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MDI Receives Acquisition Proposal7 May 2002HARTFORD, Connecticut --(Press Release)-- MDI Entertainment, Inc. (OTC BB:LTRY) announced today that it has received a proposal from International Capital Partners, L.L.C., to acquire a majority interest in the Company. International Capital Partners (ICP), an owner of 1,022,019 of the Company's shares, has proposed to purchase 50% of the outstanding shares not currently owned by ICP, for $3.30 per share in cash. The Company's Board of Directors will evaluate the proposal. MDI's services include game and ticket design, merchandise prize fulfillment, management of second-and third-chance draws, fully-staffed customer service, coordination of winner travel & accommodations, advertising and marketing support, consumer research and Internet marketing and advertising. |