WIZZF news out......
Monday June 12, 8:30 am Eastern Time
Press Release
SOURCE: Devine Entertainment Corporation; WSi-Interactive Corporation
Devine Entertainment and WSi-Interactive to create children's entertainment and education web portal
TORONTO, June 12 /CNW/ - Devine Entertainment Corporation (TSE:DVN) and WSi-Interactive Corporation (CDNX: WIZ; OTCBB: WIZZF) jointly announced today, a letter of intent whereby Devine Entertainment and WSi will create a joint venture company that will commercialize Devine's award-winning website www.devinetime.com. Devine Entertainment will continue to supply creative content for the site, while WSi will invest Cdn$1 million dollars, assume its management and execute strategies to drive traffic and increase sales to the site. Devine and WS-i will enter into an equal partnership and it is the intent of the agreement that both parties eventually spin off www.devinetime.com into a separate public entity.
The Devinetime site was developed over the past year at a cost of Cdn$1 million, with the support of the Bell and Stentor New Media Initiatives and Devine Entertainment. The site presently showcases and markets the history of invention from the renaissance to present day, drawing from Devine's films which have garnered 11 Emmy nominations in the past year alone.
"It is a remarkable interactive journey through time," said David Devine President & CEO of Devine Entertainment. "Our goal is to educate the imaginations of young people while entertaining them in a way that makes science fun."
Theo Sanidas, President of WSi, said "The arrangement with Devine is a perfect example of WSi's model of expanding its network of Internet businesses by partnering with companies of quality and integrity to build equity and revenue for WSi."
WSi will assign a team to significantly increase content with creative guidance from Devine Entertainment and will utilize broadband for streaming capabilities. Devine will further develop the site by adding content from its award-winning library of films, extending the interactive journey with biographies of artists and composers. "Our mission is to deliver high-quality interactive entertainment and educational content that will add revenue for Devine Entertainment and complement our established, award-winning brand positioning," added David Devine.
The site's e-commerce facilities will offer visitors access to high- quality family and children's entertainment featuring Devine's proprietary video library, as well as other products and services families can trust.
The transaction is subject to a due diligence process and board approvals by both parties.
Devine Entertainment Corporation is one of the world's finest producers of high-quality children's and family films for worldwide television and cable, international home video and internet applications. Devine's films have received 12 Emmy Nominations and 5 Emmy Awards, as well as honours from the American Library Association, KidsFirst! Coalition for Quality Children's Media, Parents' Choice and the prestigious Humanitas prize. Devine's award- winning interactive website, www.devinetime.com, features profiles of 100 inventors, a trivia game, a flight lab and an e-commerce store.
Devine Entertainment's films are based on historical and timeless stories that educate and inspire self-esteem in young people. Beginning with the highly successful "Beethoven Lives Upstairs," Devine's films bring history's great geniuses to life through the eyes of children. "The Composers' Specials" feature the lives and music of Handel, Bach, Liszt, Rossini, Strauss and Bizet. "The Inventors' Specials" focus on the minds of Leonardo, Galileo, Newton, Curie, Edison and Einstein. "The Artists' Specials" showcase the lives and works of Degas, Cassatt, Monet, Rembrandt, Goya, and Homer. All 19 specials were produced for HBO Original Programming and are international co- productions with Ireland, Czech Republic, Slovakia, and Croatia.
WSi Interactive Corporation is an innovative Internet business development and marketing firm, whose objective is to capitalize on business opportunities on the Internet. WSi builds, manages and markets online businesses using its unique combination of technology, marketing and venture capital to build successful on-line ventures.
WSi focuses on companies where it can add significant value to the investment through a network of relationships and strategic alliances, and our experience in helping Internet companies build traffic, develop brands, and capitalize on a variety of revenue streams. In this regard, WSi is modeling itself on CMGI (Nasdaq:CMGI - news). Like CMGI, WSi started as a direct marketing agency in 1990 and has grown to become a specialist in e-advertising and e- commerce. WSi plans to establish itself as a recognized leader in the Internet economy, by creating a one-stop shop for e-commerce and e-advertising, plus financial information and entertainment.
WSi properties include: Medianetsolutions.com, comparable to Razorfish (Nasdaq:RAZF - news), Targetpacks.com, comparable to Yesmail (Nasdaq: YESM - news). Westernshores.com, Stocksecrets.com, comparable to Freereal time (Nasdaq BB, FRTI) Yourwinestore.com, Healthcreator.com, a developing health & wellness portal similar to WebMD (Nasdaq: HLTH - news), Investmentworldnews.com and several others.
The Toronto Stock Exchange and CDNX have neither approved nor disapproved
of the information contained herein. This press release may contain
forward-looking statements relating to the future performance of Devine
Entertainment Corporation and WSi-Interactive. Forward-looking
statements, specifically those concerning future performance and the
achievement of operating profitability are subject to certain risks and
uncertainties, and actual results may differ materially. These risks and
uncertainties include the Company's limited operating history and
fluctuations in revenues; market acceptance of the Company's products and
services; competition within the film and entertainment industry and the
introduction of new entrants and/or products in the Company's markets;
adverse changes in governmental regulations and policies affecting the
film and entertainment industry; product development risks and risks of
technological change; the risk of unanticipated expenses; and other risks
and uncertainties all as described in the disclosure documents filed with
securities regulatory authorities in accordance with applicable
securities laws.
For further information
Maral Bablanian, Devine Entertainment Corporation (416) 364-2282 Bill Mavridis Judson Woods 1-800-937-3095 Herbert Lanzet/DeeDee Lanzet H.L. Lanzet, Inc. (212) 687-0061
To request a free copy of this organization's annual report, please go to www.newswire.ca and click on reports@cnw. |
