Magic Media Networks, Inc. Acquires the National Hotel Television Network and City Traveler Television Network as Part of National Expansion.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla. -- City Traveler to Change Name to Hotel TV, Inc. Magic Media Networks, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MGCN MgCN Magnesium Cyanide MGCN Media Gateway Controller Node ) announced today that it has completed the acquisition of 100% of the National Hotel Television Network (NHN NHN Neighbors Helping Neighbors NHN Nashua North (Nashua, New Hampshire) NHN NAVAIR Headquarters Network NHN Not Here Now NHN Nth Differential Height Maneuver ) and City Traveler Television Network NHN is a leading television network for hotel guests, having exclusive relationships with 11 network affiliates and spanning more than 470 hotels and over 135,000 hotel rooms throughout the U.S. NHN's premium hotel destinations include, among others, Ritz-Carlton, Four Seasons, Hilton, Marriott, Hyatt and Sheraton. The City Traveler Television Network currently owns network broadcast rights and airs programming in 27 premium destinations in South Florida, including the 1,000-room Westin Diplomat Resort & Spa, Loews Miami Beach Miami Beach, city (1990 pop. 92,639), Dade co., SE Fla., on an island between Biscayne Bay and the Atlantic Ocean; inc. 1915. It is connected to Miami by four causeways. , Hilton Miami Airport, and Marriott locations. City Traveler will change its name to Hotel TV, Inc., reflecting the Company's vertical integration of its Bar TV, Gym TV and Hotel TV brands. "We are excited about these recent acquisitions and furthering our strategic vision of having quality television networks in high traffic, captive audience leisure destinations. We can now give advertisers the ability to reach their exact demographic at some of the lowest CPMs (cost per thousands) in the industry," Gordon Scott Venters, President 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. , stated today. The newly acquired companies will operate as a Magic Media wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Hotel TV, Inc., under the direction of previous owners Alec Lindenauer and Lou Wolfson. "National advertisers are sure to recognize the viability of these captive audiences," stated Mr. Lindenauer. "The integration of Bar TV and Gym TV with our existing hotel programming creates extremely attractive alternative media opportunities," added Mr. Wolfson. Magic Media Networks, Inc. currently owns and operates Destination Television Inc., whose Bar TV, Gym TV and Hotel TV networks broadcast to high traffic leisure destinations. Its core content consists of Hollywood blockbuster movie previews, music videos and advertising. For additional information, please contact: Worldwide Financial Marketing, 10 Fairway Drive, Deerfield Beach, FL33441, (954) 360-9998 or visit Magic Media's website at: www.magicmedia.com. "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. statement" under 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 This press release contains certain forward-looking statements that involve risk and uncertainties. The statements in this Release are forward-looking statements. These statements involve known and unknown risks and uncertainties, which may cause the Company's actual results in certain periods to differ materially from results expressed or implied by forward-looking statements. These risks and uncertainties include among other things, product demand and market competition. You should independently investigate and fully understand all risk before making an investment decision. |
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