To: Mama Bear who wrote (19116 ) 3/10/1999 1:27:00 PM From: surelock Respond to of 122087
HBCO: gag me with a spoon....let's hope they can give it another run. NEW YORK (March 10) BUSINESS WIRE -March 10, 1999--Hungarian Broadcasting Corporation (Nasdaq: HBCO) (the 'Company') has announced that it has signed an exclusivity agreement with CDKnet,LLC, ('CDKnet') (a wholly owned subsidiary of CDKnet.com) (OTCBB: CDKX) a leading internet software technology developer. Its flagship technology, CDKTM, is an interactive, multimedia technology that links music, video and the Web on a single CD. Under the terms of the agreement, HBC will market, promote, and advertise a new HBC website where HBC will sell, through use of the CDKnet proprietary technology, Music Video CD's for which HBC will provide licensed content from major and independent labels throughout central and eastern Europe. HBC has been granted exclusivity by CDKnet for Hungary with the right of first refusal for exclusivity for the regions of central and eastern Europe. By allowing the end user to choose from a wide selection of music and music video titles within its database, the website will give the end user the ability to fully customize and personalize a CD to his/her liking. HBC will keep all advertising revenues associated with its website, while product sales revenues will be shared with CDKnet. Commenting on the agreement, Mr. Offer Assis, HBC's president and CEO, stated 'I am very excited that we have entered into this marketing partnership with CDKnet. As HBC already broadcasts MTV Networks Magazine and an Interactive Music Box Video programming to its viewers, the Company's partnership with CDKnet represents an ideal and unique combination of an Internet company coupling with a TV broadcasting company. As HBC already reaches CDKnet's intended target market, the Company will be able to provide its new website with premium television advertising throughout the regions to which it already broadcasts. While it is among HBC's initial forays into the Internet world, we plan to show a strong presence on the Internet and bring additional revenues to the Company through this new medium.' Hungarian Broadcasting Corp. is a satellite-to-cable television broadcaster and media services company with four stations in Central and Eastern Europe with current total broadcasting reach of 13 million viewers. MSAT and SZIV currently reach about 39% of the television households in Hungary; the company's Galaxie TV Network in the Czech Republic currently reaches about 30% of the television households in the Czech Republic and MAC TV is expected to reach approximately 41% of television households in Slovakia. In addition, HBCO supplies film production services in Hungary. Operating with new management since January 1998, the Company has followed an aggressive growth strategy through acquisitions, joint ventures and marketing initiatives, including agreements with Nickelodeon and MTV Networks.