ORLANDO, Fla., Jan. 05, 2004 (PRIMEZONE) -- Raven Moon Entertainment Inc. (OTCBB:RVNM) announced today that it has received $110,000 in cash from Club House Videos which represents a 10% deposit against a $1.1 Million purchase order the company has previously received for video/DVD rights to certain "Gina D's Kids Club" episodes.
The $1.1 million purchase order represents $700,000 for the video and DVD distribution rights for two new "Gina D's Kids Club" episodes, "Playtime" and "Clouds, Stars, and Sunshine" at a cost of $600,000. Club House Videos also purchased the Music CD distribution rights to "Gina D's Kids Club" Music CD Volume #3 at a cost of $100,000. Raven Moon previously announced that Club House Videos purchased the rights to the Christmas episode and music CD at a cost of $400,000.
According to the terms of the agreement, Club House Videos will pay the remaining balance within 120 days of receipt of the finished product from Raven Moon Entertainment.
Club House Videos Inc. markets and distributes children's videos, DVDs, and CDs. According to the Club House Videos agreement with Raven Moon, Raven Moon shareholders of record received 1 share of Club House Videos for every 100 shares they owned by the record date. Club House Videos also received exclusive rights to distribute "Gina D's Kids Club" videos, DVDs, and CDs from Raven Moon Entertainment for $300,000 per video/episode and $100,000 per music CD plus 10% of the gross revenue from sales. Club House Videos has already acquired 10 "Gina D's Kids Club" products for approximately $1.8 million.
Representatives from Raven Moon Entertainment will be attending the annual NATPE Convention in January. CEO Joey DiFrancesco, Director of Syndication Keith Jablon and Peter Bennett, Director of Promotion for "Gina D's Kids Club," will be meeting with major television distributors and industry executives to sign broadcast agreements to air the "Gina D's Kids Club" series through 2006. Raven Moon currently has 6 half-hour episodes completed and expects to have a total of 9 episodes produced by March 2004.
For more information on Raven Moon Entertainment visit www.ravenmoon.net.
"Gina D's Kids Club" products are only available through Club House Videos Inc. Visit www.clubhousevideos.com for details.
For Club House Videos Inc. investor information call 1-866-THE-APPLE or 1-866-843-2775 or Marc Jablon at (407) 877-5952 for Raven Moon Entertainment, Inc.
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