SEATTLE, Jan. 25, 2005 (PRIMEZONE) -- Reeltime Rentals, Inc., (Pink Sheets:RLTR) announces that the Company has completed its acquisition of a significant interest in Scream Networks. ReelTime has had an ongoing partnership with Scream Networks, who has been instrumental in the development of certain aspects of ReelTime's IRDS network. The terms of the contract include a forty percent interest in Scream Networks in an all-cash transaction for an undisclosed amount. This acquisition follows a Letter of Intent between ReelTime and Scream Networks in early November 2004.
Alex Stanczyk, CEO of ReelTime comments, "The investment in Scream Networks represents ReelTime's interest in maintaining an ongoing relationship with the Company and our confidence in Scream's ability to deliver innovative technology. ReelTime is looking forward to a long and profitable business relationship."
"We are extremely pleased to be a technology partner with ReelTime. We are convinced that the disruptive technology and business plan that is being executed will rapidly accelerate a wide scale adaptation of video delivery over broadband, and contribute to the paradigm shift in media delivery that is occurring today," commented Gregg Garrett, CEO of Scream Networks.
About Scream Networks
Scream Networks, Inc., located in Kirkland, Washington, is a digital media distribution software company. The Company specializes in custom developed data-delivery networks designed to handle and transfer large quantities of media rich content over the internet.
About Reeltime Rentals, Inc.
Reeltime Rentals, Inc., headquartered in Bellevue, Washington, plans on renting movies in real time to the living rooms of customers nationwide. Customers will have access to thousands of DVD-quality full-screen movies without the hassles of going to the video store or mailbox, nor the added expense of late fees. ReelTime offers a unique, new, and convenient approach to renting movies at home or elsewhere. ReelTime uses cutting-edge technology that brings high-quality video content direct to consumers, while taking unprecedented measures to combat the threat of piracy. Technology acquired from Innovative Communications Technologies, Inc. forms the basis for ReelTime's Intelligent Rapid Delivery System (IRDS).
For more information on Reeltime Rentals, Inc. you may visit our web site at www.reeltimetv.net.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the Company's control with respect to market acceptance of new technologies or products, delays in testing, and evaluation of products, and other risks detailed from time to time in the Company's filing with the Securities and Exchange Commission.