5th Avenue Channel Corp. to Acquire $3,000,000 of Commercial Real Estate Assets in Exchange for 3,000,000 Restricted Shares of 5th Avenue.Business Editors NORTH MIAMI, Fla.--(BUSINESS WIRE)--Dec. 18, 2000 5th Avenue Channel Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : FAVE fave Informal n. One that is preferred above others or likely to win; a favorite. adj. Favorite. [Short for favorite.] ) has accepted an offer from Bezenet, Inc., the licensee of the Company's integrated video streaming technology in the territory of Italy to purchase 3,000,000 shares of restricted Company stock in exchange for certain commercial real estate with a value in excess of $3,000,000 as determined by an independent public appraiser A person selected or appointed by a competent authority or an interested party to evaluate the financial worth of property. Appraisers are frequently appointed in probate and condemnation proceedings and are also used by banks and real estate concerns to determine the market chosen by the Company. "This transaction which the parties will try to consummate in the ensuing weeks will add to the Company's net tangible asset Tangible Asset An asset that has a physical form such as machinery, buildings and land. Notes: This is the opposite of an intangible asset such as a patent or trademark. Whether an asset is tangible or intangible isn't inherently good or bad. base and strengthen the Company's ability to fund acquisitions and expand our present operations." said 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 Channel. " We have been informed that Bezenet has begun working with Ivaat Industries Ltd. to help the Company in its entry into the European market and certainly consider this equity stake a vote of confidence in the future of 5th Avenue." About the 5th Avenue Channel 5th Avenue Channel Corp., through its Net Video Networks division, is creating and aggregating television and video content and making it available through streaming on-demand over the Internet. The company owns 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. 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 with 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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