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TEAM Communications Group Streamlines Operations and Reduces Operating Expenses
LOS ANGELES, Mar 16, 2001 (BUSINESS WIRE) -- TEAM Communications Group
(Nasdaq: TMTV) (Neuer Markt:TME), a leading global television production and
distribution company, today announced that it has taken immediate actions to
streamline operations and to reduce operating expenses and that it hopes to
achieve profitability by the end of 2001.
The company further announced that Michael Jay Solomon, its newly appointed
Chairman and Chief Executive Officer, and Jay J. Shapiro, the company's new
President and Chief Operating Officer, have both agreed to enter into three-year
employment agreements with TEAM and make personal investments in the company's
equity.
"We are betting on ourselves, and we are not gamblers," said Mr. Solomon. "I am
more convinced than ever that TEAM has the creative talent, managerial expertise
and dedicated staff to overcome its recent adversity and continue to be a
significant producer and distributor of quality television program content," Mr.
Solomon added.
Mr. Solomon said that TEAM is reorganizing its international operations,
including closing its present offices in the UK and Germany. Mr. Solomon also
noted that both he and Mr. Shapiro are actively engaged in several financing
initiatives to resolve the company's short-term liquidity problems and to
provide it with long-term financial stability.
"I am very gratified with the response that I have received from a number of
individuals and institutions who have expressed a desire to do business with
TEAM, now that there has been a change in senior management," Mr. Solomon said.
"I am confident that as a result of these discussions TEAM will be a very
different company a year from now. Not only will TEAM look different from a
financial standpoint, we also intend to change our company name and logo."
"We have also taken strong measures to address the balance sheet issues that
were brought about by the company's prior management. It now appears that the
write-downs will total $29 million, $5 million of which will be reflected in a
restatement for 1999, and the write down for 2000 will be adjusted to $24
million," stated Mr. Shapiro.
Mr. Shapiro noted that the write-downs were non-cash, and non-recurring. "These
write-downs were the result of actions taken by former management who are no
longer involved with the company. We are exploring all legal remedies to protect
the company and its shareholders," Mr. Shapiro said.
"In order to accelerate our return to profitability and clarify our financial
position, we made the decision to significantly write down the value of our
feature film libraries. When sold and distributed worldwide, future revenues
from these libraries will flow directly to the bottom line and make a
significant profit contribution to the company," Mr. Shapiro said.
Commenting on the shareholder class action lawsuits that have been filed, Mr.
Solomon stated, "It is important to put these filings into their proper
perspective. First, they involve the actions of individuals who are no longer
connected or associated in any way with TEAM Communications. Secondly, these
lawsuits will not divert our attention and focus on our number one objective --
to build long-term shareholder value."
Mr. Solomon said that the company is going to be very conservative when it comes
to undertaking new production projects and that "No project will be given a
green light without first securing a domestic license."
Mr. Solomon said that he has been actively pursuing acquisitions and strategic
alliance opportunities in the American, Canadian, European and Australian
markets, and he will have some announcements on these discussions in the "near
future."
TEAM Communications Group, Inc. (Nasdaq: TMTV) (Neuer Markt:TME) is a global
television production and distribution company. TEAM Communications Group
currently owns and distributes programming worldwide.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor"
for forward-looking statements. Certain information included in this news
release contain statements that are forward-looking, such as statements relating
to consummation of the transaction, anticipated future revenues and the success
of current product offerings. Such forward-looking information involves
important risks and uncertainties that could significantly affect anticipated
results in the future and, accordingly, such results may differ materially from
this expressed in any forward-looking statements made by or on behalf of TEAM
Communications Group, Inc. For a description of additional risks and
uncertainties, please refer to TEAM Communications Group, Inc., filings with the
Securities and Exchange Commission, including form 10-K and Forms 10-Q.
CONTACT: Sitrick and Company
Jeff Lloyd/Tammy Taylor, 310/788-2850
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