Agency Contact: Company Contact:
Neil Berkman Associates Chad Kalebic
(310) 277-5162 Chief Financial Officer
[email protected] (818) 753-1990
NETTER DIGITAL ENTERTAINMENT WILL
CLOSE ITS DISCONTINUED VIDESSENCE, INC. SUBSIDIARY
NORTH HOLLYWOOD, CA, March 15, 2000...Netter Digital Entertainment, Inc.
(NASDAQ:NETT) announced today that it has ceased operations at its
discontinued Videssence, Inc. subsidiary. Videssence has been classified and
operated as a discontinued operation since December 31, 1998. The Company
is continuing its efforts to find a buyer for Videssence, but as there can be
no assurance of a sale, it expects to incur a non-cash charge of up to $1.8
million in the quarter ending March 31, 2000.
About Netter Digital
Netter Digital Entertainment, Inc. acquires, develops and produces
television series and made-for-television and theatrical movies, and provides
post-production, 3-D and special effects animation services, to the television,
movie and video game industries. The Company produced "Babylon 5" and "Crusade"
in association with J. Michael Straczynski for Warner Bros. and Turner Network
Television. The Company also produced the all 3-D animated children's series
"Voltron: The Third Dimension," for World Events, Inc., which is syndicated
worldwide.
The statements contained in this release that are not historical facts may be
deemed to contain forward-looking statements with respect to events, the
occurrence of which involve risks and uncertainties including, without
limitation, demand and competition for the Company's products, and other risks
or uncertainties detailed in the Company's filings with the Securities and
Exchange Commission.
