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Technology Stocks : Innovacom (MPEG), [announced single chip MPEG-2 encoder] -- Ignore unavailable to you. Want to Upgrade?

To: Tim Gaines who wrote (5412)	5/12/1998 5:02:00 PM
From: DiViT	Read Replies (1) \| Respond to of 6297

A real illusion... But they own Sierra Vista Entertainment which should help... SIERRA VISTA ENTERTAINMENT, INC. Sierra Vista Entertainment, Inc.("Sierra Vista") was incorporated under the laws of Nevada on April 3, 1996, for purposes of engaging in the production of television or theatrical feature films. Sierra Vista intends to produce feature motion pictures with a production budget of between $1 million and $5 million per film. The Company and Sierra Vista entered into a Plan and Agreement of Reorganization ("Reorganization") in which the Company acquired 100% of Sierra Vista's issued and outstanding common stock in exchange for 8,514,500 shares of Common Stock of the Company. Upon consummation of the Reorganization, Sierra Vista became a wholly- owned subsidiary of the Company. As a condition of the closing of the Reorganization, certain shareholders of Sierra Vista who held, in the aggregate, approximately 5.5 million shares of Sierra Vista voting common stock entered into a voting agreement with Mr. Koz who then owned approximately 4.9 million shares of Common Stock of the Company. Pursuant to the voting agreement the parties agreed to nominate six directors of the Company, three of which to be nominated by Mr. Koz and three of which to be nominated by Sierra Vista shareholders. Currently, Mr. Koz and one other shareholder are subject to the voting agreement. Further as a condition of the closing to the Reorganization, Sierra Vista was required to raise $3 million, which was used by the Company for working capital upon consummation of the Reorganization. Sierra Vista also arranged for a $5 million Credit Facility which has been used by the Company for working capital. Sierra Vista employs three full-time employees and is currently seeking financing to produce one motion picture. However, Sierra Vista is dependent on the Company for its working capital and has been limited in its production activities due to the financial constraints of the Company. As the Company continues to expend resources on the development of its systems and products, management anticipates re-evaluating the propriety of continuing Sierra Vista's production activities. No assurance can be given that the Company will continue Sierra Vista's production activities in the future. Remember this? dvimpact.com SIERRA VISTA ENTERTAINMENT, INC. AND PHASE 1 PRODUCTIONS TO CO-PRODUCE "KID GENIUS" FEATURE BEVERLY HILLS, CALIF.--Feb. 23, 1998--Sierra Vista Entertainment, Inc., a division of InnovaCom, Inc., (OTC/BB:MPEG) and Phase I Productions, LLC, have signed a deal to co-produce "Kid Genius", a feature film based on an original screenplay by playwright Joseph James Guzzo. And this one? Message 1612155 InnovaCom division projects $40 million in revenues SANTA CLARA, Calif.--(BUSINESS WIRE)--June 18, 1997--Six feature-length movies are scheduled for production during the next 18 months by Sierra Vista Entertainment, the Los Angeles-based film production division of InnovaCom, Inc. (OTC/BB: MPEG). Mark C. Koz, InnovaCom chairman and president, said projected revenues from the film productions will reach $40 million, with margins approaching 20 percent. In addition, one of the upcoming productions, ''Reel Illusion,'' Koz said, will be one of the first films scripted and planned for DVD distribution, ''utilizing much of the DVD digital video compression technology we are developing in our Santa Clara labs.'' Dave (it was too quiet here)