Penthouse (CE) (USOTC:PHSL)
Historical Stock Chart
From Oct 2019 to Oct 2024
Rolling Stone Magazine Features In-Depth Interview with Penthouse Magazine
Founder Robert Guccione
NEW YORK, March 18 /PRNewswire-FirstCall/ -- Penthouse International (OTC
Bulletin Board: PHSL), a diversified holding company with operating subsidiaries
in adult entertainment and real estate, announced today that the Company's
founder Robert Guccione was featured in an in-depth interview in the April 1,
2004 issue of Rolling Stone magazine in an article entitled "The Twilight of Bob
Guccione" by John Colapinto.
The 10-page layout chronicled the life history of Bob Guccione in his building
of Penthouse Magazine over the past 38 years. From a start-up company in London
in 1965, to a still-standing, all-time newsstand sales record, to "making the
Forbes 400 list of the country's wealthiest people with a personal fortune of
around $500 million (the equivalent of a few billion today)," and, more
recently, the ongoing restructuring of his companies, Rolling Stone gave an
account of much of the lifeof Guccione.
"The fact that Rolling Stone magazine, a renowned publication about popular
culture and music, would feature a 10-page layout of Bob Guccione and Penthouse,
is indicative of the iconic status Penthouse and Bob have reached globally,"
commented Claude Bertin, Executive Vice President of Penthouse International.
During his career, Mr. Guccione dedicated the hundreds of millions in Penthouse
Magazine profits to bankroll numerous other business ventures, including an
ill-fated Atlantic City casino venture and financing the science magazine OMNI.
"Altogether, by the mid-Eighties, Guccione's losses in Atlantic City totaled
$145 million," stated Rolling Stone. Despite Penthouse Magazine maintaining
positive cash flow even today, the accumulated investment losses in unrelated
business projects contributed to the reorganization of the company.
Penthouse recently received a fresh $24 million in capital and commitments from
its main shareholder for up to an additional $50 million. Penthouse expects to
minimize risk by focusing on its core business investments.
About Penthouse International, Inc.
Penthouse International, Inc., through its subsidiaries General Media, Inc., Del
Sol Investments LLC and PH Realty Associates 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.
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
fact that no assurances can be given that the First Amended Plan of
Reorganization will be confirmed, or that it 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 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. 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: Penthouse International
CONTACT: Gary Geraci of OTC Financial Network, +1-781-444-6100 ext. 629,