Immediate Entertainment Group, Inc: Update on Current Activities; Results to 31 December 1997.LONDON and FRANKFURT--(BUSINESS WIRE)--March 27, 1998-- (Music and Record Producer, Publisher and Distributor) (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : IEGP and FRANKFURT) Business: The company's principal activity is the production, acquisition and distribution of audio and video products including CDs and CD-ROMs. The Board of Immediate Entertainment Group, Inc (NASDAQ:IEGP and FRANKFURT) announces that they have filed the company's initial Form 10, covering the period from incorporation to 30 June 1997. For the year ended December 31, 1996, and the year ended December 31, 1997, the Company and its wholly-owned subsidiaries realised net sales Net Sales The amount a seller receives from the buyer after costs associated with the sale are deducted. Notes: This amount is calculated by subtracting the following items from gross sales: merchandise returned for credit, allowances for damaged or missing goods, freight of US$ 390,769.00 and US$ 3,632,885.00, respectively. The Company's net loss in these periods totalled US$ 286,038.00 (US$ 0.14 per share) after depreciation and amortisation costs of US$ 587,431.00, and $US 302,211.00 (US$ 0.05 per share) after depreciation and amortisation costs of US $211,204.00 respectively. Commenting on these results, President & 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 Berresheim said: "The company has consolidated its recent acquisitions and further expanded its sales opportunities and therefore these results are well within our planned budgets. "We are confident that with the unprecedented opportunities currently available within the music and entertainment business, that the next twelve months will show dramatic growth for the Group." CHIEF EXECUTIVE OFFICER'S REPORT There have been a number of significant developments at IEG IEG Implementing Electronic Government IEG Immediate Early Gene IEG Industries Electriques et Gazières (French: Gas and Electric Industries) IEG Institut für Europäische Geschichte since its initial incorporation as Diversified Research Inc, in April 1996. On 10 March 1997, the name of the company was changed to Immediate Entertainment Group, Inc. In June 1997, the acquisition of the Beacon Studio Management Corporation catalogue gave IEG the benefit of 4,000 record masters covering a wide variety of musical styles. In August 1997, IEG became the first independent music company to trade on the Frankfurt Stock Exchange Frankfurt Stock Exchange The largest of Germany's eight securities exchanges, operated by Deutsche Borse AS. when it received notification from BERLINER FREIVERKEHR AG that permission had been granted by the Association of Frankfurt Securities Dealers to start trading in the shares of Immediate. Trading on the Third Market Segment of the Frankfurt Stock Exchange commenced on Tuesday 2 September 1997. The Company acquired on 17 December 1997, from Music Avenue of America Corporation, all copyrights and related rights to a catalogue comprising over 200 master digital recordings and approximately 3,296 titles (the Music Avenue catalogue). In December 1997, IEG launched a German Music and Media Investment Fund to raise up to DM 30m for projects with the industry. The fund, which is a tax efficient investment for the investor, gives tax breaks in the first year and a tax free return for up to eight years. It will only invest into tangible assets within the music recording and publishing, film and entertainment industries. Also in December 1997, IEG announced the acquisition of Media Arts. As a result, Dolphin Studios will become an important player in the field of film and video production and synchronisation. The addition of an AVID audio visual suite and new Pro Tools and Exabyte equipment to its current Neve and G series consoles, gives Dolphin Studios the most up to date, state of the art, equipment available. On 23 December 1997, the Company signed a joint venture agreement with Karlheinz Balzer in Germany to produce German Schlager music and artists. IEG provides studio time and CD manufacturing and television media services, whilst Karlheinz Balzer is responsible for the supply of the artists and print promotion services. In January 1998, IEG acquired CD Dimension, a German mail order company. CD Dimension operates specifically for the hard rock, grunge grunge - /gruhnj/ 1. That which is grungy, or that which makes it so. 2. [Cambridge] Code which is inaccessible due to changes in other parts of the program. The preferred term in North America is dead code. and heavy metal buyers market. In addition, there was a major reorganisation of the Group and the Board of IEG announced the appointment of Micky Berresheim as President and Chief Executive Officer of the Group. Micky was appointed as Chairman of the group in 1996 and it has always been his stated objective to develop the company into a major entertainment organisation. Christoph Berger has been appointed as an Executive Director. Chief Financial Officer of the Company is Wolfgang Munz. At MIDEM '98, the Music Industry's main trade show, IEG agreed to acquire outright 3,500 masters from Music Avenue of America Corporation for the sum of $1.64m. The catalogue includes recordings by world famous artists such as Fernadel, Jean Gabin For other uses, see Gabin. Jean Gabin (May 17, 1904 – November 15, 1976) was a major French actor and war hero. Biography Born Jean-Alexis Moncorgé , Edith Piaf Noun 1. Edith Piaf - French cabaret singer (1915-1963) Edith Giovanna Gassion, Little Sparrow, Piaf , Maurice Chevalier, Charles Trenet Charles Trenet (born Louis Charles Auguste Claude Trénet) (May 18, 1913, Narbonne, France – February 19, 2001, Créteil, France) was a French singer and songwriter, most famous for his recordings from the late 1930s through the mid-1950s, though his career continued through and Tino Rossi, and also features some extremely rare jazz and blues by Django Reinhardt Jean "Django" Reinhardt (January 23, 1910 – May 16, 1953) was a Belgian Sinto Gypsy jazz guitarist. He was one of the first prominent jazz musicians to be born in Europe, and one of the most renowned jazz guitarists of all time. , Stephane Grapelli, Josephine Baker
Josephine Baker (or Joséphine Baker in francophone countries) (June 3, 1906 – April 12, 1975)[1] , Billie Holliday, Big Bill Broonzy Big Bill Broonzy (June 26, 1893 or 1898 – August 15, 1958) was a prolific United States composer, recorder and performer of blues songs. "Big Bill" was born William Lee Conley Broonzy and Sonny Boy Williamson Sonny Boy Williamson may refer to either of two 20th-century American blues harmonica players:
At the end of January, IEG announced the signing of an agreement with the famous METROPOLITAN MODEL MANAGEMENT ("Metropolitan") agency of 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 , Paris, and Istanbul. Metropolitan launched the careers of many top models, among them Claudia Schiffer Claudia Schiffer (born August 25, 1970[2]) is a German supermodel and actress, who reached the height of her popularity during the 1990s. Schiffer is one of the world's most successful supermodels, appearing on over 500 magazine covers[3][4] , Eva Herzigova, and their latest star -- Diana Gartner. The two companies will launch their first joint Model and Talent (Artist) management venture in Frankfurt, Germany and Metropolitan has already made the step into other fields of talent management by signing Shannon Briggs Shannon "Brooklyn" Briggs (born December 4, 1971 in Brooklyn, New York) is an American heavyweight boxer and actor, whose career peaked by controversially outpointing George Foreman for the linear heavyweight championship but was decelerated by a loss to Lennox Lewis in 1998. -- heavyweight US contender for Lennox Lewis and actress Connie Nielsen, who featured in "The Devil's Advocate." The first stage of the funding has been agreed at up to US$1m and it is intended to float the new company on NASDAQ later this year. FUTURE DEVELOPMENTS In the next twelve months, the Board intends to enhance the Company's liquidity by increasing sales volume, reducing administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. and improving cash flows. Additionally, the Company is preparing an offering of up to US$ 3,000,000 of its common stock pursuant to Regulation S of the Commission. The proceeds from this offering will be used to finance expansion of the business with particular emphasis on new talent development, studio facility enhancement and TV channel marketing. Over the next 12 months, the Company intends to expand its product distribution network by entering into contracts with additional distributors. The Company also plans to purchase additional music catalogues and enter into recording contracts with artists. In this regard, IEG intends to seek out artists from among the many who have been released by other record companies in the past five years. The Company also intends to commence producing and synchronizing music for movies, television and video productions and to produce compact disks and CD-ROM CD-ROM: see compact disc. CD-ROM in full compact disc read-only memory Type of computer storage medium that is read optically (e.g., by a laser). at the Chartware manufacturing plant. CONTACT: IMMEDIATE ENTERTAINMENT GROUP INC Micky Berresheim, President & CEO Tel: 00 49+6074 891830 E-Mail: MickyLB@aol.com or Boswell City Financial, London UK Maxine Barnes, 44/171-583-2001 e-mail: maxinebarnes@msn.com Glenda Boswell or M&A International Corp., New York USA Phillip Cook, 212/585-2001 e-mail: Orson10@aol.com or Globemedia Goppingen Germany Wolfgang Seybold, 49/7161-922020 e-mail: Seybold@globemedia.de or USA Representative Howard Bronson, 212/869-6160 |
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