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Tuesday May 4, 4:21 pm Eastern Time
Company Press Release
ClassicVision Announces Letter of Intent with Internet Company and Termination of Gercor Negotiations
SAN DIEGO--(BUSINESS WIRE)--May 4, 1999--ClassicVision Entertainment Inc. (OTCBB:CLVE - news) President Stephen Nemergut announced today that the company has signed a Letter of Intent (LOI) with Rocket Inc., a Canadian-based Internet company that builds content and E-commerce Web sites.
The terms of the LOI call for ClassicVision to purchase 49 percent of the Internet company for 500,000 restricted shares of CLVE plus an agreement to provide approximately $100,000 a year in operating capital. Rocket Inc. creates and operates various web sites and related E-commerce stores.
Among those currently on line are AmericanPresidents.com and CanadianPrimeMinisters.com and The Americana Store, a related E-commerce store. Rocket Inc. is currently receiving well over 1,000,000 hits per month on their sites. Nemergut stated that he expects the sale to close by the end of this week.
Nemergut went on to state that the company has ended negotiations with Gercor Management Company Inc. ''It appears that the funding Gercor was to receive could not be verified. Given the amount of immediate financial commitment ClassicVision had to make to complete its joint venture, the Company felt it was prudent to terminate this project,'' said Nemergut.
ClassicVision Entertainment Inc. is quoted on the OTC Bulletin Board as ''CLVE.''
For further information, please contact Stephen Nemergut, president, at 619/259-1159.
CAUTIONARY STATEMENT: This news release may include certain ''forward-looking statements'' within the meaning of Section 21E of the United States Securities Exchange Act, as amended. All statements, other than statements of historical fact, included in this release are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. All forward-looking statements in this release are expressly qualified by this notice.
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Contact:
ClassicVision Entertainment Inc.
Stephen Nemergut, 619/259-1159
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