Navarre Further Commits to Core Business; Shutters eSplice Subsidiary.Business Editors MINNEAPOLIS--(BUSINESS WIRE)--April 25, 2001 Navarre Corporation Navarre Corp. is a distribution and publishing company founded in 1983 by Eric H. Paulson.[1] and is located in New Hope, Minnesota. Navarre owns three subsidiary companies Encore, Funimation, and BCI. References 1. (Nasdaq:NAVR) announced today that it has closed its subsidiary, eSplice. The company stated its primary focus is to the core business divisions, Navarre Entertainment Media and Navarre Distribution Services. Current market conditions and the lack of significant growth in music digital downloads  The perspective and/or examples in this article do not represent a world-wide view. Please [ edit] this page to improve its geographical balance. also contributed to the company reaching this decision. Navarre will take a one-time charge of $2 million for the discontinuance Cessation; ending; giving up. The discontinuance of a lawsuit, also known as a dismissal or a non-suit, is the voluntary or involuntary termination of an action. DISCONTINUANCE, pleading. A chasm or interruption in the pleading. 2. of the operation, effective with its fiscal fourth quarter ended March 31, 2001. Charles Cheney, Vice Chairman, Navarre stated, "Our distribution agreement with Microsoft and our focus on acquiring proprietary music and DVD DVD: see digital versatile disc. DVD in full digital video disc or digital versatile disc Type of optical disc. The DVD represents the second generation of compact-disc (CD) technology. content led us to this conclusion. We do believe that there is a future in digital distribution, and will reconsider re·con·sid·er v. re·con·sid·ered, re·con·sid·er·ing, re·con·sid·ers v.tr. 1. To consider again, especially with intent to alter or modify a previous decision. 2. our position in this business once it proves to be a substantial revenue and profit model." The company also stated that it expects to release sales and revenue for its fiscal fourth quarter and year ending March 31, 2001in mid May. Navarre Corporation's major business groups are: Navarre Distribution Services, which distributes quality consumer software, major label music and DVD to a broad base of retailers nationwide; Navarre Entertainment Media, distributes proprietary, independent music and DVD in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Canada; the company operates a "business to business" Internet E-Commerce web site www.navarre.com. The statements in this press release that are not strictly historical are "forward looking" statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are intended to be covered by the safe harbors 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. created by these sections. The forward looking statements are subject to risks and uncertainties and the actual results that the Company achieves may differ materially from these 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. due to such risks and uncertainties, including developments in the retail and consumer markets for prerecorded pre·re·cord tr.v. pre·re·cord·ed, pre·re·cord·ing, pre·re·cords To record (a television program, for example) at an earlier time for later presentation or use. Adj. 1. music products and computer software products, retail consumer buying patterns, new and different competition in the Company's traditional and new markets, the Company's dependence upon seasonally in its business, the Company's ability to attract and retain large retail customers that account for a significant part of its business, the Company's ability to successfully act as distributor to on-line retailers, the Company's ability to manage its inventory, the Company's dependence upon recording labels and artists, the Company's ability to react to changes in the distribution of software and prerecorded music and the Company's ability to successfully defend itself against litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. . The Company undertakes no obligation to revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release. The Company can offer no assurances that any projections, assumptions or forecasts made or discussed in this press release "Navarre Further Commits to Core Business" dated April 25, 2001, will be met, and investors and prospective investors should understand the risks of investing solely due to such projections. Nor will the Company offer any projections, assumptions or forecasts, or take any responsibility for any and all projections, assumptions or forecasts offered by any outside organizations or individuals. Furthermore, the Company undertakes no obligation to revise any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release. |
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