LAS VEGAS, April 8, 2004 (PRIMEZONE) -- OBN Holdings, Inc., has entered into a partnership with producer Martin Barab to co-finance feature film projects, actively pursue existing content libraries for acquisition and provide bridge financing for film, television and music productions. The parties are currently raising $10 - $15m and will primarily focus on high-concept feature films with strong theatrical potential in the major international markets.
The partnership has begun soliciting submissions from recent film festival entrants, and is currently evaluating several feature film projects for financing options. Barab, who served as co-executive producer of David Mamet's critically acclaimed "State and Main" (Fine Line Features, 2001), brings over 20 years of entertainment financing, distribution, international co-production and contract law experience to the partnership. He will oversee securing initial production capital, domestic and international co-production and distribution negotiations, and all related legal affairs. OBN will structure the creative and development framework for new productions, work to secure key talent, and offer marketing and publicity support.
"Finding someone with strong ties in today's European market was a key for us," said Dennis Johnson, Vice President of OBN Holdings, Inc. "Martin Barab is a great fit as he brings both finance and production experience on the features side, as well as his knowledge of the global entertainment marketplace."
Roger Neal Smith, CEO of OBN Holdings, Inc. stated "We are very confident the financial and creative direction of this new venture will create a strong platform for future growth and provide OBN with further opportunities to maximize shareholder value."
Barab has been actively involved in the production, financing and distribution of motion pictures since 1980. He has served as lead counsel and attorney in charge of obtaining and negotiating financing agreements, security interests, and production and distribution agreements for a significant number of independent producers and distributors over the past 15 years. Barab has been involved with the production of over 250 motion pictures, managing budgets in excess of $50 million.
"This new venture will take advantage of the many co-production financing opportunities I have organized in the UK, Germany, Luxembourg and throughout Europe," said Barab. Screen Digest recently reported global box office revenue surpassed $20 billion last year, a new record for worldwide cinema exhibition revenues.
About OBN Holdings, Inc.
OBN Holdings, Incorporated (OBN) is a vertically integrated entertainment company engaged in television broadcasting, feature film and television production, music production and distribution, and merchandising.
Television broadcasting operations include Omni Broadcasting Network (Omni), launched in September 2003 and currently reaching 50 million homes via broadcast television stations, the All Sports Television Network, which is scheduled to begin broadcasting May 2004, and the Products On Demand Channel (POD), launched February 2003 airing informational and direct-response programming, and now reaching approximately 30 million households through a combination of broadcast and cable affiliate television stations.
For more information please contact Dennis Johnson at OBN Holdings, Inc. (323) 692-0544.
For the latest SEC filings or past news releases, go to the company's website at: (www.obnholdings.com) and click on the Media heading. Please direct any financial questions to Magellan Financial Media Group at (317) 867-2839.
OBN Holdings, Inc.: 8275 South Eastern Avenue, Suite 200, Las Vegas, Nevada 89123. (702) 435-0544
This press release does not constitute an offer to sell or the solicitation of any offer to buy any securities of OBN Holdings, Inc, nor shall there be any sale of any such security in any state in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such state. Forward looking statements: This press release and other statements by OBN Holdings may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the outlook for earnings and revenues, other future financial or business performance, strategies and expectations. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "estimate," "potential," or future/conditional verbs such as "will," "should" and "could."