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To: Taki who wrote (58243)	8/7/2000 9:05:49 AM
From: Patricia Meaney	Read Replies (1) \| Respond to of 150070

PENC news >>>Pen Interconnect Signs Merger Agreement With perFORMplace, The New York/Santa Mo /FROM PR NEWSWIRE LOS ANGELES 213-626-5500/ TO BUSINESS AND ENTERTAINMENT EDITORS: Pen Interconnect Signs Merger Agreement With perFORMplace, The New York/Santa Monica Internet Entertainment Services Company IRVINE, Calif. and NEW YORK, Aug. 7 /PRNewswire/ -- Pen Interconnect, Inc. (OTC Bulletin Board: PENC) (www.Pen-Interconnect.com) announced today that it has signed a Merger Agreement with perFORMplace (www.perFORMplace.com), the New York City/Santa Monica, Ca. based online creative and management resource center for the entertainment industry. The agreement must be ratified by Pen Interconnect shareholders at a meeting to be scheduled in the near future. However, the two companies will immediately begin to combine their resources and personnel in anticipation of an affirmative shareholder vote. The signing follows a lengthy period of due diligence, vendor negotiations and completion of the necessary interim financing documents. "This is an enormously important day for Pen Interconnect. The merger with perFORMplace gives us significant new life," said Stephen Fryer, Pen Interconnect President and CEO. "We appreciate our shareholders who have waited patiently for us to complete this agreement." Mr. Fryer will serve as Chairman of the newly merged company and T.A. Mercurio will be CEO. perFORMplace is a business-to-business Internet company operating as a full applications service provider (asp). It is focused on becoming the global online creative and management resource center for the entertainment industry including motion pictures, television, multimedia, recording, commercial and live performances. "This company meets our requirements as a merger partner because of its potentially rapid expansion through specific product services, its identifiable immediate profit potential, and its focused major market penetration," Mr. Fryer said. perFORMplace is the first and only Web based resource company of its kind to establish an online site to facilitate the electronic processing of union contracts for entertainers. Its management is closely aligned with the entertainment industry, and affiliated unions, and therefore in touch with the needs of automation within the industry. The principals of perFORMplace are T. A. Mercurio, President and CEO, who is an entrepreneur and former CEO of Theatrical Investors International, and Tom Nilsen, COO, with a 20-year career in the business affairs departments of two major companies in the music industry including most recently as Senior Vice President of PolyGram Records. "The merger with Pen Interconnect allows us access to public money, which will accelerate our growth," Mr. Mercurio said. "We continue to move forward with development of our proprietary software at a brisk pace and we anticipate revenues in the late fourth quarter of the current calendar year or shortly thereafter." VISIT THE PEN INTERCONNECT WEB SITE AT pen-interconnect.com (The statements contained in this news release that are not purely historical are forward-looking statements that may involve risks and uncertainties. The Company's actual results may differ significantly from the results contained in the forward-looking statements.) SOURCE Pen Interconnect, Inc. /CONTACT: Stephen Fryer, CEO of Pen Interconnect, Inc., 949-261-3118/ /Web site: performplace.com /Web site: pen-interconnect.com Aug-07-2000 11:45 GMT Symbols: US;PENC Source PRN PR NewsWire Categories: NWR/CA NWR/NY NWI/ENT NWI/MLM NWS/TNM<<<