SEATTLE, Aug. 15, 2005 (PRIMEZONE) -- Today, NetMusic Entertainment Corporation (Pink Sheets:NTMT) entered into an agreement with distribution pioneer Media Global Infrastructure, LLC of New York (MGI) (http://www.mgimedia.com/) to utilize the latter's revolutionary payment processing system into NetMusic's wholesale initiative. This integration will enable NetMusic the ability to process payments from multiple payment methods like credit cards, paypal, direct debit, and prepaid cards (virtual and physical) with substantially higher profitability. Additionally, the two will integrate international payment systems with currency conversion, value added tax functionalities, and multi-lingual capabilities, enabling NetMusic to increase its global expansion initiatives.
According to Glen Starchman, NetMusic's Chairman and CEO, "No one can offer us the kind of payment flexibility for our customers at anywhere close to the cost savings we'll realize from MGI. Because our cost structures were calculated before realizing these savings, this deal will significantly increase the profitability of each transaction made by NetMusic."
Added MGI CEO, Jakob Schwerdt, "We have been working with NetMusic on our Listen, Click, and Buy initiative for some time, and are pleased to bring this tremendous value add to their portfolio of services. We anticipate a strong, mutually beneficial relationship with NetMusic."
About MGI:
MGI offers the most advanced payment solutions available in electronic media distribution, combining extraordinary flexibility with outstanding cost efficiencies. MGI also provides a holistic approach to the digital distribution process by leveraging existing distribution channels (radio stations, online magazines, home theaters, wireless distribution, etc.) and couple it with aggregated content and a powerful digital distribution platform, supporting central server-based and P2P network channels. Recently, the company was selected as the exclusive provider of payment services for StreamCast Networks Inc.'s (http://www.streamcastnetworks.com/) popular Morpheus (http://morpheus.com/) P2P file-sharing software "Peer Response," confirming MGI's leadership role in payment processing and media distribution services.
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 focuses on providing media distribution opportunities in both audio and audiovisual spaces for third party brands seeking to engage consumers with media. 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.