Beachport Entertainment announces successful completion of financing.LOS ANGELES--(BUSINESS WIRE)--June 25, 1997--Beachport Entertainment Corp. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:BPRT) announced today that it has completed a $4.8 million private offering of Senior Secured Original Issue Discount Notes ($3.7) and Junior Original Issue Discount Notes ($1.1). The Junior Notes were issued to convert existing debt. The transaction was structured and placed by BlueStone bluestone, common name for the blue, crystalline heptahydrate of cupric sulfate called chalcanthite, a minor ore of copper. It also refers to a fine-grained, light to dark colored blue-gray sandstone. Capital Partners, L.P., a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of based investment and merchant banking firm. This company contemplates a stock offering in 1998 to repay the Notes. Sidney Shlenker, Beachport's chairman stated, "We are grateful that BlueStone Capital Partners has recognized the potential of Beachport Entertainment and has completed this critical financing. This marks the first time that the Company will have a meaningful working capital base from which to fund its aggressive growth plans. We will soon be filing documents with the Securities and Exchange Commission to become a fully reporting company, which is a prerequisite to moving the listing of our common stock to a more preferable exchange." Beachport Entertainment Corp. develops, produces and distributes a diversified array of live family entertainment, sporting events and television programming. The company has agreements and ongoing relationships with CBS (Cell Broadcast Service) See cell broadcast. , NBC NBC in full National Broadcasting Co. Major U.S. commercial broadcasting company. It was formed in 1926 by RCA Corp., General Electric Co. (GE), and Westinghouse and was the first U.S. company to operate a broadcast network. , ESPN ESPN Entertainment and Sports Programming Network , Fox, A&E Network, Sony and Sega. CONTACT: Beachport Entertainment Corp. Sidney Shlenker, 310/278-5114 or Liviakis Financial Communications Inc. John Liviakis, 916/448-6084 |
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