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EXHIBIT 99.1
Lynda Dorf/Robin Weitz/Jennifer Frederick
B|W|R Public Relations for Stan Lee Media
(310) 248-6105 / 248-6107 / 248-6160
[email protected] / [email protected] / [email protected]
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Stan Lee Media Secures Financing
LOS ANGELES, November 30, 2000 - Stan Lee Media, Inc. (NASDAQ:SLEE) announced
today that it had executed definitive agreements for bridge financing of up to
$2.2 million and reached an agreement in principal relating to an equity line of
up to $40 million. Under the terms of the proposed equity line, the company
would have a commitment by an investor or multiple investors to acquire shares
on pre-negotiated terms from time to time based upon the overall volume and
price of the company's stock trading in the marketplace.
"We believe that the equity line will help to put the company on strong
financial footing for some time by allowing the company to draw down additional
financing on an as needed basis. Despite the recent downturn in our stock
price, the fundamentals of the company remain unchanged and we will continue to
pursue our strategy of developing and creating branded entertainment properties
for all media," stated Ken Williams, president and chief executive officer of
the company.
The company indicated that the bridge financing took the form of a convertible
note facility of which an initial traunch of $1.0 million was drawn today. The
equity line would be available following the negotiation and execution of
definitive documentation, fulfillment of the conditions contained in those
agreements, and compliance with legal requirements including compliance with the
rules and regulations of the Securities and Exchange Commission, the filing and
declaration of effectiveness by the SEC of the registration statement to be
filed with respect to the issuance of the shares in connection with the equity
line.
Stan Lee Media, Inc. (NASDAQ: SLEE) is a digital entertainment studio founded
under the direction of pop-culture icon Stan Lee, co-creator of such classic
characters as Spider-Man(TM), the Incredible Hulk(TM) and the X-Men(TM).
Original Stan Lee entertainment properties, as well as co-branded and acquired
properties, including Stan Lee Presents Conan the Barbarian and Stan Lee
Presents Gene Roddenberry's Starship, are exploited domestically and
internationally, in association with strategic partnerships in Latin America,
Asia and Europe, with partners
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including Fox Kids Latin America and Venture Soft of Japan. The Company
monetizes this intellectual property through merchandising and through licensing
in a broad array of media including television, motion pictures, music,
commercials, endorsements and theme park attractions. The company's website,
www.stanlee.net, is a premier destination for animation, interactive games,
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community, commerce and other "sticky" content and was recognized in 2000 with
the prestigious "Best of Show" and "Best Entertainment Site" WebAwards,
presented by the Web Marketing Association. In addition, Animation Magazine has
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recognized Stan Lee Media's 7th Portal and Backstreet Project as two of the "Top
15 Webisode Series" of 2000.
Stan Lee Media has acquired all rights to the internationally recognized
character, Conan the Barbarian and has licensed the film rights to Warner
Brothers Pictures for a major motion picture to be produced by the Matrix's(TM)
Wachowski Brothers. SLM has partnered with international singing sensation the
Backstreet Boys (www.backstreetproject.com) to create and co-own an animated
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superhero franchise based on the band (the supporting co-promotion by Burger
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King was among the largest to support an Internet entertainment property). Stan
Lee Media is currently producing three other animated web series, Accuser
(currently seen on www.stanlee.net), The Drifter (scheduled to debut on
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www.scifi.com in first quarter, 2001) and 7/th/ Portal, currently being co-
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developed as a major live-action motion picture with Men in Black's(TM)
producer, Mark Canton, and as a 3D ride attraction to debut in March, 2001 in
Paramount Parks' five theme parks, and distributed globally through Iwerks
Entertainment.
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This release contains statements that constitute "forward-looking statements"
within the meaning of Section 21E of the Exchange Act and Section 27A of the
Securities Act, including those statements relating to the ability of Stan Lee
Media to successfully complete and successfully draw down upon the equity line.
The stockholders of Stan Lee Media are cautioned not to put undue reliance on
such forward-looking statements. Such forward-looking statements are not
guarantees of future performance and involve risks and uncertainties. Actual
results may differ materially from those projected in this release resulting
from the following reasons (among others): the execution and delivery of a
binding agreement with respect to the equity line, the declaration of
effectiveness by the Securities and Exchange Commission of the registration
statement to be filed with respect to the shares of common stock to be issued
under the equity line , the ability to locate appropriate distribution partners,
the timing of sales and deliveries under existing contracts, general economic
conditions, costs of sales and the ability of the company to maintain pricing
levels necessary to maintain gross profit margins, the level of selling, general
and administrative costs, the performance by the company under existing purchase
contracts and the ability to obtain new contracts, the success of the company's
strategy, and the effects of competition. In addition, the company's
shareholders are urged to carefully review the risk factors discussed in the
documents the company files from time to time with the Securities and Exchange
Commission.
