ORLANDO, Fla., Aug. 27, 2004 (PRIMEZONE) -- Raven Moon Entertainment, Inc. (OTCBB:RVNM) is pleased to announce that they will be issuing 3,432,062 shares of Clubhouse Videos Inc. common stock as a dividend to shareholders of record as of September 15, 2004, once Clubhouse Videos Inc. begins trading.
Raven Moon Entertainment shareholders will receive approximately one share of Clubhouse Videos Inc. common stock for every 65 shares of Raven Moon Entertainment they own, provided they are a shareholder of record as of September 15, 2004. The additional Clubhouse Videos Inc. dividend will allow Raven Moon Entertainment to relinquish any influence it may have over Clubhouse Videos, Inc. Raven Moon will not be paying fractional dividends.
Raven Moon recently granted Clubhouse Videos Inc. a one year extension for the distribution rights to the "Gina D's Kids Club" videos, DVDs, and music CDs. The original deal resulted in a $1.8 million reduction of Raven Moon's debt and a stock dividend for all of Raven Moon's shareholders. Clubhouse Videos received the rights to many of "Gina D's Kids Club's" videos, DVDs, and CD products including the Christmas Special. The "Gina D's Kids Club" Television Show has inspired fourteen products of which Clubhouse Videos has the exclusive rights; "Gina D's Kids Club" Volume 1, ("Join The Club"), "Gina D's Kids Club" Volume 2, ("Good News"), "Gina D's Kids Club" Volume 3, ("Smile-A-bility"), the "Gina D's Kids Club" Three Episode DVD, "Gina D's Cuddle Bug Christmas" VHS and DVD, the "Gina D's Kids Club" Music CD Volume 1 & 2, the "Young America" Limited Edition CD single, "Gina D's Dance Party" Music CD, the "Sing A Long With Gina" VHS and DVD, "Cuddle Bug" plush toy, and the "Christmas Cuddle Bug".
As part of the new agreement Clubhouse has the right to acquire new "Gina D's Kids Club" videos, DVDs, and CDs for $300,000 per Video/DVD and $100,000 for each "Gina D's Kids Club" Music CD plus 25% of gross revenues to be paid to Raven Moon Entertainment.
"The new agreement gives Raven Moon a bigger piece of the pie," stated Joey DiFrancesco, Raven Moon, CEO.
Raven Moon Entertainment has recently completed 13 episodes of "Gina D's Kids Club" and has begun syndicating the program nationwide to CBS, ABC, NBC, WB, FOX, UPN, and PBS stations. "Gina D's Kids Club" will be airing in New York, Los Angeles, Philadelphia, Washington D.C., Pittsburg, Chicago, San Francisco, Las Vegas, Maryland, and many other states and cities across the country.
For Syndication information call Len Koch at Role Entertainment (201) 568-4800.
Raven Moon CEO Joey DiFrancesco recently completed an interview on Wallstreet Reporter.com. For the complete interview please visit www.wallstreetreporter.com.
For information on Raven Moon Entertainment and "Gina D's Kids Club" visit www.ravenmoon.net. "Gina D's Kids Club" products are only available through Club House Videos Inc. Visit www.clubhousevideos.com for details.
For Club House Videos Inc. investor information call 1-866-THE-APPLE or 1-866-843-2775 or Marc Jablon at (407) 877-5952 for Raven Moon Entertainment, Inc.
Safe Harbor Act Notice: This release may contain forward-looking statements that involve risks and uncertainties, including without limitation, acceptance of the company's products, increased levels of competition, product and technological changes, the company's dependence upon financing and third- party suppliers, and other risks detailed from time to time in the company's federal filings, annual report, offering memorandum, or prospectus. Specifications are subject to change without notice.