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NEWS RELEASE
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4625 W. Nevso Drive
Las Vegas, NV 89103
702-253-1333 Telephone
702-253-1122 Fax
FOR IMMEDIATE RELEASE
On Stage Entertainment Sells Surfside Beach Theater
September 15, 2000
On Stage Entertainment, Inc. (ONST.OB; ONSTW.OB)(the "Company") announced today
that it's subsidiary, On Stage Theaters Surfside Beach, Inc. ("Legends
Surfside"), sold its Legends in Concert Theater in Surfside Beach, South
Carolina (the "Theater") to LIC Theatres, LLC for $2.0mm. In connection with the
sale of the Theater, Legends Surfside entered into a ten (10) year lease
agreement with LIC Theatres, LLC, to ensure that the performances of its Legends
in Concert production at the Theater, which is one of the Company's largest
revenue sources, will continue for many years to come. The proceeds from the
sale of the Theater were given to the Company's first mortgage lender, Imperial
Credit Commercial Mortgage Investment Corp. ("ICCMIC"), in accordance with the
terms of its partial settlement agreement with ICCMIC.
On Stage Entertainment, Inc. produces and markets theatrical productions and
operates live theaters and dinner theaters worldwide.
This document contains certain forward-looking statements that are subject to
risks and uncertainties. Forward-looking statements include certain information
relating to anticipated acquisitions, as well as other forward-looking
statements that may be contained elsewhere in this document. For such
statements, On Stage claims the protection of the safe harbor for
forward-looking statements contained in the Private Securities Litigation Reform
Act of 1995. Actual events or results may differ materially from those discussed
in forward-looking statements as a result of various factors, including those
discussed in the various documents filed by On Stage with the Securities and
Exchange Commission.
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For further information, contact:
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Christopher R. Grobl, Esq.
General Counsel
On Stage Entertainment, Inc.
702-253-1333 (tel.)
702-253-1333 (fax)
