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MEDIATECHNICS CORPORATION (PINKSHEETS: MEDT - http://finance.yahoo.com/q?s=MEDT.pk)
August 26th, 2008-- Mediatechnics Corporation (PINKSHEETS: MEDT | Quote | Chart | News | PowerRating) has signed a letter of intent to purchase Global Music Group - New York (GMG-NY), the company that won the bid to acquire the assets of Death Row Records in the U.S. Bankruptcy Court in June of this year for $24 million. Mediatechnics intends to provide Global Music with the funds needed to complete the acquisition.
The landmark deal would give Mediatechnics Corp. ownership of Global Music Group, which will hold upon completion of the purchase -- free and clear of all liens, claims and encumbrances -- all of the assets that comprise Death Row Records, including Death Row's catalog of master recordings and published music, as well as all trademarks and other intellectual property, licenses, artist and writer agreements, works in progress, and options. An independent valuation of the bankruptcy estate completed last month placed the catalog value at $32 million.
The Death Row catalog includes a significant amount of previously unreleased material by the late Tupac "2Pac" Shakur and other top artists, as well as almost all of the previously released music of Dr. Dre and 2Pac. The 2Pac music has spawned great interest with the media since the possibility of its imminent release became news.
Founded in 1991 by Marion "Suge" Knight and Dr. Dre, Death Row Records established itself as one of the biggest labels at the forefront of the '90s gangsta rap music era, and, for all intents and purposes, defined the genre. The label was home to such artists as Dr. Dre, Snoop Dogg, Tha Dogg Pound as well as 2Pac.
By the early 2000s, Death Row was besieged with several crippling lawsuits and criminal convictions for founder Suge Knight. In April of 2006, Knight sought bankruptcy protection for himself and the label. On June 24 of this year, the U.S. Bankruptcy Court for the Central District of California approved the sale of Death Row to Global Music Group - New York for $24 million, and Global Music placed a deposit with the court.
Mediatechnics President Richard Wilson said, "The acquisition of Global Music and Death Row Records will represent a landmark turning point for our company. Together with our subsidiaries, the Live Network and CRD Technologies, the prospects of co-branding, licensing and new product development are astounding." He continued, "We're driving hard to lock in all of the complicated pieces of this puzzle necessary to successfully conclude this remarkable deal."
Susan Berg, President of Global Music Group - NY, said, "We are delighted by the prospects that this imminent transaction could bring to our two companies and believe the outcome, both financially and creatively, can be an incredible force." Berg qualified Global Music Group as a bidder with the Federal Bankruptcy Court prior to the auction in June, putting up more than one million dollars on deposit.
Mediatechnics' transaction remains contingent upon several factors, not the least of which is the closing of the financing and the subsequent payment to, and acceptance by, the Bankruptcy Court and its trustee. While many factors outside the control of Mediatechnics could yet affect whether or not the transaction is completed, the company is currently in possession of a Letter of Intent from a lender to fund the transaction, and has been informed by GMG-NY that it is likely that the purchase will be accepted when funds are proven and delivered.
Mediatechnics Corporation www.Mediatechnicscorporation.com is the parent company of Mediatechnics Systems Inc. www.Mediatechnics.com, MediaMaster Corporation www.mediamastercorp.com, The Live Network www.thelivenetwork.com, Innotech www.innotechusa.com, and CRD Technology www.crdtechnologies.com
Fortress Financial Group, Inc. (PINKSHEETS: FFGO - http://finance.yahoo.com/q?s=FFGO.pk)
August 26th, 2008-- Fortress Financial Group, Inc. (PINKSHEETS: FFGO) confirms that the Company's total number of outstanding shares of Common Stock are in the amount of 27,922,377,817; as confirmed in a number of Form 8-K filings in respect of the Company's substantial repurchases of its shares of Common Stock, that being coupled with the cancellation of certain shares of the Company's Common Stock issued in respect of "Signing bonuses." The Company is preparing all of the stock cancellation paperwork for submission to the Transfer Agent. The Company categorically states, confirms and undertakes that our number of outstanding shares as published by ourselves is indeed 100% accurate and correct. The Company expects that the Transfer Agent will be in a position to verify that our calculations are correct, by no later than early next week. The Transfer Agent is in no position to verify our number of outstanding shares of Common Stock until such time as they receive the all of the requisite paperwork and stock certificates, from ourselves, for immediate cancellation.
Alan Santini, the CEO of Fortress Financial Group, Inc., "confirmed that he clearly understood that this was a top priority for the Company at this time due to the imminent announcement of the Record Date of the Extraordinary Dividend." Alan Santini added "that he would ensure that the Transfer Agent was in possession of all cancellation requests within days."
Various stockholders who are required to file both Form 13(g) and Form 13(d) filings in respect of their stockholdings in the Company; have indicated that they will do so, upon confirmation from the Transfer Agent that our published outstanding shares of Common Stock are correct.
Good Life China Corporation(Pink Sheets: GLCC - http://finance.yahoo.com/q?s=GLCC.pk)
August 26th, 2008-- Good Life China Corporation www.goodlifechina.com (Pink Sheets: GLCC | Quote | Chart | News | PowerRating) is pleased to announce additional new store openings. A total of 19 stores have been opened within the last 10 days, including stores in Cangzhou, Shijiazhuang and a number of smaller villages. In addition, 3 new suppliers were added to the Good Life Corporation network.
While a number of major announcements regarding strategic alliances and acquisitions have been made in recent days, it is important to note that Good Life continues to generate organic growth with an ongoing stream of new store openings at a very aggressive pace.
When considered in light with the ongoing negotiations to acquire "The People Home" Chain (TPH), it is anticipated that Good Life may soon surpass 3,000 stores.
In other Company news, the Company has signed a strategic partnership agreement with Hebei Provincial General Supply and Marketing Cooperative Corp., after a successful meeting to discuss coordinating efforts in line with China's high priority "10,000 rural village and 1000 Townships" economic development policy to open modern retail stores in rural areas across China. This agreement can help accelerate Good Life's ongoing objective to achieve a store count of 4,000 convenience stores as quickly as possible.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
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