May 15, 2000 07:51am
Private Media Group Inc. (Nasdaq: PRVT) Announces 3-for-1 Stock Dividend
Source: Private Media Group Inc.
by: Company Press Release
(BARCELONA, Spain) -- Private Media Group Inc. (Nasdaq: PRVT - news), worldwide leader in premium-quality adult entertainment products, services and Internet content, is pleased to announce that its Board of Directors has authorized a three-for-one dividend of its common stock to be effective for shareholders of record at the close of business on May 30, 2000.
On June 9, 2000, the three-for-one dividend will be distributed to stockholders of record on May 30, 2000 and means only these shareholders of record will receive two free additional shares for every outstanding share held on the record date. Trading in Private Media Group Inc. stock will begin on a dividend-adjusted basis on June 12, 2000.
``Our comprehensive range of products and services are widely accessible to individual adults worldwide and we wish to make our stock similarly accessible,'' explained CEO of Private Media Group Inc., Berth Milton. ``Recently, our stock has traded as high as $39 and, while we have been delighted with our stock performance to date and expect the positive trend to continue, this three-for-one dividend will ensure that our shares are more accessible to individuals and institutions alike. The overall effect of this dividend will be to make our stock more affordable to investors, increase the liquidity for our Common Stock and increase the distribution of ownership of our Common Stock.''
Private Media Group Inc. announced its first quarter 2000 results earlier today and these financials showed a revenue increase of 31.3% and a net income increase of 34.9%, compared to the first quarter 1999.
Other companies that have announced or executed stock dividends in recent times include Morgan Stanley Dean Witter, Genentech Inc., Charles Schwab Corporation, Texas Instruments Inc., Human Genome Sciences Inc., Zomax Optical Media Inc., Citrix Systems Inc., Razorfish Inc., EMC Corporation and Forrester Research Inc.
The leading publicly-quoted adult entertainment company in the world, Private Media Group Inc., is the founder of the globally established brand name 'Private' and has positioned itself in the marketplace with a visionary management strategy that combines both New Economy (Internet, multimedia, e-commerce) and Old Economy (videos, magazines) business models. Maintaining a total adult lifestyle philosophy, this is reflected in the Company's broad range of products and services, both proprietary and licensed, and its strategic policies of development, diversification and acquisition.
For more information, visit the Company's corporate Web site at www. 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.
CONTACTS: In Barcelona, Spain: Johan Gillborg of Private Media Group Inc., +34- 93-590-7070, johan@milcap.es; or In London, England: Adam Reynolds of Hansard Communications.Com, +44-207-840-7782, adam.hansard@clsholdings.com;
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