News! Copied for Raging Bull
WOW LOOK AT THIS RELEASE PENN CAN INVEST UP TO $10,000,000 at 1.60 to 2.58, what a hell of a deal for ADCM shareholders that's rasing capital at the high end nice deal JS & GS BRILLIANT WORK.
Tuesday May 4, 4:45 pm Eastern Time
Company Press Release
American Digital Communications, Inc. Enters Agreement With Penn National To Provide Racing Content To The Trackpower Satellite Service
NEW YORK, NEW YORK--American Digital Communications, Inc. (OTCBB: ADCM - news) announced an agreement with Penn National Gaming, Inc. (NASDAQ: PENN - news) for the non-exclusive live video broadcast of horse races from the Penn owned racetracks. Penn will provide racing to the TrackPower service from their wholly owned tracks, The Downs at Pocono, Penn National Race Course, and Charles Town Races. Penn also has a purchase agreement scheduled to close shortly for both Freehold Raceway and Garden State Park. TrackPower currently provides live horse racing via small-dish satellite to paying subscribers throughout the United States, including Alaska, Hawaii, and Puerto Rico.
In addition to being a content provider, as previously announced Penn National will also serve as the exclusive U.S. wagering hub operator for the TrackPower direct-to-home digital satellite service. According to the wagering hub agreement, ADCM will receive a payment of as much as 4.75 percent of the total wagering from TrackPower subscribers. As part of the hub agreement, ADCM has granted Penn National warrants, exercisable at Penn National's option, to purchase up to $10 Million in ADCM common stock at prices ranging from $1.60 to $2.58.
''Penn National has a mature and very successful telephone betting operation,'' said John G. Simmonds, Chairman and CEO of ADCM, ''By combining Penn's wagering hub with our video service, the TrackPower package is complete. The TrackPower service will now be aggressively marketed both to Penn's current telephone accounts and throughout the racing industry.''
The TrackPower service is offered in conjunction with Echostar's SkyVista Direct-To-Home (DTH) service. TrackPower is available at the customers' choice of either $19.99 per month or for a discounted yearly rate of $150.00 (limited time offer). EchoStar's SkyVista DTH service includes over 20 channels of the ''Best of Satellite'' package for an additional $19.99 per month. The service also offers as options, a Broadcast network package, HBO movies, and one adult channel, as well as six Arabic channels for additional monthly charges. The programming can be received through a 36- inch dish, using a SkyVista receiver.
Through TrackPower International Inc., ADCM delivers high quality live horseracing video to subscribers throughout the United States, including Alaska, Hawaii, and Puerto Rico. ADCM uses the Skynet Direct Platform to broadcast the TrackPower service as a niche-programming package on EchoStar Communications Corporation's SkyVista(TM) DTH television service. Skynet Direct is Loral Skynet's transmission and distribution service that offers programmers a combination of its Telstar fleet space segment with compression, encoding, uplinking, format conversion and multiplexing from EchoStar's existing facilities in Cheyenne, Wyoming. EchoStar also provides order processing, receiver authorization, and billing from its customer service center in Denver, Co. For additional information, contact Graham Simmonds at (905) 839-1430, or by email at simmonds@trackpower.com.
This release contains forward-looking statements, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that all forward-looking statements involve risk and uncertainties.
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Contact:
American Digital Communications, Inc.
Graham Simmonds
(905) 839-1430 x352 |
