ORLANDO, Fla., Dec. 17, 2004 (PRIMEZONE) -- Raven Moon Entertainment, Inc. (OTCBB:RVNM) is pleased to announce that CEO Joey DiFrancesco and V.P Bernadette DiFrancesco have elected to forgive $750,000 of their back salary, without the issuance of equity, in order to significantly reduce corporate liability and help improve Raven Moon Entertainment's bottom line. The $750,000 of accrued salary that the CEO and Vice President have elected to forgive is in addition to approximately $700,000 that Raven Moon's officers deferred earlier this year.
"Our No. 1 priority is completing the 39 episodes of 'Gina D's Kids Club.' We are so close to achieving our dream, and we are committed to making this dream a reality for our family, and the loyal shareholders who have supported us all these years," stated Joey DiFrancesco, Raven Moon's CEO.
Recently the company announced that it had received a $3,000,000 line of credit from MG Studios so that the company can produce an additional 22 episodes of the "Gina D's Kids Club" programs so that stations can air them five days a week Monday through Friday just like "Barney," "Arthur" and "Sesame Street."
"The money that the company saves on salaries can be used to produce additional episodes so that the company can syndicate the programs five days a week one year ahead of schedule. We made this decision because the company is extremely close to achieving its goal. What we have achieved by producing 18 episodes this year is short of a miracle. Now it's time for the leadership of this company to show our long term loyal shareholders a real commitment in the home stretch by putting our money where our mouth is," stated Joey DiFrancesco Raven's CEO.
For syndication contact Len Koch at (201) 568-4800.
To participate in the RAAP Program in your city contact Tom Wright at (407) 884-0444.
"Gina D's Kids Club" DVD & Video products are only available through Clubhouse Videos Inc. Visit www.clubhousevideos.com for details.
Safe Harbor Act Notice: This release may contain forward-looking statements that involve risks and uncertainties, including without limitation, acceptance of the company's products, increased levels of competition, product and technological changes, the company's dependence upon financing and third- party suppliers, and other risks detailed from time to time in the company's federal filings, annual report, offering memorandum, or prospectus. Specifications are subject to change without notice.