DEL MAR, Calif. (PRIMEZONE) -- Pacificap Entertainment Holdings, Inc. (OTCBB:PFEH) has signed a memorandum of understanding (MoU) regarding its acquisition of 100% of ITN MediaOne Services in a stock and cash transaction.
ITN MediaOne Services is the leading independent originator, repurposer and distributor of video content on the West Coast, providing services for broadcasters worldwide. Such services include origination and transmission of 24-hour programming for a variety of broadcast and cable clients (CNN, Fox News, MSNBC) while also providing state-of-the-art large venue connectivity solutions. MediaOne transmits via satellite, fiber and Internet from its in-house studios as well as from dedicated remote origination locations. With its unique model of pre-wired infrastructure, it is presently the exclusive host broadcast provider for the San Francisco Giants and Pacific Bell Park.
Pacificap Entertainment Holdings, Inc. plans to further strengthen MediaOne's reach in the international media market by merging its existing broadcast capabilities with Pacificap's Cavalcade of Sports division (www.cavalcadetv.com), utilizing Cavalcade's comprehensive library of sports programming to provide sports content to cable and satellite carriers on an ongoing basis.
Pacificap Entertainment's film finance division restructures the risk profile of film production while maximizing the ancillary profits from marketing, merchandising and licensing.
Ed Litwak, President of Pacificap Entertainment said: "The transaction with ITN MediaOne builds on our presence in the media broadcast market by adding significant capabilities to our present holdings, while offering attractive returns to our shareholders. This is an excellent fit that will strengthen a business we want to grow."
The statements made by Pacificap Entertainment Holdings, Inc. (the Company) may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe the company's future plans, projections, strategies and expectation, and are based on assumptions and involve a number or risks and uncertainties, many of which are beyond the control of Pacificap Entertainment Holdings, Inc. Actual results could differ materially from those projected due to changes in interest rates, market competition, changes in the local and national economies and various other factors. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events. Please refer to the Company's filings with SEC for additional information regarding risks and uncertainties listed from time to time in such SEC reports. Copies of those filings are available through the SEC's electronic data gathering analysis and retrieval system.