PR NEWSWIRE) New Discoveries Makes a $2.35 Million Offer to Purchase Aust
New Discoveries Makes a $2.35 Million Offer to Purchase Australian Headquarters
SYDNEY, Australia, April 27 /PRNewswire/ -- New Discoveries Publishing
Australia Pty Ltd has made a formal offer to purchase a building in Broadway,
Sydney.
"Should the offer be accepted the wholly owned Australian subsidiary of
New Discoveries Publishing Corp. (OTC Bulletin Board: NWDP) plans to house its
television production facility and head office administration at the Sydney
premises," Mr. Peter Michaels, CEO and Chairman of NWDP said.
Newly appointed Film and Production Facilities Manager, Malcolm Edwards
described the building as "approximately 14,000 square feet on one level,
ideal for the construction and housing of a suite of state of the art live
sound stages."
Malcolm has returned this week from the Convergence Marketplace National
Association of Broadcasters NAB 99 in the U.S.A, where he was reviewing the
latest production techniques and equipment for use in the facility.
"The intention is to construct six sound stages, thus giving us the
capability to service not only New Discoveries requirements but to also take
advantage of the current and growing demand for quality studio space in
Sydney," he said.
"Australia's film and television production industry is booming and this
facility is well located to take advantage of the current demand. We will
look to renting three studios. The going rate for quality studio rental in
Sydney is approximately $1 per square foot per week," he said.
Safe Harbor Statement under the Private Securities Litigation Reform Act of
1995: The Statements contained herein which are not historical fact are
forward looking statements that are subject to risks and uncertainties that
could cause actual results to differ materially from those expressed in the
forward looking statements, including but not limited to, certain delays in
testing, evaluation of products and other risks detailed from time to time.
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SOURCE New Discoveries Publishing Australia Pty Ltd
-0- 04/27/99
/NOTE TO EDITORS: To obtain photo of Peter Michaels and background
information on New Discoveries, visit aapimage.aap.com.au
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