Entertainment Internet, Inc. Signs Letter of Intent to Acquire Talidan Ltd.
LOS ANGELES, Feb. 17 /PRNewswire/ -- Entertainment Internet, Inc. (OTC Bulletin Board: EINI - news) announced today that it has signed a Letter of Intent to acquire the shares of Talidan Ltd. of the British Virgin Islands, a wholly owned subsidiary of Carnegie International Corporation (OTC Bulletin Board: CAGI - news). Consummation of the transaction is subject to board of director approval and due diligence by both parties.
Talidan is engaged in the business of creating call traffic for small, international telephone carriers through public promotion of information and entertainment services, using the circuits of these carriers. It has been a wholly owned subsidiary of Carnegie, a Baltimore-based holding company specializing in Internet, telephony and telecommunications products, services and distribution, since 1997.
Paul Kessler, chairman of EINI, said acquiring Talidan ''will allow Entertainment Internet to further enhance our growth, our product line, and our bottom line.'' He said EINI forecasts 1999 sales from Talidan to exceed $4 million with profits of approximately $800,000.
The Entertainment Internet, Inc. has entered into a merger agreement with Castnet.com which is scheduled to close on March 8th, 1999. Upon consummation of the merger, The Entertainment Internet will host the premier online subscriber electronic information bureau and data distribution services for the entertainment, media and creative industries. EINI's participant/ subscriber market in the U.S. currently exceeds 3.5 million entertainment, media and creative professionals.
For further information on The entertainment Internet (''EINI'') please see recent Wall Street Research Report at wallstreetresearch.net. Wall St. Research is independent of the Company and the Company does not verify or endorse its information.
This statement includes forward-looking information as that term is defined in the Private Securities Litigation Reform Act of 1995, and, therefore, is subject to certain risks and uncertainties. There can be no assurance that the actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the forward looking statements as a result of various factors, including market conditions, competition, advances in technology and other factors.
SOURCE: Entertainment Internet, Inc. |
