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News Release
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YALETOWN ENTERTAINMENT CORP. 407 - 535 Howe Street, Vancouver, B. C. V6C 2Z4 Tel: (604) 688-0118 Fax: (604) 688-3348 CUSIP# 984909101 Rule 12g3-2(b)# 82-4336 |
Thursday, 16 December 1999 A.S.E Trading Symbol: YAL
VANCOUVER, B. C., CANADA ------Yaletown Entertainment Corp. (the "Company") is pleased to make the following announcements:
Year 2000 Readiness
The Company has checked its computer systems and confirmed that they are Year 2000 compliant. The business activities of the Company are not Year 2000 vulnerable. Most of the Company's film production elements are outsourced and the Company Year 2000 readiness plan includes confirming with such outside contractors at the time of contracting to ensure that they too are Year 2000 compliant. The financial impact of the anticipated Year 2000 computer concerns will not be material to the Company.
Future Business Activities of the Company
The Company will continue to focus on its principal business activities of television and motion picture production. The Company is actively advancing towards a June 1, 1999 production date for the second season (26 episodes) of its award winning Weird Homes television series. Marketing efforts in Hollywood continue for the horror-thriller feature film Headhunter based on the million selling novel by Michael Slade.
The directors have determined that the Company will not be engaging in any further ventures into the resource sector.
The Company continues to look for avenues to enhance shareholder value and is actively considering diversification opportunities in the information technology sector.
Resignation of Director
Concurrent with the Company's withdrawal from the resource sector Lee Stoiser, P. Eng., resigned as a director
Yaletown Entertainment Corp. is a Canadian television and movie producer listed on the Alberta Stock Exchange under trading symbol YAL.
For further information, please contact Mr. John Cumming, Chief Executive Officer, at telephone: (604) 688-0118 or check out our web site at www.yaletownentertainment.com.
John C. R. Cumming
John C. R. Cumming, Director, Chairman & C.E.O.
THE ALBERTA STOCK EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE.
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Yaletown Entertainment Corporation, Vancouver B.C. Canada
tel: (604) 669-3543 - Executive/Production Offices
Canadian Venture Exchange: ECY