Digital Creative Development Corporation Announces Transaction With International Microcomputer Software, Inc. and Resignations and Appointments.
NEW YORK--(BUSINESS WIRE)--March 1, 2002
Digital Creative Development Corporation (OTCBB:DCDC), today announced the termination of its merger agreement with International Microcomputer Software, Inc. ("IMSI").
In addition, the Company announced that certain indebtedness owed the Company by IMSI would be cancelled in exchange for common stock of IMSI and other consideration.
The Company also announced the resignations of Bruce Galloway as the Company's Chairman, as well as those of Evan Binn, Maurice Sonnenberg and Don Perlyn from the Company's Board of Directors. Gary Herman, DCDC's Chief Executive Officer thanked Mssrs. Galloway, Binn, Sonnenberg and Perlyn for their years of service and guidance on the Company's Board and wished them all the best in their future business endeavors.
In addition to his current duties, Mr. Herman was also named as the Company's Chairman.
Furthermore, the Company announced the appointment of Skuli Thorvaldsson as the Chief Financial Officer.
About Digital Creative Development Corporation
Digital Creative Development Corporation's strategy is to acquire and invest in entertainment content companies, with a focus on broadband content delivery, and to provide comprehensive services to a wide variety of entertainment and other related services and for general public consumption. The Company also operates the Arthur Treacher's and Pudgie's Famous Chicken restaurant chains as a subsidiary.
Except for the historical information contained herein, the matters discussed in this press release are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements involve risks and uncertainties, such as quarterly fluctuations in operating results, the timely availability of new products, financing risks, the impact of competitive products and pricing, and other risks detailed in filings with the Securities and Exchange Commission, including Digital Creative Development Corporation Form 10-K for the fiscal year ended June 30, 2000. These risks and uncertainties could cause actual results to differ materially from any forward-looking statements made in this press release.
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|Date:||Mar 4, 2002|
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