Entertainment International Ltd. Intends to Acquire Trans Continental

Back - Index - Submissions - - What is RSS? Date: May 12, 2099 Source: Entertainment International Ltd. Submitted By: a href Tuesday May 11, 5:00 am Eastern Time Company Press Release 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 - news) 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. Comment on this item. Next Item: BSB #1 on MTV's Total Request Live Prev Item: Backstreet Boys To Host Press Conference