CORAL SPRINGS, Fla., July 10, 2002 (PRIMEZONE) -- Sun Network Group, Inc. (OTCBB:SNNW) ("Sun") announced today that it has signed a letter of intent to acquire Beverly Hills, California-based Live Media Enterprises, Inc ("LIVE"). LIVE is the leading independent producer in the rapidly expanding consumer lifestyle events market. Lifestyle events include arts festivals, culinary festivals, family shows and targeted ethnic events.
Among the active events produced by LIVE are some of the leading consumer event properties in Southern California including the Gourmet LA Festival, Los Angeles Garlic Festival, VIVA! Los Angeles and the Parent, Baby, Child Expo and Kids Fair Series (and its Latin counterpart LA Expocition Familiar).
"This transaction is about synergy of vision," said Howard Mauskopf, LIVE's founder and CEO. "There exists an excellent opportunity to roll-up and acquire local, branded lifestyle events and with Sun we have found a Company and management that supports the extraordinary potential of our business model."
T. Joseph Coleman, Sun's CEO, added, "We believe LIVE is an excellent fit with Sun and the media businesses we are developing. We are very pleased to have Howard and his management team joining our Company and excited to be acquiring the rights to some pretty popular brands, well known to both consumers and sponsors."
LIVE's events are all themed gated festivals that target a niche consumer demographic. The events derive their revenue from multiple streams, including sponsorship fees, booth sales, admissions and on site consumption. Sponsors of LIVE's events have included most major spirits, breweries, automobile and telephony companies and its live entertainment has included leading musicians, comedians, chefs, authors and business leaders.
Sun is the parent company of the RadioTV Network, Inc ("RTV"), a new television network that produces and distributes television adaptations of top rated radio programs. Sun anticipates completing the acquisition of LIVE through a mostly all stock transaction within the next sixty days.
For more information on Sun Network Group, Inc., please visit their Web site: http://www.sunnetworkgroup.com or contact:
Stephen Kern Investor Relations 323.937.4022 sjkern@dslextreme.com
This announcement contains forward-looking statements about Sun Network Group, Inc., that may involve risks and uncertainties. Important factors relating to the company's operations could cause actual results to differ materially from those in forward-looking statements and are further detailed in filings with the Securities and Exchange Commission available at the SEC Web site (http://www.sec.gov). All forward-looking statements are based on information available to Sun Network Group, Inc. on the date hereof, and Sun Network Group, Inc. assumes no obligation to update such statements.