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Pop3 Media Corp. And Roxxy Corporation Sign Letter Of Intent To Create A Revolutionary New Music Company
Pop3 Media Corp. and Roxxy Corporation announced that the companies have entered into a letter of intent whereby Roxxy Corporation will acquire a 66% interest in Pop3's wholly owned subsidiary, Viastar Distribution Group, Inc. "VDG," forming a revolutionary new music company, Controversial Entertainment Corporation. The transaction, consisting of stock and cash, when completed, will provide Pop3's shareholders with a 33% stake in the new company. Roxxy's management will operate the company from headquarters in Los Angeles and will change its corporate name to Controversial Entertainment Corporation in the coming weeks. The Companies intend to complete and execute the definitive agreement by July 8th, 2005, and seek shareholder approval immediately thereafter. Pop3's CEO, John D. Aquilino, stated, "This alliance will allow Pop3 to achieve its strategic vision of creating a new paradigm in the music industry. One that is focused on supporting the artist and the music they create while embracing emerging technologies and giving consumers access to a variety of artists through a variety of media." Roxxy's management team combines highly experienced industry executives drawn from the major labels and also includes a staff of in-house producers who are among the most influential talents in the music industry today. "It is Roxxy's vision to seize the opportunities afforded by the major labels' lack of commitment to their artists and customers; labels that cast aside established artists who can no longer generate multi-million selling recordings, but who consistently release albums which sell hundreds of thousands of records to a large and loyal fan base; artists that can easily generate revenues between $1 and $5 million per title," stated John Shebanow, Roxxy's CEO. "Additionally, the acquisition of VDG will provide us with the ability to distribute our own product directly to retail to over 22,000 retail location in North America, effectively doubling the Company's net profit margins and allowing the increased revenue to pass on to our artists." Mr. Shebanow concluded, "While there are smaller labels that do provide a home for these acts, they lack either the will or financial resources to commit to the kind of budgets which producers of the caliber we have on staff require. And no company has the unique combination of great producers, in-house distribution and dedication to the artist and the customer that Controversial Entertainment will possess."
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