To: Hart who wrote (166 ) 6/23/2000 2:42:00 PM From: Walter Morton Respond to of 257
Miracle Entertainment Announces Significant Management Additions; Company Also Retains New Auditing Firm Goldstein & MorrisLOS ANGELES, June 23 /PRNewswire/ -- Miracle Entertainment, Inc. (OTC Bulletin Board: MVEE), a diversified film and production company, today announced that it has appointed Rich Abramson as President and Clifford Brune as its Chief Financial Officer. The Company has also retained the services of the auditing firm, Goldstein & Morris. Rich Abramson has vast experience in Hollywood, having discovered and helped launch the career of Pee Wee Herman in addition to producing "PeeWee's Big Adventure." With Martin Landau, he co-founded Silver Street Productions (now under the Miracle Entertainment umbrella) and developed the off-balance sheet financing technique used by Miracle Entertainment today. Mr. Abramson organized the $125 Million Prints & Advertising program as well as the $150 million off-balance sheet production deal. Clifford Brune, a CPA, has had a 25 year career in working with public companies, initially as an auditor and consultant with Coopers & Lybrand. More recently, he has held various positions including CFO, COO, and President with Senetek PLC, Computer Task Group and Management Technologies. Mr. Cataldo, CEO of Miracle Entertainment stated, "The addition of Rich and Cliff and their relative expertise, rounds out our management team. Coupled with our strong cash position, this allows us to continue to execute our plan of making and highly profitable theatrical films and the innovative Internet merchandising of associated products." Tony Cataldo further commented on the change of auditors, "We felt that in order to pursue our plans of a listing on a new exchange, resolving outstanding issues with the newly required reporting status with the SEC, and to completing our year end filings, a change to a larger firm with significant public company experience was in the best of interest of the shareholders. Our plans still call for a new listing once our year end reporting requirements are finalized over the next several months." This statement includes forward-looking information as that term is defined in the Private Securities Litigation Reform Act of 1995, and, therefore, is subject to certain risks and uncertainties. There can be no assurance that the actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the forward looking statements as a result of various factors, including market conditions, competition, advances in technology and other factors. SOURCE Miracle Entertainment, Inc. CONTACT: Stuart Fine of Rubenstein Investor Relations, or Sfine@rir1.com, for Miracle Entertainment, Inc.quicken.com PLEASE POST COMMENTS ON THE OTHER mvee THREAD