September 23, 2003 03:52am
Private Announces Completion of Institutional Private Placement
Source: Private Media Group Inc.
by: Company Press Release
(BARCELONA, SPAIN) -- Private Media Group Inc. (NASDAQ: PRVT) today announced the completion of a private placement of Convertible 3-year Notes with a number of institutional investors. The $2 million note carries a 7% coupon payable in cash or common stock and is convertible into common stock at $2.00 per share.
"Private is delighted at the enthusiastic response from institutional investors to our small offering. This private placement adds to our working capital and demonstrates that quality institutional investors are interested in participating in Private's future.
As we recover from a difficult 2002 we are starting to see the benefits of our large investments in our brand and distribution channels. We are excited about Private's on-going growth and welcome the institutional support we have received through this placement." said Charles Prast, President and CEO of Private Media Group.
About Private Media Group
Private Media Group is a leading global adult entertainment company that distributes its content over a wide range of media platforms, including narrow and broadband Internet, DVD and video, magazines, broadcasting and wireless technologies. Private owns the worldwide rights to the largest archive of high quality adult content in the world, which it distributes physically in over 35 countries and digitally worldwide. For more information on the company, go to PRVT.com . This release contains, in addition to historical information, forward- looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which reflect the Company's current judgments of those issues. However, because those statements are forward-looking and apply to future events, they are subject to such risks and uncertainties, which could lead to results materially different than anticipated by the Company.
For further information about Private Media Group, please contact:
Jorge Lo'pez Grupo Albio'n, Asesores de Comunicacio'n, S.a. Tel (34) 91 531 23 88 Fax: (34) 91 521 81 87 e-mail: JLopez@GrupoAlbion.net