Electric Kingdom Distribution to Merge with Fahrenheit Entertainment.Business Editors DENVER--(BUSINESS WIRE)--Feb. 21, 2001 Fahrenheit Entertainment Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :FHOT) Wednesday announced a deal to merge with Electric Kingdom Distribution. Electric Kingdom is a national distributor for over 50 independent record labels, which deliver product to major and independent music retailers throughout North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The merger will include the assets; liabilities and operations of both companies, with Fahrenheit taking control of the management of the New York-based distribution company. Fahrenheit Entertainment, which is the holding company for Fahrenheit Records, Finer Arts Records, Celsius Records and the web sites: CountryRadio.com, The Record Network and MPEG (Moving Pictures Experts Group) An ISO/ITU standard for compressing digital video. Pronounced "em-peg," it is the universal standard for digital terrestrial, cable and satellite TV, DVDs and digital video recorders (DVRs). 3.com, will now be growing into a full service music distribution company through this merger. The company anticipates a growth in sales of $4 million over the next year with the up-coming roll-up of marketing professionals and added record labels. Fahrenheit Entertainment is currently in the process of building a staff of marketing experts and digital distribution assets in order to prepare for the further development of Electric Kingdom Distribution. The backroom back·room n. or back room 1. A room located at the rear. 2. The meeting place used by an inconspicuous controlling group. adj. 1. facilities expansion will include a staff of 12 in-house sales support and marketing professionals who will assist the 15 field reps already in place with Electric Kingdom. Also, catalog development, digital one sheets and retail tracking services will be added services. The combination of the systems and quality labels of Electric Kingdom and the marketing and label services of Fahrenheit Entertainment will produce a solid distribution company for independent record labels in various genres. 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 provides a "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. " for 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. . The press release contains forward-looking statements that involve a number of risks and uncertainties. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future; and accordingly, such results may differ from those expressed in any forward-looking statement made by or on behalf of the company. For more information, review the company's filings with the Securities and Exchange Commission. |
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