Printer Friendly

MITSUI INVESTS $2 MILLION IN IMAGE ENTERTAINMENT

 MITSUI INVESTS $2 MILLION IN IMAGE ENTERTAINMENT
 CHATSWORTH, Calif., April 28 /PRNewswire/ -- Image Entertainment


Inc. (NASDAQ-NMS: DISK), one of the largest licensees and distributors of programming on laserdisc in the United States, announced today that multinational trading giant Mitsui & Co. Ltd. and Mitsui Plastics Inc. have together purchased, in a private placement, 234,432 restricted shares of Image common stock for $2 million. The proceeds from this sale of unregistered shares will be used for working capital.
 In addition, Image and Mitsui Plastics have entered into an agreement for the manufacture of laserdiscs by Kuraray Co. Ltd., a state-of-the-art manufacturer represented by Mitsui. The terms of the agreement were not disclosed.
 Commenting on the transactions, Lee H. Kasper, Image's executive vice president, said, "We are pleased to solidify our relationship with Mitsui. This investment and manufacturing commitment will further our plans for continued growth."
 Martin W. Greenwald, Image's chairman and chief executive officer, added, "I view the investment by Mitsui, and other recent investments, as a vote of confidence in the future of the United States laserdisc market and more specifically in the future of Image Entertainment."
 Mitsui & Co. Ltd. is a multinational trading company engaged in a wide range of trade and investment in various fields such as chemicals, metals, machinery and general merchandise. Mitsui Plastics Inc. is a subsidiary that buys and sells plastics globally.
 Image Entertainment has an estimated 35-40 percent share of the domestic laserdisc market. The company has the most extensive library of titles and exclusive licensing and distribution agreements with some of the most important suppliers of movies, music videos and specialty programming, including Disney's Buena Vista Home Video, FoxVideo, Hanna-Barbera Home Video and Turner Home Video. The company's common stock trades on the NASDAQ National Market System under the symbol DISK.
 -0- 4/28/92
 /CONTACT: David DelGrosso (media), 818-407-9100, ext. 275, or Cheryl Lee (investors), 818-407-9100, ext. 256, both of Image Entertainment; or Lise Needham, 415-986-1591, or William F. Coffin, 818-783-2400, both of the Financial Relations Board, for Image Entertainment/
 (DISK) CO: Image Entertainment; Mitsui & Co. Ltd. ST: California IN: ENT SU:


DG-MM -- SF002 -- 3615 04/28/92 09:31 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1992
Words:359
Previous Article:BRITE VOICE SYSTEMS REPORTS FIRST QUARTER RESULTS
Next Article:CITATION INSURANCE GROUP REPORTS 18 PERCENT GROWTH IN REVENUES; RETURN TO PROFITABILITY FOR FIRST QUARTER; INITIATES STOCK REPURCHASE


Related Articles
LASERDISC GIANT IMAGE ENTERTAINMENT EXPANDS OPERATIONS; HIRES INDUSTRY VETERAN WENDY MOSS
LASERDISC GIANT IMAGE ENTERTAINMENT EXPANDS OPERATIONS; HIRES INDUSTRY VETERAN WENDY MOSS
JOHN KLUGE AND STUART SUBOTNICK INCREASE THEIR EQUITY STAKE IN IMAGE ENTERTAINMENT, INC.
JOHN KLUGE AND STUART SUBOTNICK INCREASE THEIR EQUITY STAKE IN IMAGE ENTERTAINMENT, INC.
IMAGE REDUCES LONG-TERM DEBT BY $2 MILLION -- ACCELERATES PAYDOWN WITH ADDITIONAL VOLUNTARY PAYMENT
IMAGE ENTERTAINMENT INC. REDUCES LONG-TERM DEBT BY $2 MILLION; ACCELERATES PAYDOWN WITH FOURTH VOLUNTARY PAYMENT IN SEVEN MONTHS
BLACK HAWK GAMING & DEVELOPMENT COMPANY, INC. ANNOUNCES EXTENSION ON JACOBS FINANCING PLAN
GateField Corporation Attracts $3 Million Investment From Mitsui High-tec And Current Equity Shareholders.
LEAD: MHI, Mitsui to form car air conditioner venture in China.
Firetide Takes in Additional $2 Million From Mitsui & Co. Venture Partners, Inc. Investment by Venture Capital Arm of Mitsui & Co. Brings Series B...

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters