July 16, 2003 09:03am
IDC Files Letter of Intent to Purchase Jill Kelly Productions
Source: Financial Services News
by: Company Press Release
(HUNTINGTON BEACH, CA) -- IDC Technologies, Inc. (the "Company" or "IDCE") announces today that it has entered into a letter of intent to acquire all of the outstanding shares of capital stock of Jill Kelly Productions, Inc. ("JKP"), a Delaware Corporation. In exchange for 100% of the outstanding capital stock of JKP, IDCE will issue approximately 19,000,000 shares of its common stock, with the former shareholders of JKP owning approximately 95% of the outstanding shares of IDCE.
Jill Kelly Productions, based in West Hollywood, California and founded in 2000, is a leading adult entertainment company specializing in the production, development and distribution of high-quality films, pictures, and other related adult oriented content on a world-wide basis. JKP features its adult films and its growing roster of talented film stars on its website. Over the past three years, JKP has developed an exclusive library of approximately 180 movie titles and anticipates adding another 40-50 movie titles by the end of 2003.
Robert Friedland, JKP's founder and Ceo stated, "being acquired by IDCE is a major milestone for our company and we're very excited about the prospects and potential this brings for Jill Kelly Productions and the shareholders of IDCE. Over the past couple of years, we've been able to profitably grow the company at an exceptional rate. Having the ability to be a publicly traded company offers JKP amazing potential to grow through acquisitions, attract a larger audience of investors, and enables us to broaden our reach through an expanding base of resellers and distributors both domestically and abroad."
Closing of the transaction is subject to completion of due diligence, execution of definitive agreements, approval of the board of directors of Idce and approval of the directors and the shareholders of JKP.
IDCE is a Nevada Corporation traded on the Pinksheets whose objectives have been to seek, investigate and, if such investigation warrants, acquire an interest in business opportunities presented to it by persons or firms who or which desire to seek the perceived advantages of a publicly registered corporation. After the closing, IDCE will apply for listing on the NASD OTC Bulletin Board as soon as practicable.
About Jill Kelly Productions, Inc.
Jill Kelly Productions, Inc. (JKP) is a leading international provider of high quality adult entertainment content for a wide range of media platforms. JKP develops, acquires and distributes still photography and motion pictures tailored to specifications from independent directors and processes these images into products suitable for popular media formats such as print publications, DVDs, videotapes and other electronic media for Internet distribution. JKP distributes its adult media content through a network of local affiliates and independent distributors both domestically and abroad to over ten countries, making JKP's growing library of exclusive video titles available to retailers, cable, satellite, hotel television programming and over the Internet via proprietary websites and evolving broadband delivery services world-wide.
JKP is the brainchild of Jill Kelly (AVN Adult Female Star of the Decade) and Robert Friedland. JKP was founded on the theory that an adult film company can produce high quality films by focusing on quality and treating talent as coveted assets rather than commodities. JKP's management includes the international icon, Jill Kelly, whose years of experience in front of the camera helps guide the Company in finding new young talent and signing them to exclusive contracts with the Company, thereby creating new Company assets. JKP continually looks for new ways to expand and enhance its image in the adult entertainment industry and beyond to the general entertainment industries. This summer, JKP is sponsoring the popular music group, Korn (sales of more than 20 million albums), on its 30city tour. http://www.korn.com/. The merging of mainstream Rock 'n' Roll and adult entertainment is an example of JKP's innovation and cross-over promotion strategy.
Safe Harbor Statement
Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995 and may contain forward-looking statements, with words such as "anticipate," "believe," "expect," "future," "may," "Will," "should," "plan," "projected," "intend," and similar expressions to identify forward-looking statements. These statements are based on the Company's beliefs and the assumptions it made using information currently available to it. Because these statements reflect the Company's current views concerning future events, these statements involve risks, uncertainties and assumptions. The actual results could differ materially from the results discussed in the forward-looking statements. In any event, undue reliance should not be placed on any forward-looking statements, which apply only as of the date of this press release. Accordingly, reference should be made to the Company's periodic filings with the Securities and Exchange Commission.