ATHM signs distribution agreement with Brilliant Digital (BDE).
This is huge news for BDE. Check out its thread.
LOS ANGELES--(BUSINESS WIRE)--May 12, 1999-- Brilliant Digital Entertainment (AMEX:BDE - news) announced today that several unrelated investors have purchased 18 percent of the company's outstanding stock for $4.3 million in cash in a private transaction.
The private investors include Prince Ahmad Bin Khalid Al Saud; entities associated with Tim Helfet, president and CEO, Rysher Entertainment; Martin Schuermann, U.S.A. representative of CLT-UFA; Brent Cohen, formerly president, Packard Bell NEC; and Barry Baeres, president of the German media group, Intertainment Aktiengesellschaft. These investors increase Brilliant's base of shareholders and provide the company with important contacts in the entertainment and content distribution industries. Prince Ahmad has a right to representation on the company's Board of Directors.
Mark Dyne, Brilliant Chairman and CEO, said, ''We are pleased at the recognition Brilliant is receiving for our technology and digital content library. This new investment package, together with valuable experience brought to the Company by these individuals, will help us advance our growth strategy for delivering next generation entertainment over the Internet and other broadcast mediums and to proceed with planned acquisitions. Brilliant is well positioned at the crossroads of converging media to take advantage of the expected surge in demand for online entertainment. We intend to capitalize on our strengths as a provider of e-commerce related programming to the Internet and television broadcast markets.''
Brilliant Digital Entertainment, a leading interactive entertainment content and tools developer, is the production studio responsible for creating Multipath Movies (http://www.multipathmovies.com), distributed over the Internet, on CD-ROM and DVD as television programming and for home video. Brilliant's next generation digital movies are developed using B3D Studio. Brilliant's B3D proprietary, technologically advanced software tools allow programmers to create three-dimensional digitally animated stories, each with multiple user-influenced plot alternatives or paths that lead to a variety of distinct conclusions.
Brilliant Digital Entertainment has alliances to distribute its products via the Internet's World Wide Web, CD-ROM and DVD with @Home, Packard Bell NEC, British Telecom, DVD EXPRESS, Kesmai's GameStorm, Mediadome, GT Interactive, Kaleidescope Group and SlingShot.
Brilliant Digital Entertainment holds content license agreements for numerous studio characters, including Ace Ventura (Morgan Creek Productions), KISS, Popeye (King Features), Superman (DC Comics) and Xena (Universal Studios). Brilliant also has exclusive worldwide interactive rights to the Bantam Doubleday Dell Books for Young Readers ''Choose Your Own Adventure'' series of interactive books.
Brilliant Digital Entertainment is headquartered in Los Angeles, Calif. and has offices in Bondi Junction, Australia and Middlesex, England.
Statements in this news release that relate to future plans, financial results or projections, events or performance are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Forward looking statements include the Company's statement that the investments announced today will help the Company advance its growth strategy for delivering next generation entertainment over the Internet and other broadcast mediums and to proceed with planned acquisitions. Actual results may differ materially due to a variety of factors. Although the Company is currently in discussions and performing due diligence relating to a possible acquisition, there can be no assurance that such discussions will lead to any acquisition or that any acquisition, if consummated, will be beneficial to the Company. Other risks assosciated with acquisitions are desctibed in the Company's most recently filed Annual Report on Form 10KSB. There are also a number of risks associated with the ability of the Company to implement its growth strategy of delivering next generation entertainment over the Internet and other broadcast mediums including, (i) the negotiation and/or implementation of Internet distribution and marketing arrangements which are not certain of success, (ii) overcoming consumer reluctance to initiate large downloads over currently prevalent low bandwidth Internet connections, (iii) the ability of the Company to predict consumet trends and tastes, and (iv) many other risks described in the Company's most recently filed Form 10-KSB report and 10-QSB report. If Brilliant does not succesfully implement itsgrowth strategy, Brilliant's results will be materially adversely affected. Copies of the Company's most recently filed Form 10-KSB report and 10-QSB report and are available from Brilliant Digital Entertainment's Investor Relations department and may be obtained by calling or writing to our investor relations company, Jaffoni & Collins at 212-835-8500 or bde@jcir.com.
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