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Transaction With Murchison Media Group
Recently Reorganized Company Appoints New Members to The Board of Directors
LOS ANGELES--(BUSINESS WIRE)--Oct. 24, 2001--TEAM Communications Group,
Inc. (Nasdaq: TMTV - news) announced that it has
concluded negotiations with Murchison Media Group (``MMG'') with respect to a
transaction pursuant to which MMG will invest up to $5,000,000
in TEAM by June 30, 2002. The terms of the transaction are contained in a Letter of
Intent dated Sept. 7, 2001. The transaction is subject to the
completion of due diligence as well as other matters. TEAM has received
commitments for $650,000 in interim financing from MMG to occur
prior to Oct. 31, 2001.
In connection with the Letter of Intent, TEAM Communications Group, Inc. accepted
the resignation of Michael Solomon as Chief Executive
Officer. Furthermore, TEAM also accepted the resignations of W. Russell Barry, Alan
Liker and Michael Solomon as members of the Board of
Directors. None of the aforementioned board members resigned as a result of a
disagreement with the company on any matter relating to
TEAM's operations, policies or practices.
New appointments to the Board of Directors include Richard Block, Dennis Pope,
Company President and Chief Operating Officer Jay Shapiro,
and Michael Shimaji. Dennis Pope will also serve as interim Chief Executive Officer.
About TEAM Communications
TEAM Communications Group, Inc. is a production and distribution company of
quality, commercial television product. In addition to producing its
own programming, the company acquires programming that others produce, as well
as film libraries for distribution worldwide. With a film library
consisting of a significant number of programming hours, TEAM distributes to
television networks of all kinds such as free-over-the-air cable and
satellite, and licenses their products to the home video market.