NEW YORK, July 24, 2003 (PRIMEZONE) -- Diversified Media Holdings, Inc. ("DMH") (Pink Sheets:DVHI), a media and entertainment acquisition company has agreed to acquire a controlling interest in ETV Network ("ETV") a twenty year old out-of-home television entertainment network.
ETV provides in store entertainment to over 5,000 retail and hospitality locations to encourage clientele to extend their visits and to assure a positive retail experience. ETV has assembled a proprietary, wholly owned content library of over 35,000 music videos (second only to MTV), sports videos, fashion videos, travel videos, health videos, children's videos, as well as background and classic audio tracks and video footage. ETV's out-of-home network reaches over 80% of television ADI's and its audience is measured by Nielsen Media Research. ETV's network is delivered via DVD, satellite and IPTV (internet protocol television).
Patrick Grotto, DMH's Chairman and Chief Operating Officer, said "The acquisition of ETV further extends and enhances our ethnic networks with niche programming. Our ability to deliver targeted, measurable audience for subscription television, cable, IPTV, or for out-of-home viewers enables DMH to maximize advertising and subscriber revenues."
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.