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Microcap & Penny Stocks : IRAE - Another sucker fish ??? -- Ignore unavailable to you. Want to Upgrade?

To: wombat who wrote (153)	8/21/1998 12:48:00 PM
From: Steve Rundel	Read Replies (1) \| Respond to of 162

International Resorts and Entertainment's Board Ratifies Sales Agreement PR Newswire - August 21, 1998 11:26 ORLANDO, Fla., Aug. 21 /PRNewswire/ -- In an effort to focus entirely on its "entertainment business", International Resorts and Entertainment Group's (OTC Bulletin Board: IRAE) Board of Directors met on August 7, 1998 and ratified a sales agreement dated June 1, 1998 selling back the Vacation Club rights it purchased a year ago from NIAR. The terms of the sell-back deal would pay IRAE $1,000,000 payable in weekly installments from Vacation Club sales. Recently, International Entertainment Group, Inc. and International Music Group, Inc., two subsidiaries owned by IRAE, have changed their names to Raven Moon Entertainment, Inc. and Raven Moon Music, Inc. in anticipation of a planned merger with a reporting company within 60 days. Currently, Raven Moon Music and Raven Moon Entertainment, Inc. are engaged in three major entertainment projects" 1. "TEAM AMAZON" -- Led by Hollywood screenwriter Katheryn Powers, whose credits include Charlie's Angels, Fantasy Island, Falcon Crest and Star Gate currently on the Show Time network, is underway. Designed for teens and young adults in the tradition of the highly successful series Buffy The Vampire Slayer, Raven Moon Entertainment along with its creators of the series own all of the production, merchandising and licensing rights to the project. 2. "THE TRANSISTOR SISTERS" -- A singing group/TV animated series currently in production is designed for one to four year olds, a market that could generate very substantial revenues to the company for licensing and merchandising. 3. "DAVE TREZAK AND THE VILLAGE OF MANY TRIBES" -- Raven Moon Music, Inc. has just completed production of Dave's debut CD called "Save The Land," which is ready for distribution. Conceived, developed and produced by Emmy Award- Winning producers Joey and Bernadette DiFrancesco, this Artist is on the cutting edge of a new musical trend of Native American music as reported by the July 23, 1998 issue of USA Today and the July 25, 1998 issue of Billboard Magazine. "We will be marketing this Artist to Indian casinos," stated Joey DiFrancesco, "in the same manner that Yanni's new-age concerts generated thirty-seven million dollars in gross revenues in only 92 concert dates this year alone. Three-time Emmy Award Winning costume designer Raymond Hughes of London has been chosen to design the costumes for the live Las Vegas Indian casino production. 4. Although IRAE's business will consist entirely of entertainment projects, the company has obtained a small percentage as a finders fee for ten years to be generated by the Costa Rica Lottery, which was planned to begin in August but now has been extended to begin in October. Although this was just an "add-on" project, this percentage could generate a substantial windfall for the company once the project gets underway. This release contains "forward-looking statements" that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that in known and unknown risks, uncertainties and other factors may cause actual results, performance or achievements of International Resorts and Entertainment Group, Inc., to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. There can be no assurance that any of the business dealings described in this release will commence, or if commenced, that it will be completed, or if completed, that they will be successful. SOURCE International Resorts and Entertainment, Inc. /CONTACT: Joey DiFrancesco, International Resorts and Entertainment, 407-805-9131/ (IRAE) -------------------------------------------------------------------------------- IRAE %ENT %OTC V%PRN P%PRN