SOURCE: Public Media Works

May 05, 2010 06:00 ET

Public Media Works Completes Share Exchange With EntertainmentXpress

LOS ANGELES, CA--(Marketwire - May 5, 2010) -  Public Media Works, Inc. (OTCBB: PUBM) announced today that they have completed the share exchange agreement with EntertainmentXpress, Inc. Under the terms of the share exchange agreement, as of the closing on May 4, 2010, Public Media Works has acquired the outstanding stock of EntertainmentXpress in exchange for Public Media Works' agreement to issue 13,685,755 shares of its common stock to the former EntertainmentXpress shareholders. 

EntertainmentXpress is in the business of renting and selling movies, games and more through kiosks located in quick-serve food locations, grocery stores and other high-traffic, public venues. The company recently announced EntertainmentXpress' contracts with Pizza Hut and Popeyes franchisees. 

"I am pleased to announce that we have closed this important transaction which now allows us to pursue a roll out of a network of self-service kiosks which deliver demographically relevant digital media content to consumers under a public company umbrella," said Garrett Cecchini, newly appointed CEO of Public Media Works.

In connection with the closing, Garrett Cecchini was appointed as the company's Chief Executive Officer, Larry Gitlin was appointed as the company's President and Chief Operating Officer, and Mark Smith was appointed as the company's Chief Financial Officer. Additional information regarding EntertainmentXpress, the EntertainmentXpress acquisition, and the transaction documents, will be provided in the company's Form 10-K which the company plans to file with the U.S. Securities and Exchange Commission on or before May 10, 2010.

"We are attempting to change the way in which consumers discover and gain access to new and desirable film, video game and other media," concluded Cecchini. EntertainmentXpress will now operate as a subsidiary of Public Media Works.

ABOUT PUBLIC MEDIA WORKS

Public Media Works was founded as a forward thinking entertainment company, created and operated by entertainment professionals, with the objective to discover, create, develop and distribute entertainment content to world audiences.

The EntertainmentXpress subsidiary of Public Media Works plans to roll out a network of conveniently located, self-service kiosks which deliver demographically relevant digital media content to consumers. The company's core business model comprises the rental and sale of DVD movies, video games and more through kiosks located in quick-serve food locations, grocery stores and other high-traffic, public venues.

Features intended to differentiate EntertainmentXpress in the marketplace include more digital product offerings in future phases, retail partner branded kiosks, a fully integrated solution for in-store advertising and kiosks pre-designed to become media filling stations to a variety of digital storage devices.

This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Sections 21E of the Securities Exchange Act of 1934. Such forward looking statements, particularly as related to the business plans of EntertainmentXpress, expectations of partnerships and strategic relationships, deployment of DVD and video game rental kiosks, the ability of EntertainmentXpress to enter into agreements with retail partners, to gain market share, the size of the market, and the ability of EntertainmentXpress to compete effectively in the marketplace, and the future opportunities of the Company, are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the Company's expectations and estimate.

For More Information: Go to www.publicmediaworks.com

Contact Information

  • Company Contact:
    (310) 358-3213
    8840 Wilshire Blvd.
    Beverly Hills, Ca 90211