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Payforview.com, ITV.Net Sign Letter of Intent Re: Joint Venture Agreement for Development of Internet Film Viewing Technology Payforview.com Announces Two for One Split on Outstanding Shares CARSON CITY, Nev.--(BUSINESS WIRE)--Jan. 12, 1999-- Payforview.com (''Payforview'') (OTC BB:PAYV - news) is pleased to announce the signing of a Letter of Intent with Los Angeles, California based ITV.Net to enter into a Joint Venture Agreement for the development of proprietary technology for the distribution of Filmed Entertainment online, and plans for a two for one forward stock split. The Letter of Intent states that ITV.Net will provide technical expertise and other technical resources as necessary to provide Payforview's content asset management, e-commerce and Webcasting. ITV.Net's video-server Network will be utilized as the delivery mechanism. ITV.Net has developed unique, proprietary technology which has the ability to provide Payforview with a substantial lead in it's time to market and realization of it's corporate goals. The Letter of Intent also states upon execution of a satisfactory agreement, ITV.Net will provide Payforview with an exclusive use of it's technologies for Internet based On-Demand usage, solely in the entertainment arena. Marc Pitcher, President of payforview.com, says ''An agreement with ITV.Net would give Payforview the ability to begin broadcasting films almost immediately.'' ''ITV.Net has the technical ability to deliver our content effectively and reliably. It has also developed proprietary technology to manage broadcast streams in real time, and allow us to access important information about the streaming files we distribute. They've created an excellent management system.'' Pitcher continued, saying, ''The agreement with ITV.Net will allow us to begin distributing content online as soon as the content is digitized and our subscriber interface is complete. We anticipate being able to broadcast sample clips on a uni-cast, per-view basis in about 60 days. Potential subscribers will be able to choose samples in the same way they would choose full movies. We are confident subscribers will be very pleased with the quality of the image'' Founded in 1995, ITV.Net was one of the first Webcast providers dedicated to making the Internet a viable broadcast medium for entertainment, business and education. ITV.Net has undertaken groundbreaking work to help organizations such as Digital Equipment, Microsoft, Apple Computer, and others broadcast successfully on the Internet. ITV.Net has webcast events to some of the largest ever Internet audiences, including the launch of the U2 World Tour, Grammy and Tony Awards, Cannes Film Festival, David Bowie Concerts and Broadway plays and Sporting Events. Payforview.com Approves Stock Option Plan Payforview.com wishes to announce further that, effective January 7th, 1999, it has approved the granting of incentive stock options, to the benefit of certain of it's directors and officers, consisting of options to purchase 1,000,000 shares in it's capital stock, for a two year period at $1.00 U.S. per share. Payforview.com Stock to Forward Split Two for One Payforview.com is also pleased to announce that effective at the close of trading Friday, January 15, 1999, all outstanding company stock will be forward split on a two for one basis. Each single share in payforview.com will be exchanged for two new shares in the company. Payforview.com is an Internet based entertainment company which intends to distribute movies and other filmed entertainment direct to viewers on a pay-for-view and retail basis. Through the purchase of Voyager International Entertainment on January 4, 1999, payforview has acquired the Internet broadcast and DVD (Digital Video Disk) rights to an extensive, 1400 film library. The library consists of many popular and marketable films, including over 60 Charlie Chaplin and Buster Keaton shorts, classic animation, 12 John Wayne Films, over 20 Bruce Lee films and a variety of movies from the 60's, 70's and 80's featuring Jack Nicholson, Joe Pesci and many others. Additionally, Payforview.com intends to negotiate with other content providers and distributors to acquire the Internet broadcast and DVD rights to other films. ON BEHALF OF THE BOARD OF payforview.com Marc A. Pitcher President For Further Information, Contact: Investor Relations 1-800-545-7214 Fax 604-688-9519 email: invest@payforview.com or web: payforview.com Questions or Comments? | ||||||||||||
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