FOR IMMEDIATE RELEASE:
FORMER NBA LEGEND JERRY LUCAS RELEASES SHAREHOLDER LETTER AS PRESIDENT/CEO
OF LUCAS EDUCATIONAL SYSTEMS
Templeton, CA - December 11, 1998: Lucas Educational Systems, Inc. (OTC BB:
LEDS) today announced that Jerry Lucas, the Company's president and chief
executive officer, issued the following shareholder letter:
Dear Shareholders,
We are extremely pleased to announce a number of exciting developments at
Lucas Educational Systems, especially the agreement with the Home Shopping
Network, Inc. (NASDAQ: USAI) which will begin featuring our full product
line in early 1999 to more than 70 million viewers worldwide.
There were several reasons why we chose to develop a partnership with the
Home Shopping Network rather than similar networks:
Worldwide marketing of our full product line with the Home Shopping
Network's 24 hour programming which reaches 70 million households globally
via cable, broadcast television, and satellite dishes
Leveraging the Home Shopping Network's expanding international presence -
the network holds interests in shopping channels in Germany and Japan,
recently launched Home Shopping en Español through a joint venture with
Univision (NYSE: UVN), and formed a partnership with Scandinavian
Broadcasting System (NASDAQ: SBTVF) to create and operate live television
shopping service in Italy
Benefiting from the network's extraordinary sales - the Home Shopping
Network recently announced its highest sales to date with revenues of $24.1
million in just one day
The Home Shopping Network is the best televised shopping network available
to market our educational and memory products. We have therefore decided to
showcase our products on this network rather than on QVC which, as you
already know, was scheduled to begin marketing our Dr. Memory branded
products. Due to concessions required by QVC, we concluded that an
agreement with that network was not in the best interest of LEDS
shareholders.
In other developments, we have also recently announced the appointment of
William A. Husa as chief operating officer. Bill joins the LEDS management
team with an 18 year background in the financial securities business. He is
a licensed stock broker and a member of the National Association of
Securities Dealers (NASD®) Board of Arbitrators. Bill previously served as
president of The Winn Company, a communications and consulting firm, and
vice president of HMC Inc., a manufacturing company in Northern California.
He has also been active in acquisitions for a public company.
Bill's experience and knowledge of Internet programs and websites will
greatly benefit LEDS' online objectives. He will supervise the development
of our premier quality, e-commerce website where visitors will be able to
buy LEDS products. This new and exciting website will be accessible
shortly, at which time we will release a formal announcement.
In order to increase production levels to meet anticipated demand from the
Home Shopping Network and our full-service, e-commerce website, we are
currently raising $600,000 through a private placement financing. I have
agreed to put one million shares of my personal stock back into the
treasury to avoid any additional dilution of the company's stock.
We are very optimistic about the future of Lucas Educational Systems and
are pleased to share these exciting developments with you. We will keep you
informed regarding other upcoming news and events as we change the face of
the world's educational systems.
Sincerely,
Jerry Lucas
President & CEO
About the Company
Lucas Educational Systems, Inc. produces, markets, and distributes
proprietary learning and memory techniques and related products developed
by NBA legend Jerry Lucas over the past 25 years. The Company promotes its
products through guest appearances by Lucas on the Home Shopping Network
and variety talk shows, short commercials, educational seminars, and the
Internet.
OTC Financial Network
Nancy Twaits
Investor Relations
Tel: 800-863-1594 / 208-725-0514
Fax: 208-725-0516 Fax: 916-635-2212
Email: nancy@otcfn.com
Lucas Educational Systems
William Husa
Chief Operating Officer
Tel: 916-635-4342
Email: billll@pacbell.net
Also see www.otcfn.com/leds and www.jerrylucas.com
This press release may contain forward-looking statements 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, product demand, competition, and
other risks and uncertainties detailed from time to time in the Company's
periodic reports filed with the Securities and Exchange Commission. This
and additional information can be found on the Company's website at
www.jerrylucas.com or can be obtained from the Company upon request. |
