5th Avenue Channel Announces It has Terminated Its Television Distribution Agreement With PAX TV.Business & Entertainment Editors NORTH MIAMI, Fla.--(BUSINESS WIRE)--Dec. 21, 2001 5th Avenue Channel Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FAVE fave Informal n. One that is preferred above others or likely to win; a favorite. adj. Favorite. [Short for favorite.] ) announced today that PAX TV notified, its majority owned subsidiary, 5th Avenue Channel Shopping, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("LLC") it was in default of the payment terms of their Agreement and terminated the television distribution Agreement between the LLC and PAX TV effective on December 18, 2001. Since then the LLC has ceased broadcasting its only TV home shopping show on PAX TV via DirecTV and the DISH Network. About 5th Avenue Channel FAVE has a majority equity interest in a television home shopping channel, 5th Avenue Channel Shopping, LLC). 5th Avenue Channel Corp. common stock is traded on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. under the symbol FAVE. For more information, visit http://www.5ac.com The statement and matters discussed in this press release are forward-looking and are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that these forward-looking statements reflect numerous assumptions and involve risks and uncertainties that may affect 5th Ave. Channel Corp. and it's subsidiaries business and prospects and may cause actual results to differ materially from these forward-looking statements. Among the factors that could cause actual results to differ are 5th Avenue's operating history; competition; low barriers to entry; reliance on strategic relationships; rapid technological changes; inability to complete transactions on favorable terms; and those other risks discussed in the Company's filings with the SEC. |
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