today:
News article received, Wednesday, April 07, 1999 11:44:16 AM EST
Kanakaris Credit Line Increased 40% Following Taping of Program With Caspar Weinberger, Chairman of Forbes, and Vinton Cerf, Founder of the Internet
NEWPORT BEACH, CALIF. (April 7) BUSINESS WIRE -April 7, 1999--
Alliance Equities Pleased With Kanakaris Discussion of
Proprietary Online Book, Music and Movie Technology
Kanakaris Communications Inc. (OTC BB:KANA) announced that its credit line has been increased 40% to $7 million following the taping of an interview of CEO Alex Kanakaris by Caspar Weinberger, Chairman of Forbes Magazine and former Secretary of Defense under President Ronald Reagan, and Vinton Cerf, founder of the Internet and Senior Vice President, Internet Architecture & Technology, MCI WorldCom.
The interview will appear in an upcoming edition of Caspar Weinberger's World Business Review in a segment on Kanakaris Communications entitled, "The Future of the Internet."
"Viewing the Kanakaris interview live, I was impressed by the current and future plans of Kanakaris to use proprietary technology, including security features, to electronically deliver books, music and movies. It was obvious that Mr. Vinton Cerf, the founding father of the Internet, is intrigued and enthusiastic about what Kanakaris is doing with web sites such as NetBooks.Com, and it was fascinating to watch visionary minds melding," stated Richard Epstein, Alliance Equities. "As Mr. Kanakaris outlined his vision of the future of the Internet, there was an engaging dialog with Mr. Caspar Weinberger who elicited comments from Kanakaris on Internet topics ranging from proprietary technology to censorship," Epstein added.
The World Business Review reaches an international audience through CNBC (as paid programming), Public Television, PBS The Business Channel, Knowledge TV, America's Voice and additional distribution, with a potential audience of over 70 million T.V. households in the United States and over 100 million internationally. Kanakaris Communications will make the program it is featured on available for free viewing on the Internet as soon as possible, and will also post a show transcript on its web site following editing of the show.
"I believe that in a few years what Amazon.Com (Nasdaq:AMZN) principally does will be considered old world technology and what Kanakaris does with instant online product delivery will be exactly where the Internet is at. I think people who see what Kanakaris has to offer, and see it explained by CEO Alex Kanakaris in programs like World Business Review, will share my viewpoint. I'm pleased to announce our enhanced level of financial support to help Kanakaris build the vision," stated Richard Epstein.
In a Memorandum of Understanding signed April 7, 1999, Alliance Equities has extended its line of credit to Kanakaris Communications to $7 million. Kanarkaris intends to draw approximately $250,000 per month on its credit line. Use of proceeds for the first $3 million, to be borrowed over approximately one year, will include, but are not limited to, technology development, web site design and hosting, live webcasting, patent applications, ecommerce applications, product procurement for the Internet LifeStyle network, content licensing, promotion, hiring and general overhead. The company may increase its level of borrowing if acquisition or other new opportunities arise, or for other strategic reasons.
Kanakaris Communications is publicly traded on the OTC Bulletin Board and the Frankfurt Stock Exchange. For further information on Kanarkaris Communications (www.kanakaris.com), contact Colby Marceau, Director of Public/Investor Relations, at 714/444-0560; fax: 714/549-8970; e-mail: info@kanakaris.com; 3303 Harbor Blvd. No. F-3, Costa Mesa, Calif. 92626.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," "intent to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings, and other risks.
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