 |
 | |
 |
 | |
 |
 | |
 |
 | |
 |
 | |
 |
 | |
 |
 | |
 |
 | |
 |
 | |
|
||
News Release
|
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 |
Monday, June 05, 2000
CDNX Trading Symbol: YAL
VANCOUVER, B. C., CANADA ------Yaletown Entertainment Corp. (the "Company") is pleased to make the following announcement:
ACQUISITION OF HDTV EQUIPMENT
The Company announces that it has entered into an agreement with Matrix Professional Video Services Ltd. to acquire two Sony High Definition television cameras together with related High Definition editing equipment. The aggregate cost of the equipment is approximately $550,000. The Company is the first television production company in Canada to purchase HD cameras and editing equipment.
The Company will use this equipment to shoot a total of 39 episodes of its two television documentary series Weird Homes and Weird Wheels. Shooting has already begun on Weird Homes and the initial footage is spectacular. These will be the first Canadian produced documentary series to be shot in HD.
"These are two very significant firsts for our Company" commented Yaletown president Mike Collier. "We believe that the future of television is in High Definition. High Definition production will give both Weird Homes and Weird Wheels access to an expanding television and Internet market and will increase their lifespan. Yaletown will be premising all of its future production decisions on HD. We have a number of series in development now and expect to have several of them in production later this year. "
PRIVATE PLACEMENT
The Company also announces that it has negotiated a private placement of up to 1,000,000 units at a price of $0.25 per unit. Each unit will be comprised of one share and one share purchase warrant, the Warrants being exercisable over a two year term at $0.31per share. The Company will be filing a Notice of Proposed Private Placement within 14 days. The proceeds will be applied as partial payment for the purchase of the HD cameras and editing equipment. The private placement is subject to required regulatory approvals.
Yaletown Entertainment Corp. is an award winning television and movie producer listed on the Canadian Venture Exchange under trading symbol YAL.
For further information, please contact Mr. John Cumming, Chief Executive Officer, or Roger Kelly, Manager of Corporate Communications, 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 CANADIAN VENTURE EXCHANGE HAS NEITHER APPROVED NOR DISAPPROVED OF THE CONTENTS OF THIS PRESS RELEASE.
|-Contact-|-HOME-|-Weird Homes-|-Weird Weddings-|
Yaletown Entertainment Corporation, Vancouver B.C. Canada
tel: (604) 669-3543 - Executive/Production Offices
Canadian Venture Exchange: ECY