ORLANDO, Fla., Jan. 29, 2004 (PRIMEZONE) -- Raven Moon Entertainment Inc. (OTCBB:RVNM) is pleased to report that ClubHouse Videos Inc., a children's entertainment distributor who markets and distributes "Gina D's Kids Club" products via the Internet, has filed its Form 15c211 with the NASD.
Raven Moon shareholders of record received 1 share of ClubHouse Videos for every 100 shares they owned of Raven Moon Entertainment as long as they were a shareholder by the record date. ClubHouse Videos applied for quotation on the Nasdaq OTC Bulletin Board on January 20th through Pennaluna and Company, a member firm registered with the NASD.
Raven Moon recently announced that it has received $110,000 cash from ClubHouse Videos which represents a 10% deposit against a $1.1 Million purchase order the company has previously received for Video/DVD and CD music rights of 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. ClubHouse 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 ClubHouse Videos purchased the rights to the Christmas episode and music CD at a cost of $400,000.
According to the terms of the agreement, ClubHouse Videos will pay the remaining balance within 120 days of receipt of the finished product from Raven Moon Entertainment. ClubHouse will then retain the rights to sell the product via the Internet but will sell off the retail rights to a major retail distributor so the product can be sold in retail stores.
About Club House Videos Inc.
ClubHouse Videos Inc. currently markets and distributes children's Videos, DVDs, and CDs via the Internet. According to the ClubHouse Videos agreement with Raven Moon, Raven Moon shareholders of record received 1 share of ClubHouse Videos stock for every 100 shares they owned by the record date. ClubHouse 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. ClubHouse Videos has already acquired 10 "Gina D's Kids Club" products for approximately $1.8 million.
"Gina D's Kids Club" products are only available through ClubHouse 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.
Safe Harbor Act Notice: This release may contain forward-looking statements that involve risks and uncertainties, including without limitation, acceptance of the company's products, increased levels of competition, product and technological changes, the company's dependence upon financing and third- party suppliers, and other risks detailed from time to time in the company's federal filings, annual report, offering memorandum, or prospectus. Specifications are subject to change without notice.