The Entertainment Internet/CastNet.com Complete Merger; CastNet.com Becomes First of Several T.E.I. Subsidiaries
biz.yahoo.com
LOS ANGELES, March 29 /PRNewswire/ -- On March 23, 1999, a Certificate of Merger was filed with the California Secretary of State, merging a wholly owned subsidiary of The Entertainment Internet (T.E.I.) (OTC Bulletin Board: EINI - news)into Only Multimedia Network, Inc. (''OMNI''). Upon confirmation from the Secretary of State, OMNI will become a wholly owned subsidiary of T.E.I.
''Completing this merger will accelerate CastNet.com's (OMNI) march towards greater revenues and deeper market penetration,'' said CastNet.com President Rod Pyle. ''The T.E.I. relationship provides access to substantial fiscal resources and global marketing expertise. This strategic business combination augers well for our aggressive marketing push into new markets over the rest of this year.''
The transaction was approved by over 80% of all shareholders qualified to vote. T.E.I. C hairman Paul Kessler commented, ''we were pleased to have the kind of shareholder support that was evidenced in this vote. Now T.E.I. can refocus on additional acquisitions that will position T.E.I. as the leader in the entertainment internet market.''
Former shareholders of Only Multimedia Network, Inc. will be receiving corresponding restricted securities in The Entertainment Internet, Inc. dated March 23rd, 1999.
In recent weeks, T.E.I. has entered into letters of intent to acquire Talidan International from Carnegie International Corporation (OTC Bulletin Board: CAGI - news), and Cybersapien Entertainment, a New York based special effects and gaming company.
Thom Mount, co-chairman of T.E.I., stated, ''the Entertainment Internet is highly focused on acquisition and expansion. We are very pleased with the completion of this merger, and look forward to the completion of others in the near future.''
CastNet.com (OMNI) is a company committed to providing a full range of online services for the needs of the global entertainment community. CastNet.com's services include fully searchable resumes, breakdowns, submissions, agent talent databases, sides, enhanced e-mail capabilities, pre-sorted submissions, industry-standard printable head shots, and actor video and audio clips. CastNet.com (OMNI) is taking the entertainment industry into the 21st century by automating and integrating online the processes that the industry has used for over 75 years.
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: The Entertainment Internet |
