VANCOUVER, British Columbia, Aug. 16, 2004 (PRIMEZONE) -- Cinema Internet Networks Inc. (d.b.a. "CinemaWorks") (Other OTC:CWKNF), a Canadian provider of Internet equipment and services specializing in the hospitality market, has recently retained the services of Pathpoint Capital of Toronto, Ontario to assist in the placement of a $5.0 million dollar US debenture (or its equivalent $6.5 million in Canadian Funds) to be secured by an asset lending agreement. Pathpoint Capital will be paid a performance-based commission for its services and the agreement and commissions are subject to regulatory approvals.
Pathpoint Capital Partners is an Investment Banking organization that focuses on the financial needs of small to middle market companies in North America that have a compelling business model. Pathpoint provides "out of the box" solutions for its clients. One of Pathpoint's founding partners, Bryan Keeler, who was with McCarville Finance for seven years says " We have developed a business model at Pathpoint that encourages long term partnerships not only with our clients, but also with our funding partners."
Bill Massey, President of CinemaWorks, noted: "CinemaWorks is excited to have the prestige firm of Pathpoint Capital to organize this funding effort. CinemaWorks is confident that with this funding in place that this will assist the Company to capitalize on many more installations where there are opportunities to increase the Company's revenues in Revenue Sharing Participation agreements in new hotel installations."
Massey continues "The hotel operators today recognize the importance of providing High Speed Internet Access ("HSIA") in its facilities, and are prepared to purchase the HSIA systems or alternatively, to provide CinemaWorks a revenue sharing opportunity via Cinemaworks' in-house funding program. Currently CinemaWorks has 15 hotel properties on its internal funded program generating $20,000 US per month in positive cash flow from these operations.
Cinema Internet Networks Inc. (d.b.a. CinemaWorks) is a public company incorporated in Canada that provides high speed Internet services to approximately 15,000 hotels rooms in its network of over 50 hotels throughout North America. The Company focuses its business strategy in the three main areas of: 1) value-added high-speed (broadband) Internet equipment and services; 2) wireless broadband Internet services; and 3) VoIP technology and support services for the hospitality market.
For further information, please contact the investor relations representative of the company, IR Unlimited Services Inc. at 1-888-374-0777, email info@irunlimited.com, or visit our website at www.cinemaworks.com.
On behalf of the Board
"Bill Massey"
President & Director
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