USA: Littlefield, Adams & Co. - FUNW - Restructured and Financed
FUNW is a well-established designer and manufacturer of sportswear with a volatile financial history. To date, the profitability of the Company has been determined by the unpredictable popularity and value of licensed properties. eContent will provide FUNW exclusive proprietary rights to high profile, nationally televised, brand names including SPARTAN one of the most respected trademarks in the history of televised sports. FUNW CEO, John J. Tsucalas, described SPARTAN as the first of many opportunities presented by the strategic alliance of FUNW and eContent. Tsucalas stated further that the Joint Venture should provide access to the capital needed to enhance support of FUNW's currently popular SIMPSONS and WCW, World Championship Wrestling, licenses.
eContent Inc. is a diversified eCommerce marketing company engaged in the production and distribution of television programming, Internet content and the development of related merchandising opportunities. The Company has been structured and staffed by a team of prominent executives from the entertainment, television production and direct marketing industries who will develop power-brands and media driven apparel marketing strategies for the FUNW Joint Venture. eContent has long term contracts for production and national syndication of network quality programming and a constant source of comparable Internet content. eContent's media strength is vital to the promotion of fashion and apparel created by FUNW. eContent Inc. will be issued 39% of the outstanding FUNW stock, approximately 4,800,000 FUNW shares, for its contribution to the Joint Venture.
eContent Inc. Chairman, John P. Sgarlat, noted that the introduction of the SPARTAN name to the FUNW retail world combines forty years of television exposure ... with fifty years of merchandising experience. In the past forty-years, an estimated 400 million boxing fans worldwide have seen the SPARTAN name. SPARTAN trunks, robes and gloves have been worn by over "100 Championship Title Holders" including Rocky Marciano, Muhammad Ali, Larry Holmes, George Foreman, Roberto Duran, Tommy "Hit-Man" Hearns, Macho Camacho ... and Sugar Ray Leonard. Spartan's major competitor, EVERLAST, capitalized on its popularity in the boxing world to build a $100 million licensing empire. FUNW will create SPARTAN brand apparel for the fast growing fitness, exercise and martial arts markets and SPARTAN brand sportswear for the label conscious audience of American consumers. In the next twelve months, SPARTAN will outfit over 50 boxers in fights televised by HBO, ESPN, FOX, and Showtime. eContent Inc. will produce and syndicate a SPARTAN based mind and body fitness television series, showcasing exercise equipment, stress relief products and the SPARTAN apparel line exclusively designed and marketed by FUNW. Sgarlat, stated that FUNW will now capitalize on the power of television to generate brand recognition and consumer demand for its own exclusive licenses. eContent will benefit accordingly, by its large position in FUNW stock.
The FUNW / eContent Joint Venture Agreement is binding, subject only to conditions scheduled to be satisfied in the immediate future. eContent must consummate the acquisition of MPI Media Productions International. FUNW must have the transaction approved by a majority of the FUNW shareholders, finance a working capital surplus, and provide representation acceptable to eContent on the FUNW Board of Directors.
Littlefield Adams & Company, FUNW is engaged in the design and manufacturing of licensed apparel, primarily T-shirts and sportswear for sale through the nations largest mass merchants, including Wal-Mart, Kmart and Target.
eContent Inc., ETNT is a vertically integrated eCommerce marketing Company headquartered in West Palm Beach, Florida.
The matters discussed herein are forward-looking statements based on current management expectations that involve risks and uncertainties that may result in such expectations not being realized. Risk and uncertainties include, but are not limited to, the risks involved securing the financing required for the Joint Venture to be effective and the risks described in FUNW filings with the Securities and Exchange Commission which are presently not current.
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