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INDE TO ACQUIRE H & R ENTERPRISES SERVICE BUREAU

 INDE TO ACQUIRE H & R ENTERPRISES SERVICE BUREAU
 LOS ANGELES, June 9 /PRNewswire/ -- Independent Entertainment Group


Inc. (NASDAQ: INDE) has signed a letter of intent to purchase substantially all of the assets of H & R Enterprises (H&R), a pay-per- call information provider.
 The terms of the letter of intent call for INDE to acquire all of the assets of H&R in exchange for a combination of cash, notes and common stock. The final terms are subject to additional due diligence by the parties, determination of a final purchase price and preparation of a definitive agreement.
 H&R is a two-year-old pay-per-call service company founded by Ridgely Goldsborough and Henry Weingarten, two pioneers in the Audiotext business focusing on entertainment, psychic and astrology services with experience dating back to regional 976 services in the early to mid- '80s. Goldsborough shall join the corporate finance team as director of acquisitions and public relations while Weingarten shall head up the pay-per-call information services division of INDE which shall be named MEGACOMM.
 Lew Eisaguirre, INDE's chief financial officer, noted that "The information provider segment of the pay-per-call industry has historically been very profitable. We believe that by consolidating this business segment with service bureau and ConnectCard billing functions, additional savings and economies of scale can be achieved which should in the future produce even better returns."
 H&R was formed in early 1990 and reported pre-tax earnings of just under $500,000 in that calendar year. In 1991, the first full year of operations, H&R reported pre-tax earnings of approximately $1,000,000 on gross revenues of more than $4,000,000.
 Robert Lautz, INDE's chief executive officer, stated that "The acquisition of H&R is the second step in INDE's long-range vertical expansion plan following the launch of ConnectCard last year. The position of director of acquisitions was specifically formed to follow this transaction with acquisitions of other information providers offering a broad range of information and entertainment services, ultimately making INDE the nation's top, fully integrated pay-per-call company."
 -0- 6/9/92
 /CONTACT: Fran Daniels of Financial Sciences of America, 310-278-4413, for Independent Entertainment Group/
 (INDE) CO: Independent Entertainment Group Inc.; H & R Enterprises ST: California IN: ENT TLS SU: JVN


EH-KJ -- LA005 -- 8234 06/09/92 09:06 EDT
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Publication:PR Newswire
Date:Jun 9, 1992
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