July 11, 2000 06:03am
Private Announce Second Quarter Trading Update; Increase in Net Profit Expected
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, today announced an update on trading for the second quarter.
During the second quarter our new media division, which includes Internet, DVD and broadcasting activities, has seen significant growth. Although growth has been expected, the actual growth has far exceeded our internal forecasts for this period. Concerning our more traditional media such as video and publications, sales has continued in the same pace as in the past. Our second quarter, the three-month period ending June 30, 2000, will be announced on or before the 15th August, but at this early stage we estimate an increase in net profit of over 1,500% from the same period last year.
Concerning the PRVT share price downward trend that currently can be observed in the marketplace, the Company can only comment that a dramatically increased activity in short-selling has been noticed lately.
Berth Milton CEO of Private Media Group commented: ``I am delighted by the growth that we are experiencing and I believe that this is just the beginning of what we can expect over the years ahead and the reasons for this are that we have unrivalled content and we have invested heavily in our new media business over the past three years. Furthermore, our strategy to invest in new media while focusing on increasing net profits is proving to be correct. The Company has never been stronger and I look forward to the future growth with extreme confidence.''
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 judgements 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, please contact: 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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