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Softorbit Due Diligence Reveals “Good News” for WENR Corp. LOS ANGELES, November 17, 2003 (BUSINESS WIRE) – WENR Corporation (OTC: WNRC), a new leader within the rapidly growing Internet communications sector, Monday announced that it has the “good news” results of the due diligence for the acquisition of Softorbit.com, Inc.’s revenue generating distribution unit. Preliminary results show the acquisition is currently generating between $400,000 and $500,000 per year. The transaction is expected to close by the fifteenth of December. Dan Green, WENR Corporation's President, commented, "The “good news” results of the due diligence is the revenue and the profit margins are better than we expected. This distribution company with its Film and Television catalog is very impressive. Because of the higher profit margins with DVD’s, we expect to more than double the revenue with the existing distribution channels. There is no doubt in my mind that this acquisition should perform very well and it represents a significant step forward for our Company.” Softorbit.com, Inc. consists of a revenue generating, extensive film and television library incorporating more than 1,500 titles and television shows along with distribution facilities, assets and a service company that supplies its content to the broadcast and entertainment industries. After the acquisition is completed, the content will be delivered in the form of video and DVD’s, fulfilling the demand of the market for new DVD titles that currently the company has not provided. Delivery and distribution of the content will be distributed through existing channels as well as delivering digital content distribution via the Internet for Video on Demand (VOD) for Broadband Events that also incorporates shopping cart commerce capabilities to its customers. "The management of WENR Corp. has conducted a thorough due diligence effort on our distribution company," said Michael Elliot, President and founder of Softorbit.com, Inc. "We are excited at the prospects of what lies ahead for us by the joining of our two companies”. Bobby Roberts, WENR Corporation's Chairman, commented, "We are already in discussions to acquire new titles to complement the Softorbit catalog that will add depth and diversity and is expected to increase revenues.” Mr. Roberts also comments, “WENR Corp. is currently in discussions regarding an overall worldwide distribution arrangement with major distribution companies to enhance our ability to deliver the content of this new catalog on a worldwide basis in the very near future.” About WENR Corporation WENR Corporation is a growth oriented multi-faceted entertainment company incorporating the television, motion picture and Internet industries as well as a leading developer of voice-response computer characters software designed to navigate the web and operate computer applications via voice-recognition. The continued growth of its business will take place through strategic acquisitions of complimentary companies and through the formation of strategic partnerships and alliances. The foregoing contains forward-looking information within the meaning of The Private Securities Litigation Act of 1995. Such forward-looking statements involve certain risks and uncertainties. The actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or implied) will not be realized. Contact: WENR Corporation, Los Angeles, Dan Green, 310 216 7700 |
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