EXHIBIT 99.1
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HOLLYWOOD.COM INC. LOGO
HOLLYWOOD.COM, INC. ANNOUNCES
PRIVATE PLACEMENT OF COMMON STOCK
COMPANY ON TRACK TO POST POSITIVE EBITDA IN FIRST QUARTER 2001
(Boca Raton, FL - October 5, 2000) -- HOLLYWOOD.COM, INC. (Nasdaq: HOLL), today
announced that it has privately placed $4,250,000 of its Common Stock at current
market prices. The shares were placed with a group of institutional and
individual investors and the financing was sold by Wasserstein Perella
Securities.
The company expects the proceeds, along with existing cash balances, to be used
primarily to fund working capital and other general corporate needs.
The investor group included Mitchell Rubenstein, Chairman and CEO of
HOLLYWOOD.COM, INC., and Paul Kagan, a prominent media analyst and existing
shareholder of the Company. A majority of the offering will be funded upon the
effectiveness of a registration statement concerning these shares.
MITCHELL RUBENSTEIN, Chairman and CEO of HOLLYWOOD.COM, INC., commented, "With
today's announcement, the Company is in a stronger financial position. We now
expect the Company to be fully funded through EBITDA breakeven and we are on
track to generate positive EBITDA for the first quarter of 2001."
ABOUT HOLLYWOOD.COM, INC.:
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HOLLYWOOD.COM, INC. is a leading comprehensive entertainment portal on the
Internet, with a broad and deep collection of entertainment content. The Company
also offers online ticketing for movies and live theater, syndicates
entertainment content to a variety of new and traditional media sources, and is
a leading provider of information and data to the entertainment industry.
Leveraging its portfolio of recognized brands, strategic partners, unique
content and ticketing services, the Company has launched a network of popular
web sites that capitalize on the multi-billion dollar entertainment industry
(Hollywood.com, Broadway.com and approximately 30% of MovieTickets.com) as well
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as several B2B content syndication services (CinemaSource, EventSource,
TheaterSource and HollywoodPro.com a/k/a Baseline). HOLLYWOOD.COM, INC. serves a
diversified base of customers including major newspapers, web portals, theater
exhibitors, wireless Internet services, travel agencies, film production
companies, consumers, investment banks and research firms.
(The matters discussed herein that are forward-looking statements are based on
current management expectations that involve risks and uncertainties that may
result in such expectations not being realized. Potential risks and
uncertainties include, but are not limited to, the risks described in
HOLLYWOOD.COM, INC.'s filings with the Securities and Exchange Commission.)
CONTACTS:
Gary Schweikhart
HOLLYWOOD.COM, INC.
561/988-5016
[email protected]
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