LOS ANGELES, June 22, 2005 (PRIMEZONE) -- California based Audio Lunchbox, LLC and Seattle based NetMusic Entertainment Corporation (Pink Sheets:NTMT) have announced that they have unwound from their merger, and ownership of Audio Lunchbox, LLC has reverted to its previous private owners.
"We feel this is in the best interest of all parties," states Morgan Harris, CEO of Audio Lunchbox. "ALB will be pursuing new strategic alliances and relationships as we move forward in 2005."
"While we are sad to end this relationship with a great group of people, this change is part of NetMusic's intent to focus on wholesale and development opportunities rather than retail penetration. This change is intended to improve the company's future direction and allow ALB to pursue the business models that its founders see as best for that company," says Glen Starchman, CEO of NetMusic Entertainment Corporation.
About Audio Lunchbox LLC
Privately owned, Los Angeles based AudioLunchbox.com has been the answer for music lovers who want to download legal singles and albums from independent artists and labels. The site offers the largest collection of independent digital music in the world. Audio Lunchbox controls a licensed catalogue of approximately 1 million tracks from over 4,000 independent labels. Files have no DRM (Digital Rights Management) allowing customers to download music and copy to their hard drive, burn to audio CD and copy to portable players as much as they like for personal use. The service is a cross platform system -- PC, Mac and Linux compatible. The site offers high quality audio formats (192 kbps VBR MP3 and Ogg Vorbis Q6).
About NetMusic:
Edmonds, Washington-based NetMusic Entertainment (http://www.netmusic.com/) is a global digital media company focused on providing consumers entertainment on their own terms: anytime, anywhere. The company offers digital music downloads, digital jukeboxes, video-on-demand and online video rental services across the globe. NetMusic focuses on providing media distribution opportunities in both audio and audio visual spaces for third party brands seeking to engage consumers with media. Recently, the company announced plans for the acquisitioning of licensing to the catalogues of the largest recording companies in the industry as well as plans to launch a video-on-demand service. Investors interested in obtaining more information about the company are invited to visit: (http://www.netmusic.com/corp/).
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although NetMusic Entertainment Corporation believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by NetMusic Entertainment Corporation or any other person that the objective and plans of NetMusic Entertainment Corporation will be achieved.