SANTA MONICA, Calif., Oct. 6, 2005 (PRIMEZONE) -- Digicorp, Inc. (OTCBB:DGCO) announced today that it has entered into a Letter of Intent to acquire Rebel Crew Films, Inc, a Los Angeles-based film licensing and distribution company, owned and founded by Jay Rifkin and Cesar Chatel. As detailed in an 8-K filed on October 5, Rifkin will assume the role of Chairman and CEO upon completion of the acquisition. In the meantime, he will serve as Interim President and report to CFO William B. Horne, who, as of September 30, 2005, has replaced Milton "Todd" Ault as Chairman and CEO of the Company. Mr. Ault is the Chairman and CEO of Patient Safety Technologies, Inc., Digicorp's largest shareholder.
Jay Rifkin brings more than 20 years of experience building successful media and interactive marketing companies, including Mojo Records, a joint venture with Universal Records that was ultimately sold to Zomba/BMG; Media Ventures, a creative entertainment cooperative that became an industry-leading source for original film and television music; and, Media Revolution, a cutting edge developer of advanced, integrated consumer marketing solutions whose clients include Sony, Warner Bros., Universal, and Twentieth Century Fox.
As a producer, song writer and engineer, Mr. Rifkin has collaborated on multi-platinum albums for such artists as Whitney Houston, Carly Simon, and Jimmy Buffett. His partnership with Hans Zimmer yielded three Academy Award-nominated scores: "The Preacher's Wife," "The Lion King," and "Rain Man." Rifkin's work on Disney's "The Lion King" drove soundtrack sales to more than 18 million copies worldwide, and the album earned him a Grammy Award (Best Children's Album) and an American Music Award (Favorite Pop/Rock Album).
"His record speaks for itself. Jay's ability to envision and capitalize on media and consumer trends is unsurpassed and is borne out by his list of successes," commented Digicorp CEO, William Horne. "We cannot imagine a more suitable executive to lead this company's entry into digital media."
"The opportunity for digital media companies like Digicorp is to provide new ways to attract the attention of an ever more selective and savvy media consumer," commented Rifkin. "Global media is facing the challenge of a new paradigm driven by time shifted delivery technology, where the consumer ultimately expects broader and on-demand access to content and services. Digicorp's proprietary suite of Podcasting utilities is a good example of a nimble response to anticipated changes in consumer media habits."
About Rebel Crew Films, Inc.
Founded in 2001, Rebel Crew Films, Inc. is rapidly becoming a leading distributor of Latino home entertainment products. The company currently maintains more than 200 Spanish language films and serves the nation's largest wholesale, retail, catalog, and e-commerce accounts. Rebel Crew's titles can be found at Wal-Mart, Best Buy, Blockbuster, K-Mart, and hundreds of independent video outlets across the U.S. and Canada. The company's diverse programming includes: New Releases, Classic Mexican Cinema, animation, cult, martial arts, family entertainment, and more.
About Digicorp Inc.
Digicorp is a holding company focused on developing and acquiring businesses in digital media and content delivery. Digicorp is the parent company of iCodeMedia, a wholly owned subsidiary dedicated to building software and business solutions for time shifted content delivery for next generation digital media devices. For more information, please refer to www.dgcoinc.com or call (310) 728-1457.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements can generally be identified as such because the context of the statement will include words such as Digicorp "expects," "should," "believes," "anticipates" or words of similar import. Stockholders, potential investors and other readers are cautioned that these forward-looking statements are predictions based only on current information and expectations that are inherently subject to risks and uncertainties that could cause future events or results to differ materially from those set forth or implied by the forward-looking statements. Certain of those risks and uncertainties are discussed in the Digicorp filings with the Securities and Exchange Commission, including Digicorp annual report on Form 10-K and quarterly reports on Form 10-Q. These forward-looking statements are only made as of the date of this press release and Digicorp does not undertake any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.