PNEC announces e-commerce site
BW1215 MAR 03,1999 6:31 PACIFIC 09:31 EASTERN
( BW)(NJ-PLANET-ENTERTAINMENT)(PNEC) Planet Entertainment Launches
E-Commerce Site
Business Editors
MIDDLETOWN, N.J.--(BUSINESS WIRE)--March 3, 1999--
Company Also Announces the Release of 50
Proprietary CD Albums in the Far East, Africa and Europe
Planet Entertainment Corp. (OTCBB: PNEC), announced today that it has launched www.planetentertainment.com,
an e-commerce site offering over 250,000 entertainment titles of pre-recorded music on CD, video and DVD for retail
consumers. Customers of www.planetentertainment.com will be able to conduct searches by artist, genre and label
directly from the site.
Wallace Giakas, Chairman of Planet Entertainment Corp. said, "As a result of our acquisition of wholesaler
Northeast One Stop in September, www.planetentertainment.com is one of the only sites in operation with
wholly-owned fulfillment capabilities and is not dependant on outside wholesaler to fill orders. Additionally, our
ability to buy directly from the five major record labels and over 1000 independent labels gives us a unique advantage
over our competition, not only in regard to depth of catalog but in our profit margins and price to consumer as well."
The Company also announced that it has released 50 proprietary CD albums from its private PNEC record label
for distribution in the Far East, Africa and in Europe through agreements with Nippon Columbia, Shandell Music and
New Millenium, respectively. In addition, all 50 of the Company's proprietary CDs will be distributed domestically
through retail and wholesaler distributors, the Company's e-commerce site and are currently being offered on N2K
Inc.'s (Nasdaq: NTKI) Music Boulevard website.
Wallace Giakas, continued, "We have the ability to offer special pricing on proprietary CD titles from our vast
catalog of over 15,000 master recordings on our site. In addition, by owning our own catalog of songs, we can easily
expand into the digital downloading arena, which we believe has a tremendous profit potential in the near future."
Planet Entertainment is a diversified entertainment company specializing in music production, wholesale
distribution and marketing of front-line recorded music, video and DVD titles as well as its proprietary CD
compilation albums. The Company, which operates a wholesale distribution facility, two wholly owned recording
studios and four record labels is also engaged in the acquisition, enhancement, licensing and re-release of music from
their extensive library of over 15,000 original musical master recordings as well as the production of new artist
albums. In order to enhance distribution, the Company recently acquired Northeast One Stop, Inc. (NEOS), a
privately held wholesale distribution facility of recorded music, video and DVD products based in Latham, NY.
NEOS has access to over 130,000 front-line titles and last year was named Medium Wholesaler of the Year by the
National Association of Record Manufacturers (NARM). The Company plans to operate NEOS for centralized order
fulfillment as well as to market and sell its compilation CDs either directly to retailers or indirectly over the Internet on
its business to business website, www.planetentertainment.com, which has recently become affiliated with
Amazon.com (Nasdaq: AMZN) and J. Crew as an Associate.
Special Note Regarding Forward Looking Statements: A number of statements contained in this press release are
forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve
risks and uncertainties that could cause actual results to differ materially from those expressed or implied in the
applicable statements. These risks and uncertainties include but are not limited to: the Company's vulnerability to
rapid industry change, technical obsolescence, limited customer base and reliance on relatively a small number of its
customers, the possible impact of competitive products and pricing, uncertainties in the duration of the life cycle of its
products, manufacturing difficulties, dependence on key personnel, market acceptance, reliance on a limited number of
outside vendors, potential difficulties, managing growth, the ability to perform on existing and future agreements, the
availability of financing, and other risks all, or any of which may have a material adverse impact on the company, its
business, business prospects, and financial condition.
--30--cf/ny*
CONTACT: PLANET ENTERTAINMENT CORPORATION
Wallace M. Giakas, Chairman
(732) 530-8819
or
THE MWW GROUP
Public Relations - Tel. (201) 507-9500
Contact: Robert Ferris -- rferris@mww.com
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: ENTERATAINMENT INTERACTIVE/MULTIMEDIA/INTERNET
RETAIL COMPUTERS/ELECTRONICS COMED |
