ORLANDO, Fla., Nov. 16, 2004 (PRIMEZONE) -- Raven Moon Entertainment, Inc. (OTCBB:RVNM) is pleased to announce that it will be re-acquiring the outstanding shares of Club House Videos Inc. for up to $2,000,000 worth of common and preferred stock.
The former unit holders of Raven Moon Home Video Products (the predecessor to Club House Videos Inc.), Club House officers and directors, and Club House preferred shareholders represent the majority of the holders of the outstanding shares of Club House Videos. These individuals will receive preferred shares of Raven Moon Entertainment. Raven Moon shareholders who received Club House Videos Inc. shares as a dividend distribution from Raven Moon at the time Club House Videos was formed will be able to redeem their Club House shares for shares of Raven Moon common stock.
The re-acquisition will be structured as a merger of Club House into Raven Moon, with Raven Moon being the surviving corporation Club House Videos will remain an operating division of Raven Moon Entertainment. Club House Videos will market and distribute GINA D'S KIDS CLUB's Videos, DVDs, and Music CD products including the GINA D'S CUDDLE BUG CHRISTMAS special and two new Video, DVD and Music CD products called GINA D'S JOURNEY TO THE LAND OF DINOSAURS and GINA D'S LET'S GET FIT AMERICA. As part of the merger agreement, Raven Moon Entertainment will receive 100% of all future worldwide Video, DVD, and CD product revenues from the GINA D'S KIDS CLUB programs which are currently airing weekly in over 79 markets nationwide.
The GINA D'S KIDS CLUB television program has already inspired fourteen video and audio products: "Gina D's Kids Club" Volume 1, ("Join The Club"), "Gina D's Kids Club" Volume 2, ("Good News"), "Gina D's Kids Club" Volume 3, ("Smile-A-bility"), the "Gina D's Kids Club" Three Episode DVD, "Gina D's Cuddle Bug Christmas" VHS and DVD, the "Gina D's Kids Club" Music CD Volume 1 & 2, the "Young America" Limited Edition CD single, "Gina D's Dance Party Music CD, the "Sing A Long With Gina" VHS and DVD. It will also acquire a current inventory of "Cuddle Bug" and "Christmas Cuddle Bug" plush toys. In addition to GINA D'S KIDS CLUB products, Club House Videos, a division of Raven Moon Entertainment, has an agreement with Amazon.com to sell other popular children's titles on the website www.clubhousevideos.com. "We're really excited about the direction Raven Moon and its reacquired distribution arm, Club House Videos, is going. The shareholders of Club House Videos waited a considerable period of time to see if the Club House common stock would trade publicly. Given that the GINA D'S KIDS CLUB program has now begun syndication, Raven Moon is in a better position to finance distribution of its products, and this merger will provide the stockholders of Club House a better opportunity to capitalize on their investment," stated Joey DiFrancesco, CEO of Raven Moon.
Raven Moon Entertainment is working on the completion of 39 episodes of GINA D'S KIDS CLUB and has already begun syndicating the program nationwide to ABC, FOX, UPN, CBS, and PBS stations. GINA D'S KIDS CLUB is currently airing on 79 Stations in places such as New York, Los Angeles, Philadelphia, Las Vegas, Maryland, and many other states and cities across the country.
Club House Video shareholders will receive notification via mail on how to exchange their shares for Raven Moon Entertainment. For Raven Moon Entertainment, Inc. company information call Marc Jablon at (407) 877-5952 or visit www.ravenmoon.net. GINA D'S KIDS CLUB products are only available through Club House Videos Inc. a subsidiary of Raven Moon Entertainment, Inc. Visit www.clubhousevideos.com for details.
For Syndication call Len Koch at Role Entertainment (201) 568-4800 or go to www.roletv.com.
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.