DEL MAR, Calif., March 13, 2003 (PRIMEZONE) -- Cavalcade of Sports Media, Inc. (OTCBB:CVOS) announces 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 and rapidly growing.
Ed Litwak, President of Cavalcade, stated, "This will give Cavalcade of Sports Media revenue of approximately $150,000 monthly. 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."
In 2002, Cavalcade of Sports Media closed 2 acquisitions and intends to close more by the end of 2003. Cavalcade is currently expanding through mergers and acquisitions of profitable U.S. based television stations and content providers. The company plans to broadcast on its own ethnic channel as well as its expanded sports history channel.
Cavalcade of Sports Media, Inc., is engaged in the nostalgic sports entertainment business. Cavalcade's goal is to broadcast nostalgic sports content 24 hours a day, 7 days a week, to cable and satellite providers as a digital network-programming provider. The company intends to utilize its comprehensive library of sports programming featuring a wide variety of popular sports. The Cavalcade library includes vintage sporting events and coverage dating back to the 1940s, with over 10,000 hours of programming available to the company. It is Cavalcade's mission to deliver compelling, informative and historic programming in an efficient fashion. Cavalcade will provide an entertaining and economical nostalgic sports programming alternative. Sports programming is big business. In 1997 ESPN paid $175 million to buy U.S. Classic Sports Network. In 2001 Classic Sports was valued at $1 billion and reached 43 million homes.
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.