SANTA MONICA, Calif., May 7, 2002 (PRIMEZONE) -- InternetStudios.com, Inc. (Pink Sheets:ISTO), the parent company of OnlineFilmandTVSales.com, announced today that it has completed its corporate restructuring plan to reduce the Company's worldwide operating costs and strengthen its competitive position as the premier full-service web-based solution for marketing, transacting, tracking and delivery of filmed entertainment rights.
"We are very excited that we have successfully completed our corporate restructuring and can now focus on building our business and enhancing our position as the leader in providing a comprehensive marketing solution for the entertainment industry," said Robert MacLean, Chairman of InternetStudios.
MacLean noted the Company intends to launch an upgraded version of its OnlineFilmandTvSales.com website next week and to meet its reporting requirements in order to be reinstated on the OTCBB in May 2002. "The Company has not only survived one of the most pronounced economic downturns in recent history," MacLean said, "but with the recent changes to the capital structure along with the continuity of its management team, we have reinforced our ability to succeed in an increasingly competitive business environment."
InternetStudios, headquartered in Santa Monica, California, is a leading provider of web-based services for the entertainment industry. InternetStudios, through its subsidiary OnlineFilmandTVSales (OFTVS) owns the most advanced and proprietary online platform & database to transact film and television rights globally. For more information about InternetStudios, visit www.internetstudios.com.
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.