NEW YORK, Sept. 10, 2003 (PRIMEZONE) -- Diversified Media Holdings, Inc. ("DMH") (Pink Sheets:DVHI), a media and entertainment acquisition company has completed the acquisition of ETV Network ("ETV") a twenty-year old out-of-home television entertainment network. DMH will name the new company, OH! TV (Out Of Home TV).
ETV provides in store music videos to over 5,000 retail and hospitality locations which encourages clientele to extend their visits and assures a positive retail experience. ETV has assembled a proprietary, wholly owned content library of over 35,000 music videos (second only to MTV), sports videos, fashion videos, travel videos, health videos, children's videos, as well as background and classic audio tracks and video footage. ETV's out-of-home network reaches over 80% of television ADI's and its audience will be measured by Nielsen Media Research. ETV's network is delivered via DVD, satellite and IPTV (internet protocol television).
DMH intends to greatly expand ETV's customer base by offering new retail accounts a Plasma TV monitor and DVD player with installation at no cost, compilation DVD's under the private labels of retailers, and offering downloadable DVD's to consumers via its web site (www.etvnet.com).
Patrick Grotto, DMH's Chairman and Chief Executive Officer said, "The acquisition of ETV and the growth strategy we have planned for the company further extends and enhances our niche network strategy. DMH's ability to own and distribute targeted, measurable programming for ethnic, out-of-home and occasional networks through television, cable, HDTV and IPTV enables DMH to deliver a measurable national audience for advertisers. The impact of this new revenue channel is significant because it goes right to the bottom line."
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs and estimates as to projected market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially from expected results. These forward looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward looking statements.