HOUSTON, Feb. 7, 2005 (PRIMEZONE) -- GK Intelligent Systems, Inc. (OTCBB:GKIG) GK Intelligent Systems, Inc., a next-generation media and entertainment corporation, today announced they have closed on the previously announced Letter of Intent to acquire CoraZong Record Management BV (aka CoraZong Records). In return for 100% ownership in CoraZong, GK Intelligent Systems will issue an undisclosed amount of unregistered shares in GKIG.
CoraZong, a privately held European company, released its first CD in 1999 and is now actively positioning its artists in the UK, Belgium, Spain, Scandinavia and the German-speaking countries. Out of the Netherlands, the company is branching out to Canada and to the US where it will be launching its album catalog (currently 75+ albums deep) in 2005. CoraZong's music catalog appraised at 1,500,000 euros or $1,991,101 U.S. The company reported net revenues of $200,303 for 2003, its first full year of operations.
Gary F Kimmons, CEO of GK stated, "The acquisition of CoraZong further demonstrates the focus of GKIG's innovative business plan of accumulating economically powerful music and entertainment companies that fit into our lifestyle entertainment venue."
The management of CoraZong has been involved with the careers of Bob Marley, Bad Company, Roxy Music, Cat Stevens, Sting, Bryan Adams and many other artists of great credibility. CoraZong wants to become a trademark of quality like Island Records used to be. In addition, to functioning as a record company, it offers its artists publishing and management facilities. The CoraZong staff previously held key positions with companies like King Biscuit Flour Hour, BMG, A&M and Universal.
About GK Intelligent Systems
Based in New York, NY, GKIG is a next-generation media and entertainment corporation providing a diversified portfolio of state-of-the-art entertainment and media resources. GKIG maintains a strategy of acquiring profitable technology ventures in related Entertainment and Lifestyle venues.
For more information on GK Intelligent Systems please visit the corporate website, www.gkis.com, and its music entertainment subsidiary's website, www.RAWW.com.
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