Raven Moon Entertainment, Inc., a producer of childrens programming based in Orlando, Florida, plans to spin off Raven Moon Home Video Products LLC into a separate publicly traded corporation. Pending shareholder approval, the spin-off would take place by the end of April 2003. The proposed spin-off is expected to reduce Raven Moon Entertainment's debt by approximately $1,000,000. Raven Moon Entertainment will retain approximately a 40% ownership interest in the new company, and plans to issue a shareholder dividend based upon a record date to be determined. As part of the agreement, Raven Moon Entertainment will still participate in gross revenues generated from video and DVD sales. Raven Moon's key property is the GINA D'S KIDS CLUB brand, a series of live-action/animated videos for children.
