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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 |
Friday, December 7, 2000
CDNX Trading Symbol: ECY
VANCOUVER, B. C., CANADA ------Yaletown Entertainment Corp. (the "Company") is pleased to make the following announcement:
ACQUSITION OF POST-DIGITAL GROUP COMPLETED; YALETOWN'S REVENUES TO GROW BY $1,000,000
Effective October 31, 2000 the Company has completed its acquisition of the Post-Digital Group of Companies from Brian Hammond and Debbie Walker. All required final documentation is being filed with the Canadian Venture Exchange. The acquisition of the Post-Digital Group, which includes Post-Digital Works Ltd., Bampot Productions Ltd. and Pilot-West Productions Ltd, was concluded at an aggregate price of $1,000,000 payable in common shares at a deemed issue price of $0.50 per share. The acquisition of the Post-Digital Group is expected to add in excess of C$1,000,000 in annual revenues to the Company commencing fiscal 2001.
Post-Digital Works Ltd. and Bampot Productions Ltd. specialize in providing high-end non-linear editing systems to the rapidly expanding film and television market in Western Canada and, in addition, will provide specialized technical support to Yaletown's slate of High Definition (HD) television productions.
Pilot-West Productions Ltd. supplies, to the same growing market, digital cameras and related equipment for production in various television formats including High Definition and will including the recently purchased Sony High Definition cameras.
"As previously stated by Yaletown, this acquisition is much more a merger than a take-over," emphasized Yaletown president Mike Collier. "We have previously publicly stated our commitment to High Definition and our recent sale of all of this season's production of both Weird Homes and Weird Wheels to Discovery HD reinforces our commitment. Brian Hammond and Debbie Walker share that commitment and add to our management team exceptional levels of technical and marketing expertise."
EMPLOYMENT AGREEMENTS, APPOINTMENTS AS OFFICERS
Pursuant to the acquisition closing conditions Brian Hammond and Debbie Walker have agreed to remain with the Post-Digital Group for not less than five years. Brian Hammond, in addition to serving as President of the Post-Digital Group, has been appointed as Yaletown's Vice President of Post-Production Services and will be nominated to the Board of Directors of Yaletown at the Annual General Meeting scheduled for December 29, 2000. Debbie Walker, in addition to serving as Vice President of the Post-Digital Group, has been appointed as Yaletown's Vice President of Marketing.
ADDITIONAL CLOSING CONDITIONS SATISFIED
Consistent with their commitment to the Company's and its strategy for growth in the High Definition field, Brian Hammond and Debbie Walker agreed to voluntarily pool their shares for five years with a pro-rated annual release and have committed to voting all of their shares in favour of management.
Yaletown Entertainment Corp. is an award winning television and movie producer listed on the Canadian Venture Exchange under trading symbol ECY.
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 CANADIAN VENTURE 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