Brilliant Digital Entertainment Adopts Stockholders Rights Plan.LOS ANGELES Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Calif.--(BUSINESS WIRE)--March 30, 1998--Brilliant Digital Entertainment, Inc. (AMEX AMEX See: American Stock Exchange : BDE See Borland Database Engine. ; http://www.bde3d.com) announced today that its Board of Directors has adopted a stockholders' rights plan designed to protect the Company and its stockholders from unsolicited attempts or inequitable offers to acquire the Company. The Board believes that the adoption of the plan is a prudent, proactive measure which will enable the Board to protect shareholders' interests while not diminishing the ability of the Company or its stockholders to accept an offer for the Company approved by the Board. The rights plan was not adopted in response to any specific effort to acquire control of the Company, nor is the Company aware of any pending or threatened acquisition of the Company. Pursuant to the rights plan, a dividend of one Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. Purchase Right will be distributed for each share of Brilliant Common Stock held as of the close of business on April 2, 1998. Each Right will entitle the stockholder to purchase one one-hundredth of a share of Preferred Stock for $15.00. Each one-hundredth of a share of Preferred Stock would be functionally equivalent in all respects (voting, dividend, etc.) to one share of Common Stock. Initially, the Rights will trade with the Common Stock and will not be represented by separate certificates. Upon the occurrence of certain triggering events, such as the acquisition of (or the launch of a tender offer or exchange offer to acquire) 15% or more of the Company's voting stock Voting stock The shares in a corporation that entitle the shareholder to vote. voting stock Stock for which the holder has the right to vote in the election of directors, in the appointment of auditors, or in other matters brought up at the , the Company's stockholders, other than those active in the triggering event, will be entitled to exercise each Right to purchase $15.00 worth of Company Common Stock at one-half of the then market price. Brilliant Digital Entertainment is the creator and producer of a unique new generation of interactive digital entertainment called Multipath Movies. Multipath Movies utilize Brilliant's proprietary software tools to produce threedimensional, digitally animated stories, each with hundreds of plot alternatives that lead to multiple, distinct conclusions influenced by the user. Multipath Movies, which combine the interactivity of computer games with the plot and character development of feature films, are currently distributed over the Internet and on CDROM See CD-ROM. and can also be produced for distribution on television and home video. CONTACT: Mark Dyne Mark Dyne is a merchant banker based in Los Angeles. He is the Chairman and CEO of Europlay Capital Advisors. Mr. Dyne's career as a merchant banker dates back to around the year 2000. , Chairman and 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. Michael Ozen, Chief Financial Officer Brilliant Digital Entertainment 818/615-1500 or info@bde3d.com or David C. Collins Jaffoni & Collins Incorporated 212/835-8500 or collins@jcir.com |
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