Source: Private Media Group Inc.
(BARCELONA, Spain) — Private Media Group Inc. (Nasdaq: PRVT – news), positioned in global markets as an industry-leading brand name with a crucial mix of Old and New Economy business models, today announced that its stock price has appreciated 200% since confirmation of its listing on Nasdaq was reported on January 28, 1999. At the close of stock trading on May 03, 2000, PRVT was priced at $33. A maximum performance to date of $40 was achieved on February 7, 2000.
“We have seen this very healthy increase in shareholder equity over the period,” explained CEO of PRVT, Berth Milton. “We have also had a steady increase in retail buyers over the period and, from our shareholder records, we know that many of our stockholders have been with us since we were on the Bulletin Board and have stayed with us loyally as long-term players. I would like to thank them for the belief they have in our stock and our company. I would also like to thank our highly-skilled employees for all their efforts. We will continue our Company policy of a multi-racial, multi-gender mix in all departments, which has worked so well.
“However,” Mr. Milton continued, “given such positive conditions and results, and the fact that during the recent stock market swings PRVT’s price remained steady and even gained value when others were not doing so well, it is with regret that institutions, mutual funds and stock analysts continue to avoid our exciting and progressive Company because of our industry. In some cases, institutions and stock analysts have admitted directly to us that they love the Company and the stock, but they are afraid of being the first to officially recommend and support us to investors. This is ironic, considering that companies like AT&T, Marriott Hotels and On Command profit from the adult industry in providing services such as telephone lines and movies to their clients and customers. And what about VHS Video and the DVD? The rapid early successes of these formats in the marketplace has been due to the demand for adult entertainment. That is a marketing fact. So, companies like Sony, Philips, and Matsushita Electric all profit indirectly from the success of the adult industry. As do companies like Eastman Kodak and Fuji Photo Film Co. Ltd. whose equipment and film are used.
“If any financial analyst, mutual fund or institution wishes to contact me directly, I am prepared to demonstrate that we are like any other professional, well-run company and that we are a responsible and reputable industry leader which has been in existence since 1965 with a global brand name, increasing earnings and stock price and a positive media profile that included Forbes magazine coming to our headquarters last June and writing a very positive article. And everything we have achieved has been done without incurring any debt or loans. I have nothing to hide and I’d happily show you around our headquarters. Ask me whatever you wish. This is a much better means of finding out the truth than just ignoring a highly successful company like ours for what, to me and a large part of the general population, are unsatisfactory reasons.
“We are proud of our development thus far and will continue to pursue Internet growth as much as any New Economy companies like Microsoft, Intel, Yahoo!, Dell, America Online, Oracle or Cisco and we will also continue to develop new geographical territories, diversify and acquire like any of the Old Economy stocks such as Procter & Gamble, Time Warner, Coca-Cola, Disney, McDonalds, Merck, Wal-Mart and General Motors. We will maintain that blend of New and Old by combining the strength of our brand name and worldwide traditional distribution network while venturing forward and building on the impressive Internet figures we have announced to date.”
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.
For more information contact: In Barcelona, Spain: Johan Gillborg of Private Media Group Inc., +43-93-590-7070, johan@milcap.es; or In London, England: Adam Reynolds of Hansard Communications.Com, +44-207-840-7782, adam.hansard@clsholdings.com
