SANTA MONICA, Calif., Dec. 4, 2002 (PRIMEZONE) -- InternetStudios (OTCBB:ISTO) announced today that it has reached an agreement in principle to acquire an interest in Horizon Entertainment Inc. and that the President of Horizon, Mr. Robert Straight, has agreed to join the InternetStudios Advisory Board. This strategic relationship with Horizon and Mr. Straight solidifies the Company's movement to integrate its online marketing presence with more traditional international film marketing activities.
Mr. Straight's background includes a stint as the Head of American Affairs at the Canadian Broadcasting Corporation where he established the CBC's operations in New York and concluded some of the first ever sales of the CBC's programming outside of Canada. After leaving the CBC, Mr. Straight joined Vestron Inc. as Senior Vice-President, International, where he was responsible for international distribution of such films as Dirty Dancing and John Huston's The Dead.
Subsequently, Mr. Straight established Horizon Entertainment as a distributor and sales agent for top-level independent producers. Horizon has produced and distributed films starring Academy Award and Emmy Award winning actors such as F. Murray Abraham, Louis Gossett Jr. and Kelsey Grammar. Recently, it has focused on the distribution of high-profile foreign language films including Dark Water, Princess Blade, Yin Yang Masters, Inner Senses, and most prominently, the original Japanese language version of The Ring trilogy. The remake rights to The Ring were sold to DreamWorks and the English language version of The Ring has grossed over $120 million in the U.S. box office alone after only 7 weeks of release.
In addition, Horizon uses InternetStudios' proprietary technology to power its website at www.filmhorizon.com enabling buyers worldwide to access over 50 titles available for international distribution.
Robert Maclean, Chairman of InternetStudios, commented, "Rob Straight brings a wealth of experience and valuable contacts to assist InternetStudios in its international marketing and distribution strategy. Rob has built an exciting international sales company that has found a distinct niche in handling unique international theatrical pictures . We look forward to helping Rob grow his business as we feel there is an increasing demand by worldwide audiences for these high quality specialty films."
Internet Studios' primary strategy over the next 12 months is to move towards integrating its existing online marketing capability with more traditional releasing and distribution activities and to aggressively acquire undervalued media assets.
Internet Studios, through its subsidiary OnlineFilmandTVSales (OFTVS) owns the most advanced and proprietary online platform & database to transact film and television rights globally. For more information about Internet Studios, visit http://www.internetstudios.com. Investor Communications 1-888-784-6166 ext.1 or email ir@internetstudios.com
Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.