SANTA MONICA, Calif., Jan. 23, 2003 (PRIMEZONE) -- InternetStudios, Inc. (OTCBB:ISTO) announced today that it has signed a letter of intent with Global Media Management, LLC, under which Global Media would provide media for use by InternetStudios in the marketing of first-run feature films. In return, Global Media would become a major equity partner in InternetStudios. The LOI is subject to standard due diligence and finalizing terms.
Global Media is an investment fund headquartered in Memphis, Tennessee. The fund is capitalized with broadcast and print media, TV advertising time and space rights to be invested in target industries and companies that demonstrate innovative strategies to monetize the media and further their business objectives.
InternetStudios management believes that the scope of the transaction could significantly enhance its overall business plan and position the Company as a strong competitor in the International and Domestic Motion Picture Releasing business. Closing is scheduled to take place in February 2003.
About InternetStudios
Internet Studios' primary strategy for 2003 is to achieve significant revenues by integrating its existing online marketing capability with more traditional releasing and distribution activities while aggressively acquiring undervalued media assets.
InternetStudios, through its subsidiary OnlineFilmandTVSales (OFTVS) owns the most advanced and proprietary online platform and 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.