RICHARDSON, Texas, Oct. 20, 2004 (PRIMEZONE) -- Immediatek (OTCBB:ITEK) today announced that Chairman and President Zach Bair has promoted Stephen Prendergast, president of Immediatek's wholly owned subsidiary DiscLive (www.disclive.com). Prendergast will share the role of Co-CEO of Immediatek with Bair, and he will also continue to serve as DiscLive's president. Immediatek has also retained veteran financial executive Larry Lemoine as acting CFO. Both men will office in Los Angeles.
Prendergast brings a vast array of business management experience directly related to the music industry into the company, which adds to the strength of Bair's technical and entrepreneurial background. Most recently, prior to his roles with Immediatek and DiscLive, Prendergast served as senior vice president of Walden Media (W Recordings), a film/television/education production entity owned by the Anschutz Corporation. He also was co-founder of Squint Entertainment, the company responsible for signing and developing Sixpence None the Richer and Chevelle (among others). There he secured funding and partnerships to launch and distribute the company worldwide. His experience with major labels is extensive, working in several BMG divisions since the early '90s in such roles as national director of artist development (Zoo), vice president international (Zoo), and vice president of artist development (Arista/Reunion). He has extensive artist management experience, a key component in understanding how to build business that is centered on artist- and label-oriented products.
As a key executive of the Los Angeles Olympic Organizing Committee with the charter to stage the 1984 Olympiad, Lemoine's responsibilities spanned from the committee controller role to management of ticketing operations and of all sports venues (27) simultaneously, resulting in the most profitable Olympic Games in history. As Vice President of Finance for DIRECTV, Lemoine had a direct role in steering the introduction and roll out of the DBS service in the U.S. and Latin America in a hyper growth environment (100,000 to 11 million subscribers in six years), not only in a typical finance capacity, but he also had responsibilities encompassing consumer sales/marketing, programming and subscriber retention. Prior to DIRECTV, he held senior executive finance positions in both consumer electronics manufacturing (worldwide) and consumer electronics retail. Related accomplishments include corporate capital restructuring through a secondary equity offering and restructuring credit lines and divestitures of wholly owned foreign subsidiaries (23 countries) for the purpose of fueling domestic and international growth. Most recently he spent most of this year in France securing financing for a Paris-based start-up through European "angel" investors.
"I believe the changes that we have implemented at Immediatek and DiscLive will strengthen the company for the future, and they will create a solid foundation for building real and sustainable shareholder value," said Bair from the company's Dallas-area headquarters. "I'm very excited that Stephen (Prendergast) will be working with me directly to help guide the strategic direction of the company and that, together with Larry, we can develop and grow the company to its full potential."
About Immediatek
Immediatek is the parent company of DiscLive, and it is the developer of NetBurn Secure(TM) (www.netburncd.com) the only "single-click CD download and burn" software product on the market that helps record labels, artists, and content providers curb Internet piracy and protect their revenues by providing copy control even after digital music has been burned to disc, and which provides a new paradigm in digital delivery through the NetBurn Portal System.
Immediatek is combining technologies to create new and exciting product offerings, all geared for creating new revenue streams for artists and labels and implementing copy management to help reduce illegal file-sharing activity. Immediatek was founded by CEO and musician Zach Bair, who also founded venture-backed Voyence (www.voyence.com) as PowerUp Networks in 2000. NetBurn Secure(TM) also employs technology by third parties such as Microsoft (Nasdaq:MSFT) and includes security components by SunnComm International (SCMI). Immediatek's company website is www.immediatek.com.
About DiscLive
DiscLive (www.disclive.com) is the leading player in the quickly growing market of live discs made available immediately after the concert. The company is lead by Rich Isaacson, CEO, who is co-founder of legendary Loud Records, and who invented the street team marketing concept. DiscLive is expanding its business rapidly as the live disc phenomenon continues to grow. A May 2 headline in "The New York Times" dubbed the DiscLive offer of legal, high-quality CDs made available immediately after the concert "Rock's Best New Souvenir."
Safe Harbor Statement:
This press release includes forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risks, uncertainties and other factors, including but not limited to, changes in the retail market place, changes in underwriting results affected by economic conditions and other factors described from time to time in the company's Securities and Exchange Commission filings, including the company's annual report on Form 10KSB for the year ended December 31, 2002. All forward-looking statements made in this press release are based on information presently available to management of the company. The company assumes no obligation to update any forward-looking statements.
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