|Moderated By: Conquestor -- (Not Moderated) -- Started: 8/13/1998 3:41:00 PM Revision History|
Gunner Energy Breaks Into The Record Business
TEMPE, Ariz.--(BUSINESS WIRE)--Aug. 9, 1998--Gunner Energy Corp. (OTC BB: GNEND) management today has announced more details on the recent acquisitions.
The assets of Copper Sun Records Inc. and Harvest Music Ltd. of Detroit, were purchased for $4.1 million from William ''Bill'' Craig. Craig, 52 years old, has agreed to stay on as President of Gunner's newly formed urban contemporary division under a five year contract.
The assets acquired by Gunner include 19 recording artists and three national distribution contracts. Projections indicate sales for the two labels amounting to at least $6 million in the first year. ''At least seven records slated for release now should make the charts,'' said Craig. If that occurs, it would put Gunner's new division among the top 10 record companies in the country.
''This is a winner,'' said Joshua Ward, president of Gunner Energy. It is Gunner's first venture into the entertainment industry, but Ward indicated there would be further acquisitions within the next few months.
Ward was especially optimistic about the future of the division with Craig at the helm and the combined strength of the two labels to handle several genres of music through selected distributors. ''We feel that having a legendary figure like Bill Craig to promote and distribute the products of this division will insure that we will have a successful venture. Mr. Craig has accomplished more in this business at a relatively young age than most people accomplish in a career.''
Craig has a wide and varied background as a producer and entrepreneur in the recording business. He has been associated with such labels as Sidra-Drew, Capital, CBS, Epic, United Artists and ABC Records. During his tenure at CBS, Craig reaped seven consecutive awards as R&B Promotion Man of the Year.
Among the many artists Craig has promoted in his long career: Luther Vandross, Cyndi Lauper, Sade, The Brass Construction, Maxine Nightengale, War, Lee Oscar, Earth, Wind & Fire, Billy Paul, the O'Jays, The Chi-Lites, The Jackson Five, Michael Jackson, MC Hammer, Herbie Hancock, The Floaters, Matthew Wilder, The Dells, The Staple Singers, Johnny Taylor, Barbra Streisand, New Edition, The Pointer Sisters, Red Bone, 2 Live Crew and Arrested Development.
The Copper Sun label will work extensively with new, independent labels in distributing and promoting new material, allowing those labels to operate without the production and manufacturing costs that would normally be incurred. Often, these new enterprises will avail themselves of the expertise of the Copper Sun and Harvest Music labels which will then participate in the profits realized from the resulting sales.
Both Joshua Ward, Gunner President, and Bill Craig have pronounced themselves highly optimistic for the future of the new division, agreeing it has the potential to become one of the top independent labels in the world.
Forward looking statements in this release are made pursuant to the ''Safe Harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence upon third-party suppliers, intellectual property rights and other risks detailed from time to time in the company's periodic reports filed with the Securities and Exchange Commission.
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