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Stone Grill International, Inc., announces acquisitions of $4.4 million in equipment, programming and prepaid advertising time.

LAKE PARK, Fla.--(BUSINESS WIRE)--Dec. 14, 1994--Interactive Systems, Inc., a 100 percent owned subsidiary of Stone Grill International, Inc., ("ISI") announced the signing of two separate agreements to acquire $4.4 million worth of broadcast and studio equipment, additional programming and prepaid air time. These acquisitions will be used in providing interactive programming to be delivered via either satellite or fiber- optic systems, or a combination of both.

The first agreement calls for the acquisition from Idea House, Inc. of studio equipment and leasehold improvements to be utilized in the offices of ISI for production and editing of the programming in the business of the company. The acquisition was for a convertible promissory note in the amount of $250,000. The note is convertible into a combination of previously authorized but unissued common and preferred stock of its parent company, Stone Grill International, Inc.

In the second agreement the company has acquired from WAQ TV 19, Inc. prepaid air-time in the amount of $3,500,000 for a promissory note which is convertible into a combination of previously authorized but unissued common and preferred stock of its parent company, Stone Grill International, Inc. and some cash.

The third agreement calls for the acquisition from WAQ TV 19, Inc. of studio, broadcast, office equipment and other television station equipment and furnishings to be utilized in the offices of ISI for the business of the company. The acquisition was for a convertible promissory note in the amount of $650,000. The note is convertible into a combination of previously authorized but unissued common and preferred stock of its parent company, Stone Grill International, Inc.

CONTACT: Stone Grill International, Inc., Lake Park

Anne-Marie Cohick, 407/884-7701.

KEYWORDS: FLORIDA REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-330-5311 or

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Publication:Business Wire
Date:Dec 14, 1994
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