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Microcap & Penny Stocks : MDI Entertainment (MDIH) -- Ignore unavailable to you. Want to Upgrade?

To: RavenCrazy who wrote (457)	8/12/1999 6:30:00 PM
From: Major Tom	Respond to of 563

Looki Looki we got NEWS: MDI Receives Gross Proceeds of $1,750,000 From Private Sale to Investor HARTFORD, Conn.--(BUSINESS WIRE)--August 12, 1999--MDI Entertainment, Inc. (OTC BB:MDIH) announced that it has received gross proceeds of $1,750,000 from the private sale to an investor of 2,027 shares of Series A Convertible Preferred Stock, representing approximately 20% of the outstanding common stock of the Company on an as converted basis. MDI will shortly be filing with the SEC a report on Form 8-K with the details of that transaction. ''We are delighted to receive this investment and the level of support that it indicates,'' stated MDI President and CEO, Steven M. Saferin. ''These dollars are crucial to developing MDI's ongoing business plan, which includes the acquisition of new licenses, expanding its sales and marketing staff and the development of its E-Commerce Lottery Prize Shop initiative. All three of these elements are critical to MDI's continued growth.'' MDI specializes in creating, marketing and implementing entertainment-based promotions to the North American lottery industry. MDI revolutionized the lottery industry with its introduction of second-chance merchandise prizes. MDI's current lottery promotions include scratch games featuring properties such as Dick Clark's American Bandstand®, James Bond 007(TM), Times Square 2000(TM), Harley-Davidson®, Twilight Zone(TM), Star Trek(TM) and Betty Boop(TM). The Private Securities Litigation Reform Act of 1995 provides a ''safe harbor'' for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by MDI) contains statements that are forward-looking, such as statements relating to the future anticipated direction of the lottery industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of MDI. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, changes in federal or state tax laws and market competition factors. -------------------------------------------------------------------------------- Contact: