(PR NEWSWIRE) Entertainment International Ltd. Signs Letter of Intent to A
Entertainment International Ltd. Signs Letter of Intent to Acquire Trans
Continental Media, Inc.
ORLANDO, Fla., May 11 /PRNewswire/ -- Entertainment International Ltd.
(OTC Bulletin Board: ENTI) announced today that as part of its diversification
strategy it has signed a letter of intent to acquire Trans Continental Media,
Inc. (TCM). ENTI intends to close this transaction by the end of May, 1999
subject to the negotiation and execution of a final definitive agreement.
Financial terms of the transaction were not disclosed at this time.
TCM is responsible for the creation and development of music and
entertainment-related web sites, including sites for such widely acclaimed
acts as the Backstreet Boys, 'N Sync, C Note, LFO, Take 5, Innosense, and
Chippendales. TCM's web sites are among the most accessed on the Internet. The
New York Times ranked www.nsync.com as the 6th most popular Internet
destination among children ages 2-11 (New York Times, Circuits Section,
Thurs., Feb. 18, 1999) placing it in the company of web sites for Nickelodeon
and The Cartoon Network. TCM provides Internet web site development, hosting,
management, marketing, and promotions. In addition, TCM provides public
relations and promotional support to its clients in order to enhance the
client's name recognition and generate revenue from its clients' web sites
through advertising and e-commerce. TCM specializes in utilizing its clients'
web sites and name recognition to develop intellectual properties in the
format of demographic information that is used to create targeted marketing
and other venues for commerce. TCM provides access to over 2 million hits per
day of Internet traffic through the web sites it provides for its clients.
Mr. Louis Pearlman, Chairman of ENTI, declared that, "This acquisition
presents ENTI with an opportunity to align itself with, and capitalize from,
some of the hottest names in the entertainment industry. Upon completion of
the acquisition, ENTI will focus on generating revenue through e-commerce and
other Internet related profit centers."
Trans Continental Airlines, Inc., is a major shareholder in Entertainment
International and is affiliated with TCM and Trans Continental Records, Inc.
which is responsible for music sensations Backstreet Boys and 'N Sync, among
other musical acts. Mr. Pearlman, president of Trans Continental Airlines and
Trans Continental Records, will remain the chairman, president and CEO of
ENTI. Pier Bjorklund and Jay Marose, both vice presidents of TCM are expected
to stay on in their roles of marketing and public relations, respectively.
This release contains forward-looking statements relating to the
development of Entertainment International Ltd.'s products and services and
future operating results, including statements that are subject to certain
risks and uncertainties that could cause actual results to differ materially
from those projected. The words "believe," "expect," "intend," "anticipate,"
variations of such words, and similar expressions identify forward-looking
statements, but their absence does not mean that the statement is not forward-
looking. These statements are not guarantees of future performance and are
subject to certain risks, uncertainties and assumptions that are difficult to
predict. Factors that could affect the Company's actual results include
relationships with affiliates, market acceptance of its products and services,
competition and rapid technological change. A more detailed description of
certain factors that could affect actual results include, but are not limited
to, those discussed in the Company's Annual Report on Form 10-K. Readers are
cautioned not to place undue reliance on these forward-looking statements,
which speak only as of the date of this release. Entertainment International
Ltd. undertakes no obligation to update publicly any forward-looking
statements to reflect new information, events or circumstances after the date
of this release or to reflect the occurrence of unanticipated events.
SOURCE Entertainment International Ltd.
-0- 05/11/99
/CONTACT: Scott Bennett of Entertainment International Ltd.,
407-351-0011/
/Web site: csgm.com
(ENTI)
CO: Entertainment International Ltd.; Trans Continental Media, Inc.
ST: Florida
IN: ENT
SU: TNM
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