NEW YORK, Feb. 14, 2003 (PRIMEZONE) -- Diversified Media Holdings, Inc. ("DMH"), a New York-based holding company, announced today that it has merged with Millennium Broadcast Corporation, a publicly held corporation (Pink Sheets:MIBD). The terms of the merger include a 50:1 reverse stock split where DMH shareholders now own 90.5% of the issued and outstanding stock of Millennium Broadcast Corporation.
DMH was formed to offer entertainment, ethnic programming and affinity marketing services via Broadband distribution. Transitioning into a public company is one step in management's multi-step strategy to position DMH as a global leader.
"There is tremendous acquisition and organic growth potential in the media markets we are pursuing. Our publicly held status affords us an efficient and effective mechanism to acquire assets. And, our Management team gives us the expertise to organically grow our business on a global basis," stated Mr. Patrick Grotto, Chairman and CEO of DMH.
DMH was founded to capture economies of scale for content dissemination via broadband delivery around the world. DMH recognizes revenue in its target markets through licensing and subscription agreements. The Company seeks additional acquisitions for ethnic and entertainment programming as well as affinity marketing assets. This content will be packaged to establish DMH's leadership in global broadband distribution.
"Broadband delivery is rapidly growing and we are aggressively capturing licensing rights for distribution via this channel," added Mr. Grotto.
DMH's management team is composed of senior executives from cable, media and entertainment fields. They have a strong track record of growing early-stage companies into multi-national organizations.
Statements in this press release other than statements of historical fact, including statements regarding the company's plans, beliefs and estimates as to projected market size are "forward-looking statements." Such statements are subject to certain risks and uncertainties, including factors listed from time to time in the company's SEC filings, and actual results could differ materially from expected results. These forward-looking statements represent the company's judgment as of the date of this release. The company disclaims, however, any intent or obligation to update these forward-looking statements.