5th Avenue Channel Corp. Purchases Pandacus.Com Internet Portal Focused on the Italian Market.Business Editors NORTH MIAMI North Miami, city (1990 pop. 49,998), Dade co., SE Fla., a growing suburb of Miami, on Biscayne Bay; inc. 1926. It is mainly residential, but has considerable retail development. Manufactures include boats, wooden furniture, and aluminum products. , Fla.--(BUSINESS WIRE)--Nov. 24, 2000 5th Avenue Channel Corp. (Nasdaq:FAVE fave Informal n. One that is preferred above others or likely to win; a favorite. adj. Favorite. [Short for favorite.] ) a Florida based television, Internet and retail company and owner of both the Net Financial News(TM) television program and its companion web site, NFN NFN Native Forest Network NFN Nederlandse Federatie van Naturistenverenigingen NFN Normal for Norfolk NFN No First Name (forms completion) NFN NGO Federation of Nepal NFN Naval Fires Network NFN National Fiber Network, Inc. .com, has purchased from Bezenet, Inc., a Florida corporation, 100% ownership of Be-Ze, Inc., Pandacus, Inc. and all rights associated with pandacus.com and be-ze.com URLs for consideration of 5th Avenue's management of the business and paying Bezenet, Inc. a 20% share of two-years' future revenue from the sale of My City.com web services (1) Loosely, any online service delivered over the Web. Such usage appears in articles from non-technical sources, but not in IT-oriented publications, because definition #2 below describes the correct use of the term. generated on pandacus.com and be-ze.com . Bezenet, Inc. with interests in real estate, hotel management and Internet operations selected 5th Avenue Channel because of its Internet management experience and facilities for website video enhancement as exhibited in its own financial website www.nfn.com. Mel Rosen, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of 5th Avenue stated that, "This purchase gives 5th Avenue Channel the benefits of the large advertising and promotion campaigns for these websites conducted in Italy as well as the contract with MyCity.com for the territories of Italy and Canada. The Be-Ze brand gives us an economical and rapid way of kick starting 5th Avenue's entry into the European market while creating an additional venue showcasing the "videoizing" ability of 5th Avenue's Net Video Networks division." About the 5th Avenue Channel 5th Avenue Channel Corp., through its Net Video Networks division, is creating and aggregating television and video content available through streaming on-demand form on the Internet. The company owns financial news programming, Net Financial News (TM), and operates a wireless cable system in Wisconsin and 5th Avenue Channel Retail, Inc. a business-to-business sales division that sells products to mass market retailers across the country. This press release contains statements that 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. When used in this press release the words "believes," "plans," "estimates," "expects," "intends," "anticipates," "may," "will," "should," "could," and other similar expressions are intended to identify forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . All forward-looking statements are based largely on current expectations and beliefs concerning future events that are subject to substantial risks and uncertainties. Actual results may differ materially from the results suggested herein. 5th Avenue Channel's actual results may differ materially from the results discussed, implied or forecasted in the forward-looking statements. Further information on the factors that could affect the actual results of 5th avenue Channel Corp. are included in its report on Form 10-KSB for the year ended December 31, 1999, and the most recent form 10QSB QSB Fading QSB Qualified Small Business (IRS category) QSB Queen Street Backpackers (Auckland, New Zealand) QSB Quality System Basics QSB Qualified Supplemental Benefit QSB Quantum Singleton Bound for the quarter ended September 30, 2000, which are on file wit the Securities and Exchange Commission. 5th Avenue Channel Corp. assumes no obligation to revise or update any forward-looking statements contained in this press release. |
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