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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
Contacts:
Steve Smith
CFO
iNTELEFILM
612-925-8892
Eric Eddy
Investor Relations
iNTELEFILM
212-941-7590
WEBADTV COMPLETES ACQUISITION OF COSMIC INVENTIONS
New Cosmic Services To Further Boost webADTV's Penetration of Advertising
Agency Market
MINNEAPOLIS, September 8, 2000---webADTV, a subsidiary of iNTELEFILM(sm)
(Nasdaq: FILM), today announced it completed the acquisition of Cosmic
Inventions LLC, creators of revolutionary advertising industry products Spot
Rocket and Digiexpress. This acquisition follows the Letter of Intent presented
to Post Production Services, Inc., a member of Cosmic Inventions, as announced
June 22, 2000. webADTV is an infrastructure company whose suite of web-based
applications increase productivity and communication between the advertising
agency, the client, production companies and media channels.
With Cosmic Inventions' existing business relationships in 10 of the top 15
global advertising agencies including Omnicom, Interpublic and WPP Group, the
acquisition further cements webADTV's presence in the advertising agency market
segment. Leveraging Cosmic Inventions' team of developers, the acquisition
strengthens webADTV's technical infrastructure and adds to webADTV's expertise
in delivering high resolution video. The acquisition also consolidates a
potential competitor to webADTV. Under the agreement, Cosmic Inventions will
receive cash and stock in webADTV.
Spot Rocket, the leading product designed by Cosmic Inventions, facilitates the
transmission of quality video, CD-quality audio tracks, animatics, photographs,
story boards, animations and various multimedia components. By using Spot
Rocket's innovative technology, creative teams are able to make immediate
decisions and "rocket" them to and from destinations utilizing a computer, MPEG
compression technology, TCP/IP and standard video equipment resulting in
efficiency and elimination of costly production errors, travel expenses and last
minute revisions. Digiexpress is an Internet application that enables simplified
delivery and receipt of large files thereby bypassing problems often associated
with e-mail attachments.
"We are enthusiastic about this acquisition because it will bolster sales of
Spot Rocket and is also an excellent fit with webADTV's suite of online
solutions," said Jim Bird, President, Cosmic Inventions.
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"Cosmic Inventions' terrific management team has developed excellent
relationships inside the advertising agency industry and we look forward to
their continued involvement," added Jim Gilbertson, CEO, webADTV.
webADTV's suite of web-based applications increase productivity and
communication between the advertising agency, the client, the production
companies and the media channels. As an infrastructure company, webADTV brings a
value-added set of tools to its users. The consolidation of the advertising
agency industry over the past decade presents an opportunity to incorporate
advanced technology into the industry. As such, every aspect of webADTV will
focus on providing the best web-enabled service possible for agency personnel
throughout the advertising campaign process without changing the agency's
traditional way of business. The webADTV solution will significantly enhance and
streamline the workflow process for ad campaigns.
More information on Spot Rocket can be found on www.spotrocket.com.
INTELESource.org is the first online tool in a larger web-based platform planned
by webADTV and was designed specifically for advertising agencies. INTELESource
is a digital video archiving and retrieval service that uses a web enabled,
video asset management system that provides agencies and production companies
with the ability to digitize, encode, archive and stream television commercials
from their desktop.
iNTELEFILM, based in Minneapolis, is a leading source of services for the
television commercial production industry, offering extensive production
capability and the exclusive services of established industry talent. iNTELEFILM
intends to seek additional acquisitions to further broaden its offering of
services with the objective of enhancing overall profit margins and leveraging
its pool of talent and technical expertise to capitalize on the convergence of
short-form video content and technologies of broadband Internet delivery
systems. Individual companies managed under the iNTELEFILM umbrella include
Chelsea Pictures, New York, Los Angeles and Sydney, Australia; Curious Pictures,
New York and San Francisco; The End, Los Angeles, New York, and London; and
webADTV.com, Inc., Minneapolis. iNTELEFILM trades on the Nasdaq National Market
under the symbol "FILM". Additional information on the company can be found in
the company's filings with the Securities and Exchange Commission and on the
company's Web site at www.intelefilm.com.
PPS. Inc., founded in 1981, is a full service digital communications company
providing a comprehensive range of support for the telecommunications industry
including High Definition television production and post production, film to
tape transfer and color correction, editorial, graphics, animation and all
aspects of new media production. Information about PPS, Inc. at www.pps-inc.com.
# # #
Certain statements made in this press release of a non-historical nature
constitute "forward looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1985. Such forward-looking statements are
subject to certain risks and uncertainties that could cause actual results to
differ materially from those anticipated.
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Such factors include, but are not limited to, changes in economic conditions and
the risks and uncertainties described in the Company's Form 10KSB Report as
filed for year ended December 31, 1999 with the Securities and Exchange
Commission.
