Here is the news I promised.
Gary
FOR IMMEDIATE RELEASE
September 21, 1998
Contacts: nvxe@newvisual .com
New Visual Entertainment
(888) 639-8478
NEW VISUAL ENTERTAINMENT, INC. ACQUIRES
BRUCE AUSTIN PRODUCTIONS / BAP STUDIOS
Burbank, CA - Ray Willenberg, Jr., President/CEO of New Visual Entertainment, Inc. (NVXE-OTC:BBS) is pleased to announce the company has completed the acquisition of Bruce Austin Productions (BAP), which includes Bruce Austin Interactive and BAP Studios.
After many months of reviewing and appraising potential Merger and Acquisition candidates, the company has acquired a full service production, post-production, and multi-media studio with more than 25 years experience and proven track record in the entertainment industry. Terms of the already complete acquisition call for purchase of 100% of Bruce Austin Productions' assets and revenues in exchange for nvxe common stock.
The acquisition will cause New Visual to relocate to the BAP facility in Burbank near Disney, Warner Bros. and Universal Studios. BAP Studios is a modern full service film and video production and post production house specializing in filling the needs of major companies such as Twentieth Century Fox, MGM/UA Television, as well as, the independent producer. The company also reports that other satisfied clients include Walt Disney Studios, Playboy, General Motors, Pepsi-Co, The Gap, Taco Bell, ShowTime and TBS (Currently on TBS is BAP's production of "Dinner and a Movie", which airs on Friday at 8:05 PM EST). In addition to the full scale digital (AVID) and analogue edit bays owned by the company, the facility also offers an impressive soundstage featuring a 3-wall psych and full lighting grid.
The company was founded in 1973 by Bruce Austin whose critical acclaim has garnered multiple awards and Emmy nominations as cameraman, editor, and producer. The company reports that a major strength of BAP Studios may be found in its talented team of production and post/edit engineers, which allow the company to operate with creative and technical expertise and efficiency.
Additionally, Mr. Austin's passion for technology and high-tech entertainment, has driven him to the establishment of BAPI, wherein he has developed successful computer games including the first edutainment title using 3D, "Sonic's Schoolhouse", which was released by Sega, and "Bloodwings", which was released by Electronic Arts in partnership with Orion Interactive. "Bloodwings" received critical acclaim in Computer Player magazine and CD-ROM Today. Bruce has also worked with the legendary British 3D expert, Leslie Dudley, in the early 70's.
The interactive branch is currently prototyping its first game for Sony Play Station. Similar to that of New Visual founders, Austin has allowed his passion for 3D to drive his company into undeveloped markets, as Bruce Austin Interactive takes its experience in 3D gaming technology into the educational training field to offer low cost, lifelike flight simulators. The company reports that other satisfied BAP clients include Walt Disney Studios, TBS, Playboy, General Motors, Pepsi-Co, The Gap, and ShowTime.
"It feels real good for us right now, knowing we finally have to tools to develop our ideas for mainstream 3D and jump start the company with revenues", states Ray Willenberg, Jr. , President of New Visual. "We thought we were here before with other entities, and, though we were disappointed with those results at the time, we're now thankful that our patience has been rewarded", he continues. "The opportunity to work with Bruce on the post/edit phases of our Belize film really turned out to be a blessing", he concludes.
Also expressing his enthusiasm for the agreement , Mr. Austin adds, "We were so impressed with the results of their recent 3D shooting in Belize, that I was convinced that the combination of their talents and unique technology with our facilities and experience, would ultimately create a more complete and cutting-edge entertainment enterprise".
New Visual Entertainment, Inc. is a true stereoscopic 3D production company that specializes in 3D product development and distribution for special venue theaters, home video, broadcast, and theatrical markets by utilizing patented technology for the creation and exhibition of 3-dimensional media.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Statements in this news release looking forward in time involve risks and uncertainties, including the risks associated with the effect of changing economic conditions, trends in the products markets, variations in the Company's cash flow, market acceptance risks, technical development risks, seasonality, and other risk factors detailed in the Company's Securities and Exchange Commission filings.
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