80% Overhead Reduction for Miracle Announced by New Chairman.Business Editors LOS ANGELES--(BUSINESS WIRE)--June 24, 2002 Miracle Entertainment, Inc. (Pink Sheets: MEMI MEMI Magazin für Elektronische Musik Im Internet (German) MEMI Metal MIlitia (digital paintball clan) MEMI Master Equipment Management Index MEMI Middle East Medical Index ), a diversified film and production company, today announced that it has completed the execution of an extensive internal cost cutting program which has led to an immediate reduction in its monthly overhead costs overhead costs see fixed costs. of approximately 80%. "The Board and I decided that at the current level of operations the Company could be operated much more efficiently without interfering with its ability to deliver improvements in the underlying value of Miracle," said John Daly John Daly is the name of:
tr.v. re·con·firmed, re·con·firm·ing, re·con·firms To confirm again, especially to establish or support more firmly: reconfirmed the reservations. that we will in the very near future be able to announce some significant developments including a plan for the Company to repurchase some of its own stock in the marketplace." About Miracle Entertainment, Inc. Miracle Entertainment, Inc., is a theatrical independent entertainment company dedicated to producing and distributing quality motion pictures for worldwide distribution. The company explores all options in releasing a film and making it available worldwide. This statement includes forward-looking information as that term is defined in 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, and, therefore, is subject to certain risks and uncertainties. There can be no assurance that the actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the 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. as a result of various factors, including market conditions, competition, advances in technology and other factors. |
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