World Wide Digital Media, Inc., Television Programming Acquisition, Production and Syndication Company
Acquires Exclusive TV Rights to Vidway's Video Library and Hires CEO for New Division
MONDAY , JULY 07, 2003 09:30 AM SHERMAN OAKS, Calif., Jul 07, 2003 (PRIMEZONE via COMTEX) -- Innovation Holdings (OTCBB:INOV) has formed a wholly owned subsidiary, World Wide Digital Media ("WWDM"). WWDM has acquired and plans to acquire and produce TV, Film, Video and Radio programming. As a first step in launching this new business, WWDM has acquired rights to Vidway Interactive's ("Vidway) video library and hired Vidway's sole proprietor, David Copeland as WWDM's CEO.
WWDM has a ten-year right, with automatic renewals, to exhibit via any means of television distribution, including, without limitation, terrestrial, cable, pay TV and satellite, Vidway's library, which consists of approximately 800 hours of programming. The rights are subject to certain performance guarantees.
For these rights, INOV paid a license fee of 1,494,675,300 shares of restricted common stock. If the gross proceeds from the sale of the shares of Parent Company received by Vidway is less than U.S. $1,000,000 over the period of 18 months from the date hereof, WWMD shall cause INOV to issue to Vidway additional shares equal in value to two times the difference on the 18-month anniversary of this agreement.
David Copeland, WWMD's new CEO, is working for $1.00 (one dollar) per year, until $500,000 of new capital is raised. Copeland began his career with Sound Video Unlimited ("SVU"). SVU supplied the home video department of Musicland Stores with its entire inventory. At its peak, Musicland had several hundred stores worldwide when it was acquired by Ingram Entertainment. Copeland left SVU in 1982 to start his own company and over the course of the next 21 years, he built GMI/Vidway into one of the largest video production companies for mature audiences, with over 3,000 hours of original programming in its catalog. Copeland has produced television, record and video programs for major companies including Warner Brothers, Tommy Boy Records, Island Records Polygram, HBO, BET, BMG Bertelsmann, Image Entertainment, Koch International, Urban Box Office, and Vivid Video. WWMD is headquartered in New York City at Vidway's offices.
The market for specialty television programming continues to be strong. One arena Vidway specializes in is programming and content for mature audiences, and the fully realized potential of this type of programming is in digital transmission. According to a recent study by Newsday, more DVDs were rented than VHS tapes, and the trend will continue. "In just the last 3 years, the VHS format we have used for nearly 20 years is being replaced by DVD," reports Copeland. "Technology is moving at a faster pace. The educated consumer shops online via the Internet and gets cable programming on demand. This consumer behavior is significantly amplified in the mature audience category."
"Driven by impulse," Copeland stated, "on-demand programming via satellite and cable is the future. The consumer finds comfort in knowing they can obtain mature audiences programs in this way while enjoying the privacy provided for them at home."
"As the advertising industry continues to evolve due to the state of the changing media landscape and overall economy, Innovation Holdings continues to look to outsource the majority of its media and marketing to third parties," reported Robert Blagman, Chairman and Chief Executive Officer. "A refocus of the core business continues to be the main goal," he continued, "and Innovation Holdings is shifting its main business focus to the world of convergent marketing, allowing for a broader expansion of the core business through specific product and programming, manufacturing and distribution. Innovation will strive to become a true holding company of media assets, product and programming."
The foregoing press release contains forward-looking statements. For this purpose any statements contained in this press release that are not statements of historical fact may be deemed to be forward-looking statements. Without limiting the foregoing, words such as "may," "will," "expect," "believe," "anticipate," "estimate," "continue," or comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties and actual results may differ materially depending on a variety of factors.
SOURCE: Innovation Holdings
By Staff
CONTACT: Yes International
Rich Kaiser
(800) 631-8127
Public Communications Co.
Michael Selsman
(310)788-5444
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