DEL MAR, Calif., August 13, 2003 (PRIMEZONE) -- Cavalcade of Sports Media, Inc. (OTCBB:CVOS) is pleased to announce that it has signed a Letter of Intent with Pacificap Entertainment, Inc. to acquire Pacificap in a tax-free stock for stock exchange. Pacificap intends to fund Cavalcade to complete its initial business plan.
Pacificap Entertainment, Inc. is a film finance and marketing company that leverages film financing. It also acts as a merchant bank from the risk profile in the production of films. Pacificap develops cash flow from production fees, licensing fees, marketing and merchandising as well as participating in the equity profile of each film.
Both the boards of directors of Pacificap and Cavalcade have approved the signing of this letter, but the merger remains subject to regulatory approvals and the signing of a definitive agreement.
Ed Litwak, president of Cavalcade, stated, "We expect the merger to be complete in this coming quarter and I am very pleased to be involved with the Pacificap group. This merger should enable us to complete our business plan and start broadcasting in the first quarter of 2004."
For further information, visit the Cavalcade of Sports Media website at www.cavalcadetv.com or contact Ed Litwak at Cavalcade of Sports Media at 858-481-2207.
This news release contains forward-looking statements that are based upon expectations, estimates and projections by Management, which are current as of the date hereof. There are a variety of factors that could cause our actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements. In addition, we disclaim any intent or obligation to update those forward-looking statements. Please refer to the Company's filings with the SEC for additional information regarding risks and uncertainties listed from time to time in such SEC reports. Copies of those filings are available through the SEC's electronic data gathering analysis and retrieval system (EDGAR) at www.sec.gov.