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INDE SIGNS INVESTMENT BANKING AGREEMENT; NO REVERSE SPLIT IN EFFECT

 INDE SIGNS INVESTMENT BANKING AGREEMENT;
 NO REVERSE SPLIT IN EFFECT
 LOS ANGELES, Jan. 20 /PRNewswire/ -- Independent Entertainment Group Inc. (NASDAQ: INDE) announced today it has signed an investment banking agreement with New York City-based Sands Brothers & Co. Ltd (AMEX: SEM) The agreement retains Sands Brothers to assist with potential acquisitions and to pursue and evaluate various financing alternatives. The company further announced that information appearing on the Dow Jones wire earlier this week was inadvertently released. No reverse split is in effect or currently planned. Furthermore, the company announced that it does currently meet the new NASDAQ requirements which will be effective in February of 1992, regardless of its price per share as quoted, due to the value of its float and net assets.
 Lew Eisaguirre, INDE's chief financial officer stated: "The agreement with Sands Brothers is the culmination of a restructuring plan which included our recent repurchase of 2.7 million shares from INDE's prior co-chairman."
 INDE estimates its earnings at $.075 per share for the year ended Dec. 31, 1991. Final year end results are pending audit by BDO Seidman. INDE retained new auditors as part of their overall restructuring plan and their desire to be able to tap into the resources of the nation's 7th largest accounting firm.
 Robert Lautz, INDE's chief executive officer stated: "Our direction is now very focused on emerging new media such as our pay-per-call and pay-per-view activities. We believe that by servicing the consumers demand for the delivery of convenient information and entertainment into the home, we can ride the wave of growth spawned by these new delivery technologies well into the 90's. Our agreement with Sands Brothers should greatly assist us in pursuing the growth and consolidation of this segment. Vertically integrating with projects like our ConnectCard are providing us a competitive advantage in the industry."
 Lloyd (Rusty) H. Saunders, managing director of Sands Brothers noted: "INDE fits well within the profile of the companies we like to assist. Management has proven their ability to pursue these new media technologies with this year's earnings results. We believe that with our assistance with future possible acquisitions, INDE can create some very solid shareholder returns."
 Sands Brothers is an investment banking firm which specializes in public offerings, private placements and merger advisory services, and currently manages nearly $500 million in retail accounts. They most recently completed a $6 million IPO for Semiconductor Materials on Dec. 20, 1991 at $5 per share.
 INDE is a leading innovator in the "pay-per-call' telemedia business and has been active in other emerging, "new media" including "pay-per- view." INDE's stock trades Over-the-Counter NASDAQ: INDE and is traded by 18 market makers.
 -0- 1/20/92
 /CONTACT: Fran Daniels of Financial Sciences of America, 310-278-4413, for INDE/
 (INDE; SEM) CO: Financial Sciences of America ST: California IN: FIN SU: FNC


AL -- LA005 -- 1341 01/20/92 10:10 EST
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Publication:PR Newswire
Date:Jan 20, 1992
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