NEW YORK, March 20, 2003 (PRIMEZONE) -- Diversified Media Holdings, Inc. (Pink Sheets:DVHI) announced that it has reached an agreement to acquire OurUniverse.com and a 17.5% interest in Romanian Network USA, Inc. (RTN).
Romanian Television provides entertainment and newscasts directly from Romania to subscribers in the U.S. and Canada. The company currently has over 1400 subscribers who pay $19.99 per month for this service. The subscriber base is increasing at the rate of over 20% per month.
In addition to the equity interest, Diversified will also receive a management fee.
"This transaction is the first step in our plan to become a leader in ethnic entertainment. We are actively pursuing additional in-language programming for dissemination to the large and expanding ethnic base in the U.S.," stated Mr. Pat Grotto, Chairman and CEO, of Diversified.
OurUniverse.com provides foreign language TV, in-language portals and Internet access to targeted ethnic communities. Additionally, the Company provides in-language web casting services for programming such as daily newscasts, television shows and special reports emanating from the subscribers' homeland.
Diversified Media Holdings, Inc. (DMH) provides Entertainment, Ethnic Programming, and Affinity Information & Marketing Services to global communities. In February 2003 DMH merged with Millennium Broadcasting Corporation (MIBD), a publicly traded company. DMH captures economies of scale for distributing streaming video and multi-media content via Broadband and the Internet Protocol technologies. DMH recognizes revenue around the world through licensing, distribution and subscription agreements. The Company is actively seeking additional acquisitions for ethnic and entertainment programming as well as affinity marketing assets.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs and estimates as to projected market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.