PRESS RELEASE JUST OUT
MIAMI--(BUSINESS WIRE)--Dec. 11, 1998--Tel-Com Wireless Cable TV
Corporation (Nasdaq:TCTV.O) announced today that its
5thAvenueChannel.com Internet shopping portal site has launched. The
new site offers over 2 million product SKUs from over 700 brand name
and quality manufacturers making it one of the largest self-contained
shopping sites on the Internet. In addition to its vast product
offerings, 5thAvenueChannel.com also serves as a portal into hundreds
of the best resources the Internet has to offer, including access to
the stock exchanges of the world.
Ivana Trump, Chairman of the Board of TCTV's 5th Avenue Channel,
Inc. subsidiary stated: "The opening of our new Web site today is the
first in a series of steps to build what we feel will be one of the
finest luxury lifestyle sites on the Internet. We will offer timely
news and financial information, tips on travel and cultural events
around the world and, of course, the best shopping for both high-end
and consumer products and services."
The new site is designed to operate as a very large department
store, rather than as an "Internet Mall" which links to other
e-commerce sites in exchange for a small "affiliate referral" fee. 5th
Avenue's initial product categories include toys, home furnishings,
sporting goods, bridal registry gifts, decorative items, fashion
accessories and many others, shipped directly from the manufacturer or
retailer to the customer.
Mel Rosen, President & CEO of TCTV, commented: "In the past 18
months, TCTV has gone from its roots as a wireless cable TV company to
one which is, as of today, operating one of the largest stores on the
Internet. Although TCTV has launched its 5th Avenue Channel.com site
today, in part to take advantage of the 1998 holiday season, I can say
that, without question, TCTV is building a company which expects to
establish its market niche early and plans to develop that niche over
many years, and many holiday seasons, to come."
Ivana Trump will host the company's new 5th Avenue Channel, a
luxury lifestyles television channel which will air business
programming in its "5th Avenue Financial" segments; fashion shows,
travel and other lifestyles programs; and shopping opportunities,
including shopping sprees on 5thAvenueChannel.com. Club 5th Avenue
members will be offered, on television and through the Internet,
special shopping opportunities, travel bargains and frequent buyer
benefits.
In addition to its controlling interest in The 5th Avenue
Channel, Inc., TCTV is a provider of wireless cable and satellite
television and other programming for residential and commercial
customers.
In its 10Q filed for the fiscal third quarter ended September 30,
1998, TCTV reported that it has 8,825,143 shares of common stock on a
fully diluted basis. This amount consists of 4,093,143 shares issued
and outstanding (a portion of which is owned by officers and directors
or is otherwise restricted stock) plus 4,732,000 restricted shares
which will be issued to Mel Rosen in the first quarter of 1999
pursuant to the conversion of his convertible debenture. Mr. Rosen has
signed a lock-up agreement with respect to those shares to be issued.
In addition, the company has outstanding 2.2 million warrants issued
in its 1995 IPO.
Forward-looking statements (statements which are not historical
fact) in this release are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. Investors are
cautioned that all forward-looking statements involve risks and
uncertainties, including those risks and uncertainties detailed in the
company's filings with the Securities and Exchange Commission.
--30--cp/mi*
CONTACT: Tel-Com Wireless Cable TV Corporation, Miami
Samuel H. Simkin, Vice President & General Counsel
(305) 947-3010
(305) 919-8154
KEYWORD: FLORIDA
INDUSTRY KEYWORD: COMED INTERACTIVE/MULTIMEDIA/INTERNET
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