ANOTHER KTEL IN THE MAKING????
To: IRVINESULLY (7366 )
From: IRVINESULLY Wednesday, Dec 9 1998 5:35PM ET
Reply # of 7367
GNEN NEWS OUT!!!!
MAN, THIS IS OUR NEW FLYER!!!!!
:>)....CHECK OUT OUR THREAD
Generation Entertainment Goes Retail On the Internet; Record Company Acquires Record and Video Site
Business Wire - December 09, 1998 14:16
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Dec. 9, 1998--Generation Entertainment Corp. (OTC BB:GNEN), noting projections for huge increases in retail buying on the Internet, has purchased CDmusic.com.
The site will be a virtual supermarket for people shopping for music or video. CDmusic.com began in 1995. After acquiring the company, Generation took the store offline for a complete remodeling. New graphics, software and security packages will be installed to take the site into the 21st century.
When CDmusic.com goes back on line, it will feature more than 198,000 titles in music and video offerings. The cyber shopper will be able to easily navigate through the various categories of music and videos, including the ability to find titles with key words or artists. Buyers will be able to make direct purchase of their music selections through downloading.
Generation, of course, will no doubt give prominent exposure to titles under its own record labels; Harvest and Copper Sun, plus other labels soon to be acquired or with whom Generation has working agreements.
Recent research indicates that on-line purchasing has been growing by leaps and bounds in recent months and years, and that growth is going to be even more explosive in the near future. Market Tracking International (MTI) recently released a report showing that Internet music sales internationally will be generating some $3.3 billion by the year 2004. Generation plans to be a major player in that market.
The MTI report says that downloaded music purchases will eventually account for 10 to 15 percent of overall Internet sales. Couple that with a study done by IntelliQuest Information Group showing 81 percent of Internet users plan to shop or buy online in the next year, and the market potential has staggering proportions.
Generation is already making an impact in the record production and promotion markets. The company is in the process of acquiring yet another successful label, Slipdisk-2K with that company's senior partner, David Chackler joining Generation. He is a 30-year veteran of the music industry.
Adding Chackler into the mix with Bill Craig at the helm of the record division, makes the company even stronger, especially when it comes to experience and savvy in the industry. Craig is a legend with a long string of hits and superstars in his resume.
The acquisition and imminent new look for CDmusic.com had Generation Entertainment President Warren Guth excited. "We feel that making the move to the Internet with a high-profile, state-of-the-art retail store can only take us to new heights," Guth said.
Forward-looking statements in this release are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological change, the company's dependence upon third-party suppliers, intellectual property rights and other risk detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
CONTACT: Generation Entertainment Corp., Scottsdale
520/886-7918
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