January 13, 1999 12:48 PM EST
SAN JACINTO, Calif.--(BUSINESS WIRE)--Jan. 13, 1999--Peacock Financial Corp. (OTC BB:PFCK) Wednesday announced that it has acquired 2 million shares, representing a 20 percent ownership interest, in privately held Solutions Media Inc., based in Temecula, Calif.
Solutions Media is a company involved primarily in developing and marketing interactive interfaces for convergence technologies. Under a three-tier product model, Solutions Media will develop client product for the World Wide Web, for digital television and for high- definition television (HDTV) using proprietary, high-bandwidth convergence applications.
Steven Peacock, president of Peacock Financial, stated: "We were attracted to Solutions Media Inc. because of the collective talent within the organization and their ability to generate immediate revenues from the more traditional side of the business, which is Web-site design and Internet marketing. The company is expected to book in excess of $500,000 in revenues this year."
Wayne Irving II, president and chief executive officer of Solutions Media, remarked that the investment action by Peacock Financial should result in a win-win situation.
"Peacock's shareholders have another method of realizing growth and improved share value, and Solutions Media will have a public vehicle from which it can be spun off in the future, when conditions warrant," stated Irving.
It is anticipated that Solutions Media will be brought public later this year and trade independently of Peacock Financial.
Peacock Financial is a fully reporting investment holding company registered with the Securities and Exchange Commission as a business development company under the Investment Act of 1940.
Peacock possesses 22 years of real estate development experience in land assembly and planning, infrastructure design, construction and inner-city redevelopment projects. Recent new holdings include investments in downtown San Jacinto's historic business district, investment banking, day trading and an ownership position in a professional soccer franchise
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