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Exhibit 99.1
FOR IMMEDIATE RELEASE
Contact: Tony Escamilla, Falcon Entertainment Corp.
675 Third Ave., 12th Floor
New York, NY 10017
(212) 557-5557
FALCON ENTERTAINMENT ANNOUNCES TERMINATION OF
CURRENT CABLE DISTRIBUTION ARRANGEMENT AND IMPLEMENTATION OF
PHASE TWO OF ITS PLAN TO REDESIGN ITS PROGRAMMING AND WEBSITE
NEW YORK, November 6, 2000 -- Falcon Entertainment Corp. (OTC BB: INDE)
announced today that after an evaluation of its current cable distribution and
programming strategies for its IMNTV-TM- music video program, it has terminated
its network carriage agreement with OlympuSAT, Inc., an affiliate of Ocean
Communications, Inc. Through Independent Music Network, Inc. (IMN-TM-), a wholly
owned subsidiary of Falcon, the company operates IMNTV, a medium intended to
offer amateur bands and artists national television exposure, plus worldwide
visibility through concurrent webcasting on IMNTV.com-TM-.
Management believes such a move to be in the long-term strategic interest of the
company. Falcon launched IMNTV in limited U.S. markets earlier this year, but
has not been broadcast in all markets in which it initially launched since
approximately September. The company is currently redesigning its programming
and anticipates the completion of its enhanced format in January 2001.
Management is negotiating with several satellite carriage providers for lower
cost 24-hour digital carriage. The company expects that a move to another
carrier will reduce its overall expenses and will be more in line with Falcon's
goal of expanding its efforts to gain nationwide distribution, on a 24/7 basis,
for its IMNTV channel. Falcon intends to create an in-house cable distribution
staff. The decision to terminate the network carriage agreement temporarily
leaves Falcon without cable distribution for its music video programming,
however IMNTV continues to webcast its programming at WWW.IMNTV.COM
As part of its overall restructuring effort, Falcon has also reduced its
headcount by nine employees, primarily in the marketing and creative functions,
representing approximately 47% of its workforce.
The company plans to launch version 2.0 of its IMNTV.com web site during early
November. The new version of the site is being designed to include a number of
changes including: substantially easier navigation and search tools, improved
band and video information for viewers, a more intuitive interface for bands to
manage their IMNTV accounts, and an enhanced streaming video interface.
Falcon is currently negotiating with several sources for additional equity
funding, the completion of which is necessary for the company to expand its
cable distribution efforts and to re-launch its IMNTV programming. At the
present time, Falcon is relying solely on its Chairman and principal shareholder
for its working capital funding.
ABOUT FALCON ENTERTAINMENT
Falcon Entertainment Corp. is a diversified entertainment company focused on
three primary areas: Broadcasting and Cable Networks, Music, and the Internet.
IMNTV was launched in June 2000 with the intention of broadcasting and
webcasting (subject to content) all amateur and professional music television
videos submitted from around the world on national cable and direct satellite
television, 24 hours a day, seven days per week. IMNTV currently webcasts these
music videos on its Internet website WWW.IMNTV.COM.
Independent Music Network, Inc., InVision Records, Inc. and Ecity Records, Inc.
are all wholly owned subsidiaries of Falcon Entertainment Corp. Falcon is
headquartered in New York, NY.
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This news release contains statements which may constitute
forward-looking statements made pursuant to the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Statements in this news
release that are not strictly historical are "forward looking" statements which
are subject to the many risks and uncertainties that exist in Falcon's
operations and business environment. These risks and uncertainties may cause
actual results to differ materially from expected results and include, but are
not limited to, the risk that Falcon may not be able to obtain additional
capital and may have to curtail or cease operations, Falcon's limited operating
history, unproven business model, history of losses and anticipation of
continued losses, the potential volatility of Falcon's quarterly operating
results, intense competition faced by Falcon, the risk that Falcon may not be
able to attract advertisers or strategic alliances, and other risks which are
set forth in Falcon's filings with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-KSB for the fiscal year ended
May 31, 2000 and its Quarterly Report on Form 10-QSB for the period ended August
31, 2000.
THIS IS NEITHER AN OFFER TO BUY OR SELL A SECURITY AND IS FOR
INFORMATIONAL PURPOSES ONLY.
