Rolling Stone Magazine Features In-Depth Interview with Penthouse Magazine Founder Robert Guccione
March 18 2004 - 7:53AM
PR Newswire (US)
Rolling Stone Magazine Features In-Depth Interview with Penthouse
Magazine Founder Robert Guccione NEW YORK, March 18
/PRNewswire-FirstCall/ -- Penthouse International (OTC Bulletin
Board: PHSL), a diversified holding company with operating
subsidiaries in adult entertainment and real estate, announced
today that the Company's founder Robert Guccione was featured in an
in-depth interview in the April 1, 2004 issue of Rolling Stone
magazine in an article entitled "The Twilight of Bob Guccione" by
John Colapinto. The 10-page layout chronicled the life history of
Bob Guccione in his building of Penthouse Magazine over the past 38
years. From a start-up company in London in 1965, to a
still-standing, all-time newsstand sales record, to "making the
Forbes 400 list of the country's wealthiest people with a personal
fortune of around $500 million (the equivalent of a few billion
today)," and, more recently, the ongoing restructuring of his
companies, Rolling Stone gave an account of much of the lifeof
Guccione. "The fact that Rolling Stone magazine, a renowned
publication about popular culture and music, would feature a
10-page layout of Bob Guccione and Penthouse, is indicative of the
iconic status Penthouse and Bob have reached globally," commented
Claude Bertin, Executive Vice President of Penthouse International.
During his career, Mr. Guccione dedicated the hundreds of millions
in Penthouse Magazine profits to bankroll numerous other business
ventures, including an ill-fated Atlantic City casino venture and
financing the science magazine OMNI. "Altogether, by the
mid-Eighties, Guccione's losses in Atlantic City totaled $145
million," stated Rolling Stone. Despite Penthouse Magazine
maintaining positive cash flow even today, the accumulated
investment losses in unrelated business projects contributed to the
reorganization of the company. Penthouse recently received a fresh
$24 million in capital and commitments from its main shareholder
for up to an additional $50 million. Penthouse expects to minimize
risk by focusing on its core business investments. About Penthouse
International, Inc. Penthouse International, Inc., through its
subsidiaries General Media, Inc., Del Sol Investments LLC and PH
Realty Associates LLC, is a brand-driven global entertainment
business founded in 1965 by Robert C. Guccione. General Media's
flagship PENTHOUSE brand is one of the most recognized consumer
brands in the world and is widely identified with premium
entertainment for adult audiences. General Media caters to men's
interests through various trademarked publications, movies, the
Internet, location-based live entertainment clubs and consumer
product licenses. General Media licenses the PENTHOUSE trademarks
to third parties worldwide in exchange for recurring royalty
payments. Safe Harbor: This release contains statements relating to
future results of the Company (including certain projections and
business trends) that are "forward-looking statements" as defined
in the Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those projected as a result of
certain risks and uncertainties, including, but not limited to, the
fact that no assurances can be given that the First Amended Plan of
Reorganization will be confirmed, or that it will enhance the
Company's competitive position, as well as other risks and
uncertainties detailed from time to time in the filings of the
Company with the Securities and Exchange Commission. On August 12,
2003, General Media and its direct and indirect subsidiaries (the
Debtors) filed voluntary petitions for relief under Chapter 11 of
Title 11 of the United States Code in the United States Bankruptcy
Court for the Southern District of New York. Penthouse
International, Inc. owns 99.5% of the capital stock of General
Media. Penthouse did not file for protection under the Bankruptcy
Code and its activities are not subject to Bankruptcy Court
supervision. For additional information, reference is made to
publicly available documents filed with the bankruptcy court to
determine the most current status of all matters related to the
bankruptcy case of General Media. The website of the Bankruptcy
Court is http://www.nysb.uscourts.gov/. For more information,
contact: Gary Geraci OTC Financial Network 781-444-6100 ext. 629
See also: http://www.otcfn.com/phsl DATASOURCE: Penthouse
International CONTACT: Gary Geraci of OTC Financial Network,
+1-781-444-6100 ext. 629,
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