To: dave todd who wrote (249 ) 12/11/1998 1:05:00 PM From: stockguy Respond to of 472
TEL-COM WIRELESS CABLE TV CORP. ANNOUNCES TODAY'S LAUNCH OF IVAN Bloomberg a Trump's 5th Avenue Channel.com Business and Entertainment Editors/Computer Writers MIAMI--(BUSINESS WIRE)--Dec. 11, 1998--Tel-Com Wireless Cable TV Corporation (Nasdaq:TCTV) 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. © Copyright 1998, Bloomberg L.P. All Rights Reserved.