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Technology Stocks : e.Digital Corporation(EDIG) - Embedded Digital Technology -- Ignore unavailable to you. Want to Upgrade?

To: chris431 who wrote (5541)	6/10/1999 10:49:00 AM
From: bob	Respond to of 18366

More on digital downloading and Sony. This may or may not be relevant. Company Press Release Trans World Entertainment Signs Letter of Intent With Digital On-Demand, Inc. for In-Store Digital Downloading Capabilities Deal Signed on Heels of Digital On-Demand's Pact with Sony Music Distribution ALBANY, N.Y.--(BUSINESS WIRE)--June 10, 1999-- Trans World Entertainment Corporation (Nasdaq National Market: TWMC), a leading retailer of entertainment products, today announced that it has signed a letter of intent with Digital On-Demand, Inc., for in-store digital downloading capabilities. Upon execution of a definitive agreement, the Company anticipates having digital downloading capabilities in the New York City metro and Los Angeles markets by mid-October, which will be the first phase of a national rollout. The Company entered into this letter of intent on the heels of a pact made between Digital On-Demand and Sony Music Distribution. Under the terms of this agreement, RedDotNet, a Digital On-Demand subsidiary, will distribute much of Sony Music's catalog over Digital On-Demand's proprietary Red Dot Network, a dedicated high speed network which downloads entire albums directly to music stores. The customer will also download all of the original packaging associated with the album, including the original cover art and liner notes. ''This agreement with Digital On-Demand further validates that digital downloading and brick-and-mortar retailing can effectively work hand-in-hand to ultimately best serve the customer,'' said Robert J. Higgins, chairman and chief executive officer of Trans World Entertainment. ''Digital downloading offers the Company opportunities to gain a significant new revenue stream and greatly enhances the operational efficiencies of our stores. Everyone will directly benefit by having a much larger assortment of catalog product available. Trans World stores will rarely be out-of-stock on any product because the customer can make a full copy, complete with all cover art, in just minutes.'' Mr. Higgins concluded, ''We look forward to working closely with Digital On-Demand and Sony to offer our customers the widest selection of digital product available.'' RedDotNet, a Digital On-Demand company, is a leading distributor of digital entertainment content over its proprietary Red Dot Network into retail sales environments. System installations offer point-of-sale access to new varieties of music content and formats. By creating unlimited, universal digital access, RedDotNet increases the flexibility of the brick-and-mortar distribution model, allowing content providers and retailers to adapt faster than ever to changing technology and consumer demands. Digital On-Demand and RedDotNet have offices in Carlsbad, Burbank, and San Francisco, California. Trans World Entertainment is the leading music retailer in the United States, operating retail stores in 44 states, the District of Columbia and Puerto Rico as well as an e-commerce site, www.twec.com. Mall locations include Camelot Music, Record Town, The Wall, Saturday Matinee and F.Y.E. Freestanding locations include Coconuts Music and Movies, Strawberries Music, Spec's and Planet Music. Certain statements in this report set forth management's intentions, plans, beliefs, expectations or predictions of the future based on current facts and analyses. Actual results may differ materially from those indicated in such statements. Additional information on factors that may affect the business and financial results of the Company can be found in filings of the Company with the Securities and Exchange Commission. -------------------------------------------------------------------------------- Contact: Trans World Entertainment Corporation John Sullivan, 518/452-1242 ext. 400 or The MWW Group Media Relations: Matt Rose, 201/507-9500