I wasn't that shocked when i saw this PR from RHN media what do you guys think? If it is true i just hope RHN takes some form of legal action.
RHNMedia CEO Responds to False Statements
WASHINGTON, March 1, 2007 (PRIME NEWSWIRE) -- Real Hip Hop Network CEO Atonn Muhammad today responds to a recent press release which presented information on RHNMedia (Pink Sheets:RHNA) that is factually and materially incorrect. The press release, put out by RMD Entertainment, states that RHN has been acquired by RMD Entertainment. This statement is completely false. RHN is and continues to be under the leadership of Atonn Muhammad who is also the majority shareholder in the company. Mr. Muhammad has not nor does he have any intention of resigning from the company he has led since its inception.
The Hip Hop arena is fertile ground and comes with the much sought after demographic of 18-34 year olds. Business Week recently reported that there are an estimated 100 million Hip Hop fans worldwide, including 50 million in the U.S. RHNMedia presently owns more than 25,000 hours of ready-to-broadcast videos and low-cost programming content with appeal to the hip hop market segment. RHN.TV has grown to approximately 33 million households. RHNMedia has entered into an agreement for cable and satellite distribution that will broadcast its content to over 100 million households by December 2007. The network is expected to generate Net income/(loss) of ($2.2 million) and $19.1 million during in FY2007 & FY2008 respectively, and (based on projections set forth in its business plan) with free cashflow valuation (DCF) of $49.1 million.
Real Hip Hop Network CEO Atonn Muhammad says: "The Hip Hop community has worked hard to gain a foothold and respect in the business community. We will not allow this community to be torn apart by persons who are in it only for the money and not for the betterment of the community at large. We have issued a `Cease and Desist' demand on RMD Entertainment and will be pursuing appropriate legal action against him for his actions."
