Sunset Island Group Reorganizes, Signs to Acquire Historic Inn
SARASOTA, Fla.-(Business Wire)-February 17, 2009 - Sunset Island Group (Pink Sheets:SIGO), announced today that it will focus on developing, merchandising and licensing its Classic Hollywood stable of stars through its MODA Entertainment Group (modaentertainment.com) and its subsidiaries.
“We believe that the Classic Hollywood sector of the entertainment industry is an extremely valuable but greatly under developed niche of the market and that we are confident that we will be able to exploit that niche in a productive and positive way,” stated Sunset Island Group president, Lawrence Sherman.
MODA Entertainment, which just signed the Ida Lupino estate to a long-term agreement for the merchandising and licensing rights to her name and likeness in all categories, is also pleased to announce that it has signed a letter of intent to acquire a classic New England Inn and Restaurant. The expectations are to transform the Inn into a trip to yesteryear with all the rooms decorated in a Classic Hollywood Star theme with the restaurant serving some of the stars favorite cuisine.
The company also is announcing that due to the precipitous drop in oil prices and the lack of funding, it is voiding the agreement to purchase the oil fields in the Maverick basin. The company also has accepted the resignation of Arnold Levine as CEO of Sunset Island Group.
ABOUT MODA ENTERTAINMENT:
MODA Entertainment, Inc., headquartered in New York City, is a full service multi-media entertainment company involved in development, production, packaging, marketing, distributing, licensing in all on and offline media. MODA Entertainment’s fully owned subsidiaries include MODA Productions, MODA Publishing, LICENSEBOX, PUBLICITYBOX and ICONS.
ABOUT LICENSEBOX:
LICENSBOX a subsidiary of MODA Entertainment, Inc. is a broad-based merchandising and licensing company, which has a particularly strong presence in the Classic Hollywood and Golden Age of Hollywood sectors of the entertainment market. Key clients in this category include Duke Ellington, Greta Garbo, Edward G. Robinson, Marlene Dietrich, Douglas Fairbanks, George Raft, Loretta Young, amongst others.
Safe Harbor Provisions:
Certain statements in this news release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995.
No statement herein should be considered an offer or a solicitation of an offer for the purchase or sale of any securities. This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, it can give no assurance that such expectations and assumptions will prove to have been correct. Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to adverse economic conditions, intense competition, lack of meaningful research results, entry of new competitors and products, adverse federal, state and local government regulation, inadequate capital, unexpected costs and operating deficits, increases in general and administrative costs, termination of contracts or agreements, technological obsolescence of the Company's products, technical problems with the Company's research and products, price increases for supplies and components, litigation and administrative proceedings involving the Company, the possible acquisition of new businesses or technologies that result in operating losses or that do not perform as anticipated, unanticipated losses, the possible fluctuation and volatility of the Company's operating results, financial condition and stock price, losses incurred in litigating and settling cases, dilution in the Company's ownership of its business, adverse publicity and news coverage, inability to carry out research, development and commercialization plans, loss or retirement of key executives and research scientists, changes in interest rates, inflationary factors, and other specific risks. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
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