Penthouse (CE) (USOTC:PHSL)
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Penthouse International Profiled in OTC Financial Network Report
NEW YORK, Feb. 11 /PRNewswire-FirstCall/ -- Penthouse International (BULLETIN
BOARD: PHSL) , a diversified holding company with operating subsidiaries in
adult entertainment and real estate, announced today that OTC Financial Network,
a division of National Financial Communications Corp., has issued an
InvestorFacts report on the Company. The report includes a profile of the
Company's business segments, diversified operating strategy and investment
considerations. Interested parties can view the report online at
http://www.otcfn.com/phsl/report.html or call 781-444-6100 x629 for reprints.
General Media, 99.5% owned by Penthouse International, has sought bankruptcy
protection in order to reorganize its debt. Penthouse International and Del Sol
Investments LLC, its real estate subsidiary, have no existing corporate debt.
Penthouse International did not file for protection under the Bankruptcy Code
and its activities are not subject to Bankruptcy Court supervision.
Geoffrey Eiten, president of National Financial Communications Corp., stated,
"Through General Media's flagship magazine PENTHOUSE, the Company has
accumulated a proprietary library of adult content consisting of approximately
one million high quality, still photographic images and more than 90 original
motion picture titles. Subject to General Media's emergence from reorganization,
immediate availability of content is being leveraged to scale up its website and
enter into partnerships with third party distributors. In addition, the General
Media growth plans include opening roughly 25 gentlemen's nightclubs in the U.S.
during 2004."
Eiten concluded, "With a diversified growth strategy that calls for penetrating
multiple sales verticals, such as online and real estate, Penthouse is poised to
enter a new phase of dynamic, long-term growth. Provided subsidiary General
Media successfully emerges from its plan for restructuring, Penthouse is
positioned for a majorturnaround, delivering solid potential for appreciating
shareholder value."
OTC Financial Network
OTC Financial Network, a division of National Financial Communications Corp.
(http://www.nationalfc.com/) based in Needham, Massachusetts, is a full- service
financial communications and investor relations firm that specializes in
micro-cap companies. The Company's proactive campaigns are custom designed to
strengthen each client's presence in the investment community by disseminating
breaking news andfundamental positions to spheres of influence; building upon
the client's existing shareholder base; and soliciting institutional coverage.
For more information, visit http://www.otcfn.com/.
About Penthouse International, Inc.
Penthouse International, Inc., through its 99.5% owned subsidiaries General
Media, Inc. and Del Sol Investments LLC, is a brand-driven global entertainment
business founded in 1965 by Robert C. Guccione. General Media's flagship
PENTHOUSE brand is one of the most recognized consumer brands in the world and
is widely identified with premium entertainment for adult audiences. General
Media caters to men's interests through various trademarked publications,
movies, the Internet, location-based live entertainment clubs and consumer
product licenses. General Media licenses the PENTHOUSE trademarks to third
parties worldwide in exchange for recurring royalty payments.
Disclaimer: OTC Financial Network, a division of National Financial
Communications Corp., is not a registered broker/dealer and may not sell, offer
to sell or offer to buy any security. OTC Financial Network profiles are not a
solicitation or recommendation to buy, sell or hold securities. An offer to buy
or sell can be made only with accompanying disclosure documents from the company
offering or selling securities and only in the states and provinces for which
they are approved. Information or opinions in this release and the company's
profile are presented solely for informative purposes, and are not intended nor
should they be construed, as investment advice. OTC Financial Network has
received payment for its services, including the publication of the
aforementioned InvestorFacts report and this news release, paid for in two
million shares of the Company's common stock. Full disclaimer can be found at
http://www.otcfn.com/phsl.
Safe Harbor
This release contains statements relating to future results of the Company
(including certain projections and business trends) that are "forward-looking
statements" as defined in the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those projected as a result of certain
risks and uncertainties, including but not limited to the availability of DIP
financing for the General Media subsidiary, the impact that public disclosures
of the Company's liquidity situation and Chapter 11 filing may have on the
Company's businesses, the fact that no assurances can be given that the General
Media Plan of Reorganization will enhancethe Company's competitive position, as
well as other risks and uncertainties detailed from time to time in the filings
of the Company with the Securities and Exchange Commission. On August 12, 2003,
General Media and its direct and indirect subsidiaries (the Debtors) filed
voluntary petitions for relief under Chapter 11 of Title 11 of the United States
Code in the United States Bankruptcy Court for the Southern District of New
York. Penthouse International, Inc. owns 99.5% of the capital stock of General
Media. Penthouse did not file for protection under the Bankruptcy Code and its
activities are not subject to Bankruptcy Court supervision. On December 22,
2003, the Debtors filed their Joint Plan of Reorganization and the disclosure
statement with respect to the Plan (as such Disclosure Statement may be
amended). If the Plan is confirmed pursuant to its current terms, no
distribution on account of equity is proposed under its terms. For additional
information, reference is made to publicly available documents filed with the
bankruptcy court to determine the most current status of all matters related to
the bankruptcy case of General Media. The website of the Bankruptcy Court is
http://www.nysb.uscourts.gov/.
For more information, contact:
Gary Geraci
OTC Financial Network781-444-6100 ext. 629
See also: http://www.otcfn.com/phsl
DATASOURCE: Penthouse International, Inc.
CONTACT: Gary Geraci of OTC Financial Network, +1-781-444-6100, ext.
629, or
Web site: http://www.otcfn.com/phsl
http://www.nationalfc.com/