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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 |
September 3, 1999 A.S.E Trading Symbol: YAL
VANCOUVER, B. C., CANADA ------Yaletown Entertainment Corp. (the "Company") is pleased to make the following announcement:
e-Postgram.com
Further to the Company's news releases of May 27th and June 10th, 1999 the Company will not be proceeding with the licensing of the cartoon character UserFriendly.
The Company has entered into a memorandum of agreement with Trekon Capital Corp. of Vancouver, B. C., a company related by way of a common director, to license a 50% interest in e-Postgram.com. for the North American amusement park market.
Pursuant to the terms of the memorandum of agreement the Company will contribute C$150,000 over 90 days towards the further development of e-Postgram and an additional C$200,000 towards initial marketing. The Company will also be required to pay 50% of all capital expenditures and operating expenses on an ongoing basis and, subject to a 5% royalty, will receive 45% of the operating revenues from kiosk receipts and primary web-site revenues.
e-Postgram is a individualized, personalized electronic postcard concept incorporating both e-commerce and e-advertising elements.
The transaction is subject to required regulatory approvals.
The Company will remain active in its primary business of television and motion picture production. The Company has completed one comedy feature film, Urban Safari, which has sold in over one hundred countries, is in the second season of production of the critically acclaimed, award winning documentary television series Weird Homes, has an agreement with Alliance Atlantis Broadcasting for the development of a new series, Weird Wheels, and has completed the screenplay for Headhunter, a horror-thriller based on the million selling novel of the same title.
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