GMN.com Announces $12 Million in Financing

Global Music Network, Inc., a site for live
performances of classical, opera, and jazz music, announced Wednesday that it has
received a private placement in the amount of $12 million. GMN.com will
utilize a significant portion of these funds to expand its marketing, content
development and acquisition, and e-commerce activities.

The $12 million venture financing was led by the New York-based investment
bank CE Untenberg, Towbin.

This financing comes on the heels of a successful second quarter for the
emerging music portal which included:

  • The formation of relationships with Intel, Liquid Audio, Microsoft, Real
    Networks, InterVu, and CyberSource

  • Broadcast of the first live video of an opera from the prestigious Mariinsky Theatre (Kirov Opera)in St. Petersburg, Russia
  • Addition artists to its roster including Valery Gergiev and
    Dr. Billy Taylor; festivals such as Mainly Mozart in San Diego, White Nights
    Festival in St.Petersburg, JVC Jazz Festival, and Caramoor; and venues such
    as Birdland in New York City.

“As a result of our work to date and this substantial round of finance, we
are well-positioned to be the leader in the performing arts on the Internet,”
said Michael Lubin, chairman and CEO of GMN.com. “We plan to re-energize the
classical, jazz, and opera worlds by providing unique multimedia programming.
The Hallmark of the site is the presentation of premier music performances,
recorded live and offered online in their entirety, exclusively through
GMN.com.”

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