Eutro Group Holding, Inc. to Acquire 100% of Ivy Entertainment.Com.JUPITER, Fla.--(BUSINESS WIRE)--March 4, 1999--On Feb. 18, 1999, Eutro Group Holding, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:EUTO) entered into a letter of intent under which it would acquire 100 percent of the issued and outstanding shares of Ivy Entertainment.Com, Inc. Ivy Entertainment.Com will operate two business activities. One is the newest night club in 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 , the Ivy New York, and the other an innovative interactive entertainment company operating on the Internet. This is the first interactive virtual shopping Virtual shopping is a form of e-commerce giving the ability for individuals to shop remotely via a computer network connection, normally on the Internet using the World Wide Web. mall specializing in the entertainment industry selling products and services originating in the Club. These two activities will increase Eutro's 1999 projected revenues to $4,000,000. Net profits in 1999 are estimated to be $1,500,000. The interactive aspect of Ivy Entertainment.Com is a new departure in Internet activity being the first virtual shopping mall that will allow people around the world to visit the club online via streaming video A one-way video transmission over a data network. It is widely used on the Web as well as company networks to play video clips and video broadcasts. Computers in home networks stream video to digital media hubs connected to a home theater. . In some cases they may interact with the stars who provide entertainment and celebrity. The online visitors will be charged a fee for a special event virtual visit. Revenues from this activity will also include commercial advertising fees as well as proceeds for the sale of products. The Ivy New York club opened in the fourth quarter of 1998. It is located on Broadway, in the Beacon Hotel adjacent to the famous Beacon Theater that has currently booked 120 performances for 1999. Details of Ivy's Millenium Eve Party, while not yet made public, should make Ivy New York one of the most sought after venues. Ivy New York's target market is the high income professional in the 25 and up age group. In addition to an abundance of such a target clientele in the metropolitan New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. area, there are over 30 million visitors per year who spend over $11 billion on shopping and entertainment. It is anticipated that 20 percent of the club's revenues will come from international tourists. Ivy New York is intended to be the showplace club of NY. The decor is antique English with 14 foot ceilings. Three different theme rooms surround the main dance floor. They are the Champagne Room A champagne room (also called a champagne lounge, or champagne court) is a specialized service offered by gentleman's clubs where a customer can purchase time (usually in half-hour increments) with an exotic dancer in a private room on the premises. , the James Bond Room which will offer 25 types of martinis, and the Smoker's Room featuring cigars from Davidoff. In addition to a state of the art sound system, live music will be performed by pop and classic rock musicians. In April, 1999, Ivy New York will host an event for the much anticipated 1999 VH1 Diva Show which will be held at the Beacon Theater. Every aspect of the club is super luxurious. Accessibility is facilitated by no less than eight parking facilities located within a two block radius of the club and Ivy will also offer its customers valet parking valet parking n. Parking arrangements provided by a commercial establishment, such as a restaurant, whereby patrons leave their cars at the entrance and attendants park and retrieve them. Noun 1. . The managers and operating staff of the club are among the most experienced in the business. Ivy Entertainment.Com is investigating the possibility of taking the concept created in New York and opening Ivy clubs in select domestic and international locations. Financial and legal details are being finalized See finalization. and will be announced by March 16, 1999. The understanding is subject to entering into a definitive agreement and there can be no assurances that any such agreement will be reached. The Private Securities Reform Act 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. Certain information included in this Press Release (as well as information included in oral statements or other written statements made or to be made) contains statements that are forward looking, such as those relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the transaction, anticipated future revenues of the companies and success of current product offerings. Such forward looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward looking statements. |
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