PALM BEACH, FL, May 28 /PRNewswire-FirstCall/ - Timebeat.com Enterprises Inc. (OTCBB: TMBT - News) is pleased to announce it has agreed to terms on a private placement with a number of music industry professionals who are coming together to form the management team of Timebeat's subsidiary 2LIVE ENTERTAINMENT INC. The highest profile participant in the private placement is Nick Carter, the lead singer for the Backstreet Boys, one of the most popular bands with the young adult market.
The private placement will comprise 750,000 units at a price of $0.45 per unit. Each unit is comprised of one share and one share purchase warrant. Each share purchase warrant entitles the holder thereof to acquire an additional common share at a price of $0.45 per share for a period of two years. Share issued as part of the financing will be subject to a one-year hold period.
The 2LIVE ENTERTAINMENT business plan is beginning to generate significant media attention. Over the weekend vice-president Lamar Young represented 2LIVE ENTERTAINMENT on an upcoming artist showcase by Japan's Asaji Television in New York City. In addition, Lamar Young was interviewed by the Canadian division of the MuchMusic Networks with a new up and coming Japanese artist. Music industry print media publications are also starting to take notice of 2LIVE ENTERTAINMENT with Trace Magazine initiating coverage of the company. Management is very optimistic about the prospects for the 2LIVE ENTERTAINMENT business plan. In the few short weeks since the inception of 2LIVE ENTERTAINMENT, the company has received over 500 demos from artists wanting to join the 2LIVE ENTERTAINMENT label.
Posted by Jen on Wednesday, May 29, 2002 @ 08:02 a.m.
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