iBill Clarifies Information.Entertainment Editors/Business Editors NEW YORK--(BUSINESS WIRE)--June 15, 2004 Penthouse International (Pink Sheets:PHSL PHSL Program Hardware/Software List ), a diversified holding company with operating subsidiaries in adult entertainment, Internet transaction processing Updating the appropriate database records as soon as a transaction (order, payment, etc.) is entered into the computer. It may also imply that confirmations are sent at the same time. Transaction processing systems are the backbone of an organization because they update constantly. and real estate, provided an update to shareholders on May 21, 2004 which included certain recent developments in connection with its iBill operating subsidiary. On May 21st, Penthouse announced that, "iBill was notified by its processing bank and VISA that it is the first IPSP IPSP inhibitory postsynaptic potential. to be released from the VISA RIS RIS rabies inhibiting substance. program. As a result, iBill will no longer be assessed a monthly fee of $100,000, or $1,200,000 annually." iBill has not been released from the VISA RIS program as previously announced. iBill intends to be fully compliant with the RIS program by 3rd quarter 2004. This announcement does not change previously announced financial results. About Penthouse Penthouse is an entertainment company with concentrations in publishing, licensing, digital commerce and real estate. Historically, Penthouse revenues have been derived principally from the PENTHOUSE(TM) related publishing business that was founded in 1965 by Robert C. Guccione and is currently conducted by General Media and its subsidiaries. The PENTHOUSE brand is one of the most recognized consumer brands in the world and is widely identified with premium entertainment for adult audiences. General Media caters to men's interests through various trademarked publications, movies, the Internet, location-based live entertainment clubs and consumer product licenses. General Media also licenses the PENTHOUSE trademarks to third parties worldwide in exchange for recurring royalty payments. In March, 2004, Penthouse acquired iBill. iBill owns proprietary software systems that manages from end-to-end the sale of online subscriptions and other downloadable products (memberships; music; ring tones; games; other software). The iBill user base consists of approximately 27.0 million consumers 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 approximately 38 other countries. 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. : This release contains statements relating to future results of the Company (including certain projections and business trends) that are "forward-looking statements" as defined in 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 release contains statements relating to future results of the Company (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including, but not limited to, the fact that no assurances can be given that the Second Amended Plan of Reorganization will be confirmed, or that it will enhance the Company's competitive position, as well as other risks and uncertainties detailed from time to time in the filings of the Company with the Securities and Exchange Commission. On August 12, 2003, General Media and its direct and indirect subsidiaries (the Debtors) filed voluntary petitions for relief under Chapter 11 of Title 11 of the United States Code Title 11 of the United States Code outlines the role of Bankruptcy in the United States Code.
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 . Penthouse International, Inc. owns 99.5% of the capital stock of General Media. Penthouse did not file for protection under the Bankruptcy Code and its activities are not subject to Bankruptcy Court supervision. For additional information, reference is made to publicly available documents filed with the bankruptcy court to determine the most current status of all matters related to the bankruptcy case of General Media. The website of the Bankruptcy Court is www.nysb.uscourts.gov. |
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