Penthouse (CE) (USOTC:PHSL)
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Penthouse International Retains OTC Financial Network to Direct Comprehensive
Investor Relations Campaign
NEW YORK, Feb. 9 /PRNewswire-FirstCall/ -- Penthouse International (OTC
Bulletin Board: PHSL), a diversified holding company with operating subsidiaries
in adult entertainment and real estate, announced today that it has retained OTC
Financial Network, a division of National Financial Communications Corp., to
direct a comprehensive investor relations program. OTC Financial Network plans
to implement an investor relations program that improves shareholder
communications, increases Penthouse's base of retail and institutional investors
and formulates market awareness among the investment community.
General Media's PENTHOUSE brand name is recognized internationally from more
than 35 years in the adult publishing and entertainment industry. 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.
Geoffrey Eiten, president of National Financial Communications, stated,
"Recently Penthouse International has reformulated its business model to allow
for multiple revenue streams in order to more fully capitalize the brand names
owned by General Media, as well as to capitalize on recently acquired real
estate. Through General Media, the Company operates several strategic business
units, including publishing, Internet,video and DVDs and adult nightclubs.
Subject to the emergence from reorganization, the Company plans to engage in
significant cross-promotion activities among these segments in order to maximize
future revenues and earnings."
Eiten added, "With a focus on diversification, Penthouse's Del Sol Investments
LLC affiliate recently hired an engineering firm to help develop 370 acres of
Penthouse-owned property on the Mexican Riviera. Del Sol plans to build
exclusive membership-based resorts, providing Penthouse investors additional
future growth opportunities that could provide for additional stock
appreciation."
About 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 and fundamental 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.
OTC Financial Network serves as special advisor to Penthouse International, Inc.
and has received fees for services for preparation and dissemination of
materials, including payment of two million shares. This is not an offer to buy
or sell securities. Information or opinions in this release are presented
solely forinformative purposes, and are not intended nor should they be
construed as investment advice. Full disclaimer information 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 enhance the 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 SouthernDistrict 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 equityis 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 Network
781-444-6100 ext. 629
See also: http://www.otcfn.com/phsl
DATASOURCE: OTC Financial Network
CONTACT: Gary Geraci of OTC Financial Network, +1-781-444-6100 ext. 629,