Modern Records Inc -
$10-million (U.S.) letter of intent
Modern Records Inc
MZR
Shares issued 19,680,000
1998-11-12 close $1.4
Friday Nov 13 1998
Mr. Randy Jackson reports,
Modern Records, Inc. (VSE: MZR.V; OTC Bulletin Board: MDNR) is pleased
to announce it has entered into a non-binding letter of intent for an advance of
$3,000,000 (U.S.) to Modern Records in connection with profit participation in a
specific project that Modern Records is currently negotiating. The letter of intent
provides that if certain conditions are satisfied, the amount of such advance could
increase to up to $10,000,000.
The investment group has advised that the first $3,000,000 (U.S.) are available
which will assist Modern Records to act upon and execute immediately, any
agreements that are made. The completion of the negotiations under the terms of
the letter of intent is to be no more than 45 days after Nov. 10, 1998.
Modern Records will announce the project being negotiated as soon as an
agreement has been entered into. However, there can be no assurances that a
definitive agreement relating to the transaction will be entered into or
consummated on terms acceptable to Modern Records.
Randy Jackson, president of Modern Records says, "This financing enables us to
pursue the engagement of several artists who will contribute to our goal to make
Modern Records the most dynamic, independent label in the recording industry."
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