Avenue Entertainment and SolutionsAmerica End Merger Talks.Business/Entertainment Editors LOS ANGELES--(BUSINESS WIRE)--Aug. 2, 2000 Los Angeles-based Avenue Entertainment Group Inc. (AMEX AMEX See: American Stock Exchange :PIX), a multidimensional entertainment company, and SolutionsAmerica Inc., a Culver City Culver City, city (1990 pop. 38,793), Los Angeles co., S Calif., a residential suburb of Los Angeles; inc. 1917. It is a center of the U.S. motion-picture industry, whose roots in the city date to c.1915. Its chief manufactures are rubber products and computers. , Calif.-based digital business transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. company, today announced that they have terminated their proposed merger. The parties cited the inability to agree on certain material terms as the primary reason for the termination of the merger negotiations. The merger would have combined the film and television business of Avenue Entertainment with the e-commerce value chain syndicator and digital business of SolutionsAmerica. Cary Brokaw, Avenue president and chief executive officer, stated, "We remain committed to our effort to strategically diversify our business plan, and we are actively exploring other merger opportunities, which will provide increased value to our shareholders." Avenue Entertainment Group, a multifaceted entertainment company focused on the production of high-quality film and television content, is composed of four complementary units: Avenue Pictures (motion picture production); Avenue Pictures Television (television movie, cable movie and series television production); Wombat Productions (documentary and profile productions); and Avenue New Media (content creation and e-commerce). Through its Avenue Pictures division, Avenue Entertainment Group has produced the Academy Award(R)-winning "Restoration" as well as Robert Altman's "Short Cuts" and "The Player," the latter being nominated for five Academy Awards(R), including Best Picture. Brokaw and Avenue have also produced such features as "Finding Graceland," "Drugstore Cowboy drugstore cowboy n. 1. A loafer who passes time on sidewalks or at drugstores. 2. One who dresses or acts like a cowboy but has never been one. ," "After Dark My Sweet," "The Object of My Beauty," "American Heart," "Pascali's Island" and the upcoming "Wayward Son," starring Harry Connick Harry Connick is the name of:
In television the company has produced numerous cable and network television movies, including "See Jane Run"; "A Stranger in Town"; "Amelia Earhart: The Final Flight," starring Diane Keaton; and "The Path to Paradise." The company is currently producing the film version of the Pulitzer Prize-winning play "Wit" for HBO Hyperbaric oxygen therapy (HBO) A form of oxygen therapy in which the patient breathes oxygen in a pressurized chamber. Mentioned in: Ozone Therapy , starring Emma Thompson and directed by Mike Nichols. In February, Avenue entered into a three-year non-exclusive co-financing agreement with Intermedia Intermedia - A hypertext system developed by a research group at IRIS (Brown University). Films. Intermedia will fund development expenses, co-finance production costs and internationally license all pictures undertaken by the two companies. Intermedia completed a successful initial public offering on the Germany's Neuer Market in May, and has a current valuation of approximately $1 billion. Intermedia has financed and distributed numerous films, including "Sliding Doors," "Hilary and Jackie," "Sweet and Lowdown low·down n. Slang The whole truth: gave us the lowdown on what happened at the party. lowdown low (inf) n he gave me the lowdown on it → ," and upcoming films "The Wedding Planner," starring Jennifer Lopez and Matthew McConaughey, as well as "Enigma," starring Kate Winslet. Information in this news release, including any information incorporated by reference herein, includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended, and is subject 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. " created by such sections. The company's actual results may differ significantly from the results discussed in such forward-looking statements. |
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