, Wash.; Chicago and Springfield, Ill.; and New York.
Planet Entertainment is one of the nations' premier content providers of recorded music product owning certain rights to approximately 15,000 original musical master recordings. The Company, which operates two wholly-owned recording studios and four record labels, is principally engaged in the acquisition, enhancement, licensing and re-release of music catalogues on compilation albums as well as the production of new artist albums. The Company recently acquired all of the issued and outstanding common stock of Northeast One Stop. Inc. (NEOS), a privately held wholesale distribution facility of pre-recorded music and video products. NEOS has access to over 120,000
front-line music and video titles and was named the 1998 Medium Wholesaler of the Year by the National Association of Record Manufacturers. NEOS will continue to operate as a centralized order fulfillment house, either directly with small and medium retailers or indirectly through the Company's Internet business to business site, www.planetentertainment.com, and will also be utilized to efficiently market and distribute Planet's proprietary catalogue compilation CDs.
Special Note Regarding Forward Looking Statements: a number of statements contained in this press release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the applicable statements. These risks include but are not limited to: the Company's vulnerability to rapid change, technical obsolescence, limited customer base and reliance on relatively a small number of its customers, the possible impact of competitive products and pricing, uncertainties in the duration of the life cycle of its products, manufacturing difficulties, dependence on key personnel, market acceptance, reliance on a limited number of outside vendors, potential difficulties, managing growth, the ability to perform on existing and future agreements, the availability to perform on existing and future agreements, the availability of financing,and other risks all, or any of which may have a materially adverse impact on the company, its business, business prospects, and financial condition.
Contact:
Planet Entertainment Corp.
Wallace M. Giakas, Chairman
(732) 530-8819
THE MWW GROUP
Public Relations - Tel. (201) 507-9500
Contact: Robert Ferris -- rferris@mww.com
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Planet Entertainment Corp (OTC BB:PNEC - news)
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