Upbeat Generation Outlook for '99; Record Labels and Web Site On the Rise
Business Wire - February 01, 1999 15:00
SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Feb. 1, 1999--Generation Entertainment Corp. (OTC BB:GNEN) has announced the most ambitious schedule of new releases for its two premier record labels in the history of the company.
Bill Craig, the industry veteran who heads Generation's Music Division, said the current slate of releases should move Generation into the top 4 among independent record labels in the nation.
The labels, Harvest Music and Copper Sun, are actually running ahead of the new-release projections for the first and second quarters. Those were originally pegged at 19 albums and 13 singles.
In a recent interview with Sidney Miller, founder of the highly respected trade publication BRE, Craig outlined Generation Entertainment's plan for success in 1999. Included, according to Craig, is the purchase of a modern, professionally equipped 2,000 square foot music studio.
Craig is projecting steady growth for the labels amounting to 3 to 3.5 million dollars in sales during the first half of the year with the revenues swelling to more than 8 million in the 2nd half of 1999.
Generation will also be adding a radio station to the company's web site, CDMusic.com where shoppers can browse thousands of recordings and videos. The site is slated to be up and running before the end of the first quarter. It has already earned affiliate status with Amazon.com.
Bill Craig added; "our talent pool, corporate energy and industry acceptance has exceeded all of our expectations." He went on to encourage BRE readers and Generation Entertainment investors to follow the success plans and growth strategy for the company into the new millennium.
Craig said additional details on those plans and strategy will be forthcoming shortly via new releases to be seen here.
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. |
