PlayNetwork Inc. Completes Merger with Crows Nest Entertainment Inc.
Merger and Acquisition Activities Position Company for Strategic Growth Opportunities
Redmond, WA (July 06, 2005) - PlayNetwork, Inc., a leading provider of high-quality, customized music programming and audio/video systems for retail, restaurant and hospitality locations worldwide, announced today its merger with Seattle-based Crows Nest Entertainment Inc. (CNE), a leading digital signage and systems integration company. This is the first of many strategic moves for PlayNetwork that will further position the company for significant growth opportunities.
PlayNetwork Executive Chairman Lon Troxel takes over the reins as CEO from Adam Brotman, who will now shift his efforts to developing a new PlayNetwork spin-off company focused on the consumer music market. In addition to his CEO responsibilities of the soon to be named new venture, Brotman will continue to provide strategic guidance to PlayNetwork at the board level.
"We are very excited that we’ve completed this merger and of the impact it will have in realizing our strategic growth plans," commented Troxel. "We are equally excited that Adam will continue to play an important role in the future growth plans of the company."
CNE President Jim Wessels joins PlayNetwork as its new Executive Vice President of Operations. "The CNE merger will provide PlayNetwork with exciting new service capabilities namely technology and creative solutions for in-store digital video networks and related advertising sales services," said Wessels.
Mr. Troxel also announced the addition of Walt Tatum, a commercial entertainment industry veteran, to the position of Executive Vice President, and CNE VP of Finance Tom Morton as PlayNetwork's new Senior VP of Finance and Business Affairs reporting to Richard Denmark, Chief Financial Officer.
The merger was an all stock transaction financed by Silicon Valley Bank.
About PlayNetwork
PlayNetwork Inc. is a creative entertainment solutions provider for businesses worldwide, privately funded by venture firms led by Chartwell Capital and Talon Opportunity Fund. PlayNetwork delivers entertainment solutions consisting of custom music, quality sound and video systems, video programming, music marketing services including branded compilation CDs, and other media solutions that enhance store environments and customer experiences. Established in 1996, Redmond, Washington based PlayNetwork ranks on the Inc. 500 and Deloitte Technology Fast 500 lists of fastest-growing private U.S. companies. Its ever-growing customer base includes leading national brands such as Starbucks Coffee Company, TGI Friday's, The Finish Line, Abercrombie & Fitch, Brinker International, and Chico's FAS. More information is available at www.playnetwork.com.
About Crows Nest Entertainment (CNE)
Established in 1993, CNE provides audio/video systems, video networking services and national installation and service for clients including CompUSA, Petco Animal Supplies, Texas Roadhouse, Federated Department Stores, Charlotte Russe, Harley Davidson. McCormick & Schmicks, and HMS Host.
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PlayNetwork Contact:
Ryan Risenmay
PlayNetwork Inc.
Tel: 425-497-8100 x712
marketing@playnetwork.com