DEL MAR, Calif., Feb. 20, 2003 (PRIMEZONE) -- Cavalcade of Sports Media, Inc. (OTCBB:CVOS) announced today that its affiliate, the Ethnic Broadcasting Company, has entered into a Letter of Intent to acquire Global Movies Direct, a San Diego, California-based company, providing online DVD rentals and sales (www.indofilms.com). Global Movies Direct is the largest store in the world for Indian movie rentals with over 2,500 titles in stock. The company ships over 50,000 DVDs monthly.
Ed Litwak, President of Cavalcade, stated, "This will give Cavalcade of Sports Media revenue of approximately $150,000 monthly and growing. Global Movie Direct's subscriber base is increasing significantly each month with a corresponding increase in revenue."
Mr. Litwak also stated, "This new acquisition adds another dimension to Cavalcade's programming. This brings our Ethnic Broadcasting Company business model to a new level; having first run movies that Global Movie Direct will either produce or acquire the rights for American TV and theatrical distribution."
For further information, visit the Cavalcade of Sports Media website at www.cavalcadetv.com or contact Ed Litwak at Cavalcade of Sports Media at 858-481-2207.
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.