SEATTLE, April 26, 2005 (PRIMEZONE) -- NetMusic Entertainment Corporation (Pink Sheets:NTMT) announced today that the company has executed a contract to acquire The PAN Network.
Glen Starchman, Chairman and CEO of NetMusic stated, "The acquisition of The PAN Network is a special and strategic event for NetMusic Entertainment. Now our family, in addition to being one of the most prominent enterprises in online music and entertainment distribution, is able to harness the historical contributions and experience of one of the true pioneers in this space."
In this digital enlightened age, people forget, and in many cases are not aware of, the groundwork that was done in the very early stages. PAN was the birthplace of online digital audio and people like Perry Leopold bring a unique perspective and more holistic understanding of the challenges and opportunities in digital entertainment distribution.
According to PAN's founder, Perry Leopold, "We are very pleased and excited to become part of the NetMusic family today. By merging PAN's legacy and technology into NetMusic's powerful infrastructure, our shared vision of making entertainment available to anyone anywhere at anytime, and through any type of device, is one step closer to fruition."
NetMusic will immediately begin integrating the vast array of PAN methods technologies into its current and future initiatives.
"We will be leveraging PAN's substantial assets to build a better music service in the coming months and will be changing the face of the current digital music service (DMS) marketplace," says Starchman. "PAN gives NetMusic a foundation on which to build the type of service that consumers have been clamoring for since the dawn of the digital media age."
The terms of the deal were not disclosed.
About The PAN Network:
Established in 1981, The PAN Network is the world's oldest continuously operating online service. PAN was the world's first online service for the music industry, the world's first vertical network, and the world's first global B2B network. In 1984, PAN invented downloadable digital audio, and concurrently became the first company to ever use digital audio and video on-demand as its primary business model. In 1986, PAN simulated streaming audio and video for the first time during an online transmission of a live concert event from Tokyo throughout the world. More recently, PAN has leveraged its legacy technology into several patent-pending applications, including online piracy detection, digital media distribution, and the promotion of new music on the Internet.
About NetMusic:
Edmonds, Washington-based NetMusic Entertainment (http://www.netmusic.com/) is a global digital media company focused on providing consumers entertainment on their own terms: anytime, anywhere. The company offers digital music downloads, digital jukeboxes, video-on-demand and online video rental services across the globe. NetMusic also offers the largest online collection of independent music in the world -- a licensed catalog of over one million tracks, incorporating 4000 plus labels. Recently, the company announced plans for the acquisitioning of licensing to the catalogues of the largest recording companies in the industry as well as plans to launch a video-on-demand service. Investors interested in obtaining more information about the company are invited to visit: (http://www.netmusic.com/corp/).
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although NetMusic Entertainment Corporation believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by NetMusic Entertainment Corporation or any other person that the objective and plans of NetMusic Entertainment Corporation will be achieved.