SEATTLE, Feb. 22, 2005 (PRIMEZONE) -- NetMusic Entertainment Corporation (Pink Sheets:NTMT) is pleased to announce that it has finalized its plans to acquire the music content catalogues of all the Major Record Labels, to create the World's Largest Digital Music Catalogue. In a deal with a third party, NetMusic will gain access to all of the digital music archives of: EMI, (http://www.emigroup.com/); Sony BMG, (http://www.sonybmg.com/); Universal Music Group, (http://www.universalmusic.com/); and Warner Music Group, (http://www.wmg.com/). When combined with the its current archives of NetMusic.com (http://www.netmusic.com/) and that of its wholly owned subsidiary of Audio Lunchbox, (http://www.audiolunchbox.com/), collectively the leaders of independent digital music on the web, this deal will make NetMusic.com the largest DMS catalogue in the world.
Glen Starchman, Chairman and CEO of NetMusic Entertainment Corporation explains, "The days of Apple's (AAPL) dominance may not quite be over, but there is a new player in town. NetMusic Entertainment is a young and very aggressive company out to prove that it can compete with the Napsters (NAPS) and the Reals (RNWK) of the world; and while we don't sell computers, we believe we offer the consumer the best in digital music. And as our arrangements under this deal are finalized, NetMusic.com will become the largest DMS catalogue on the planet, besting iTunes (http://www.apple.com/itunes/) and the rest combined."
"From our first day, NetMusic's goal has been to provide the most complete and compelling experience for music consumers, offering subscription or download; anytime, anywhere. For a long time we were worried about waking the sleeping giant. Not any longer. NetMusic.com is here to stay, to stake its claim. And now we'll have all the music, much of which they don't."
NetMusic further announces that all of the company's shareholders of record at close of market on Friday, February 18, 2005 were paid a dividend payment of 3 new shares for every one they owned. The price of (NTMT) will reflect the addition of the new stock upon the market's opening on Wednesday, February 23, 2005 at 9:30AM E.S.T.
About NetMusic:
Edmonds, Washington-based NetMusic Entertainment (http://www.netmusic.com/) is a global digital media company focused on providing consumers entertainment on their own terms: anytime, anywhere. The company offers digital music downloads, digital jukeboxes, video-on-demand and online video rental services across the globe. NetMusic also offers the largest online collection of independent music in the world -- a licensed catalog of over one million tracks, incorporating 4000 plus labels. Investors interested in obtaining more information about the company are invited to visit: (http://www.netmusic.com/corp/).
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.