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Entertainment Technologies & Programs, Inc. (OTC:ETPI) is a fully integrated entertainment and amusement gaming company and the ONLY government approved supplier of entertainment services on US military bases worldwide. The Company has been awarded an Air Force Non-Appropriated Funds License, which allows the company to obtain contracts from the military without competitive bidding. It is now expanding into the civilian market place. The original Company was founded in 1978 and was restructured in 1996. In 1997, ETPI became a PROFITABLE enterprise and is expected to maintain a solid rate of growth. For the first NINE MONTHS of FY 1997, the Company recorded a profit of $.01 per share, based on revenues of $4.4 million. As of September 30, 1997 there were 22 million shares outstanding with 5.2 million in the public float. News was released today announcing the acquisition of Hero's Family Fun Center. Hero's has yearly revenues of more than $5 million and brings land, facilities and other assets of over $3 million, with but $400,000 in debt. Hero's operations generated $1.7 million in yearly earnings. The acquisition was conducted through the issuance of 1.5 million shares of restricted stock. The acquisition today will produce a 7% increase in the outstanding shares to approximately 23.5 million shares, but a near DOUBLING of assets, book value, and annual revenue. Most importantly, this acquisition is expected to produce a nearly SIX FOLD increase in earnings. ETPI's operating entities offer tremendous synergy and consist of the following five divisions: o NiteLife Entertainment, which installs and operates entertainment systems in nightclub facilities on US military bases world-wide; o Performance Sound & Light, which provides catalog sales of sound and light equipment to civilian and military markets; o Just Games, which is an amusement equipment installation and operation entity; o Dynamic Image, which designs and constructs entertainment facilities and restaurants; o Vision Quest Production, which designs, plans, promotes and produces live performances and entertainment booking in both military and civilian markets. With this acquisition, ETPI is poised to take off into the civilian market, armed with an impressive track record of performance in the military arena. As always, everyone should make their own decisions after completion of their own Due Diligence. Point of Contact: Pete Cahill, Investor Relations 281-486-6061 | ||||||||||||||
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