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INDE GETS $1.2 MILLION FOR SETTLEMENT OF LENDER LIABILITY SUIT

     INDE GETS $1.2 MILLION FOR SETTLEMENT OF LENDER LIABILITY SUIT
    LOS ANGELES, Nov. 14 /PRNewswire/ -- Independent Entertainment Group, Inc. (NASDAQ: INDE) announced today the settlement of its audiotext service bureau's (System 800, Inc.) litigation against the merchant bank which settled Visa and MasterCard charges for its customers.  INDE's action was filed in Los Angeles Superior Court on Aug. 6, 1990.
    The settlement agreement calls for the bank to pay to INDE $1.2 million as well as the release of $350,000 of INDE's cash which was being held in lieu of a bond to support INDE's preliminary injunction. Additionally, the bank has agreed to dismiss its cross-complaint against INDE and the parties have agreed to terminate all existing merchant account processing and banking relationships.
    The settlement represents a material cash infusion for INDE, increasing its current equity position by nearly 30 percent and its current assets by over 50 percent.  Furthermore, the settlement has an ongoing effect of substantially reducing general and administrative expenses due to the decreased costs of litigation.  INDE's decision to settle prior to trial which was scheduled for January, 1992, is based on its desire and the opportunity to invest in the ongoing development of a number of new businesses including its recently launched ConnectCard, Inc.
    INDE is a leading innovator in the "pay-per-call" telemedia business and has been active in other emerging media opportunities including p?er-view. "
    -0-                       11/14/91
    /CONTACT:  Fran Daniels of Financial Sciences of America, 213-278-4413, for Independent Entertainment Group, Inc./
    (INDE) CO:  Independent Entertainment Group, Inc. ST:  California IN:  ENT SU: ML -- NYON2 -- 4290 11/14/91 09:29 EST
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Publication:PR Newswire
Date:Nov 14, 1991
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