ALTAMONTE SPRINGS, Fla., Oct. 24, 2006 (PRIMEZONE) -- Metropolis Technologies Corp. (Pink Sheets:MTPT) announced today that it has raised its revenue expectations attributed to Cornstock Concert 2007 (www.cornstockconcert.com).
Metropolis Technologies Corp. has signed an additional agreement with Cornstock Concert, the Series LLLP for the provision of ancillary services and revenue streams on a 50/50 revenue share basis with the Concert's producers.
Michael Smith, President of Metropolis Technologies Corp. stated, "Metropolis' e-ticketing contracts, coupled with its growing list of strategic alliances have been designed to present incremental revenue opportunities for the Company through associated e-ticketing verticals. In the case of Cornstock 2007, the Company will now provide enhanced website design and management, database and e-marketing initiatives for the growing Cornstock Fan Club, and the integration of a soon to be announced 3rd-party, travel and hotel booking entity directly into the Cornstock concert website. It is a robust revenue sharing opportunity for the company and it certainly doesn't stop there."
Smith continued, "Additionally, through our strategically aligned partners, Metropolis anticipates new revenues from sponsor acquisitions and concert related advertising sales. The revenue sharing model works well for us.
"On a client by client basis, we are often able to access high margin revenue verticals and pass them on to our partners and subsequently earn commissioned revenues without incurring any burden on our operating costs.
"In the case of our valued Cornstock client, a key Metropolis partner has been contracted to sell sponsorship for the concert, advertising space on the print at home tickets and also on the www.cornstockconcert.com website that is expected to generate in excess of $300,000 in cost free revenue to Metropolis."
Smith concluded, "While our fundamental business strategy exists within the e-ticketing domain, we would be foolish to ignore the obvious ancillary revenue opportunities that continue to present themselves through our growing list of clients. As such, we and our partners have quickly seized this opportunity with Cornstock. We expect to be capturing similar opportunities within our client base, on an ongoing basis. As our Metropolis Advisory Group have suggested, these are not just new revenue opportunities, they are most importantly, value enhancing, new client acquisition tools."
About Metropolis Technologies Corp.
Metropolis has a strategic platform to capitalize with the present and future way in which businesses, associations, artists & entertainers, venues and consumers communicate, create partnerships and develop revenue generating activities and transactions within the online universe.
Our mission is to innovate -- bringing the power, ease of use and massive reach of the internet together with our constantly evolving software solutions to deliver better products, customized services and unique business solutions. Today, Metropolis is offering highly advanced, scalable e-ticketing and portal solutions to clients in North America, South America and the Caribbean with a deeper commitment to provide our products and solutions to clients and consumers on a Global scale.
The Metropolis Technologies Corporation logo is available at http://www.primezone.com/newsroom/prs/?pkgid=2913
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding discussion, the words "pleased" "plan," "confident that," "believe," "expect," "intend to," or "anticipate" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks described in the company's SEC reports and filings. All forward-looking statements are based on information available to Metropolis Technologies Corp. on the date hereof, and Metropolis Technologies Corp. assumes no obligation to update such statements.