BURBANK, Calif.--(BUSINESS WIRE)--CenterStaging Corp. (CNSC.ob) - CenterStaging Corp. announced
today that on January 16, 2007, the Company closed on a $3,000,000
private placement of its securities with two institutional investors.
The transaction consists of a 10% Convertible Debenture due December 31,
2008 in the principal amount of $3,000,000 along with warrants to
purchase 3,000,000 shares of the Company’s
common stock for $1.10 per share. The specifics of the transaction are
available in the Company’s 8-K filed on
January 22, 2007. HPC Capital Management acted as the exclusive
placement agent on this transaction.
Howard Livingston, Chief Financial Officer of CenterStaging, commented, “This
infusion of capital will allow the Company to continue to aggressively
implement its business plan, including the expansion and multi-platform
distribution of our content library, which includes such notables as our
`Lessons from the Legends' series.” Livingston
continued, “We are extremely appreciative of
the efforts of HPC Capital in facilitating this transaction.”
About CenterStaging Corp.
CenterStaging Corp. (OTCBB:CNSC) is a public company based in
Burbank, CA with an office in Bensalem, PA and is the parent company of
CenterStaging Musical Productions, Inc. and its division rehearsals.com.
The Company provides rehearsal and production services for all facets of
the entertainment industry. The 150,000 square foot facility features 11
rehearsal studios, one sound stage, a high-definition broadcast center,
thousands of musical instruments and backline equipment in Burbank, CA.
The facility houses rehearsals.com which is envisioned as
a gateway into the professional artist’s
workshop, and provides streaming video as well as digital audio
programming, exclusive performances, candid artist interviews and
intimate lessons from the masters. The teaming of CenterStaging and rehearsals.com
mounts a powerful vertically integrated entertainment model that not
only develops and produces content, but will deliver compelling
programming to an online audience.
Forward-Looking Statements
All statements made in this press release other than statements of
historical fact, including statements that address operating
performance, events or developments that management expects or
anticipates will or may occur in the future, including statements
related to distributor channels, volume growth, revenues, profitability,
new products, adequacy of funds from operations, statements expressing
general optimism about future operating results and non-historical
information, are forward-looking statements. In particular, the words
"believe," "expect," "intend," "anticipate," "estimate," "may," "will,"
variations of such words, and similar expressions, identify
forward-looking statements, but are not the exclusive means of
identifying such statements, and their absence does not mean that the
statement is not forward-looking. These forward-looking statements are
subject to certain risks and uncertainties, including those discussed
below. The Company’s actual results,
performance or achievements could differ materially from historical
results as well as those expressed in, anticipated or implied by these
forward-looking statements.
