SEATTLE, Nov. 4, 2004 (PRIMEZONE) -- NetMusic Entertainment Corporation (Pink Sheets:NTMT) today announced that it has entered into negotiations to acquire LA-based Audio Lunchbox, LLC. The combination of NetMusic Entertainment's (http://www.netmusic.com) catalog with Audio Lunchbox's (http://www.audiolunchbox.com) catalog would create the largest collection of independent digital music in the world.
"The acquisition of Audio Lunchbox makes perfect sense for us," said NetMusic Entertainment CEO Glen Starchman. "As we gather more and major label content for placement on netmusic.com, we want to stay true to our initial vision of an independent-friendly digital music service. The Audio Lunchbox website is the best digital music service site out there focused on independent music. We looked at several different acquisition candidates before choosing Audio Lunchbox and are extremely excited at the prospect of working with the Audio Lunchbox team to take digital music to the next level and beyond. This is the first of several hopeful acquisitions and strategic alliances that will propel NetMusic into the largest digital music service in the industry, encompassing both indie and major label content. We are aggressively pursuing digital content partners as part of the company's overall goal to provide a comprehensive worldwide network of digital media."
Morgan Harris, CEO of Audio Lunchbox, added, "We're optimistic about the negotiation process and are pleased with NetMusic's commitment to the independent market. Combining the two entities would help to propel our vision of increasing the exposure and availability of great independent music throughout the world."
About NetMusic Entertainment Corporation:
NetMusic's flagship website, http://www.netmusic.com , first went into operation in 1995 as a directory of music-related information. In 2004, the company launched an enhanced version of the site focused on digital distribution of music. Later in 2004 the company entered the digital jukebox marketplace via a merger with Ultimate Jukebox, Inc.
About Audio Lunchbox, LLC:
Audio Lunchbox, http://www.audiolunchbox.com , operates the premier digital music service for independent music. Launched in October of 2003, the cross-platform service now has the digital distribution to over 500,000 independent songs from 4200 labels.
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.