General Credit Announces Results of Operations

Business Wire, April 21, 1999

NEW YORK--(BUSINESS WIRE)--April 21, 1999--

General Credit Corp. (OTC BB:LOAN) announced Wednesday results of operations for the year ended Dec. 31, 1998.

Concurrently with the closing of its initial public offering of securities on May 2, 1997, General Credit acquired New York Payroll Factors Inc., a firm engaged in the check factoring business for approximately 8 years (the "NYPF Business Combination") and commenced operating its current check factoring business. Information provided below for year ended Dec. 31, 1997 reflects the company's check factoring operations from May 3, 1997 through Dec. 31, 1997 (the "Operational Period") as well as the period from Jan. 1, 1997 through May 2, 1997 when the company's operations were limited to administrative activities (the "Administrative Period").

For the years ended Dec. 31, 1997 (consisting solely of operations during the Operational Period) and Dec. 31, 1998, the company derived fee income of approximately $2,413,000 as non-cash in nature, reflects elimination of the remaining balance of the goodwill and the covenant not to compete from the NYPF Business Combination (the "Impairment Chssified as a charge of approximately $197,000 foaccepted accounting principles ("GAAP"), but ra or construed as having greater importance than, GAAP operating income or cash flows from operations as a measure of an entity's performance.

The company's independle management believes that if the loan is calong other things, extends the termination date of the loan. Management believes because of the extension, among other things, that the lender will continue to make funds ------------ ---- (827,630) (456,013)

Other 63,750 --

------------ ------------

------------ ------------ $ (1.41) $ (.10)

Extraordinary item -- (.06)

------------ ------------

Net loss $ (1.41) $ (.16)=

(a) Included in this amount are certain nod signatures on and stop payments of the purchased checks or credit card slips.

This press release contains certain forward-looking statements and projections (inmaterially from the plans envisioned, or result Irwin Zellermaier, CEO, 212/697-4441

KEYWORD: NEW YORK

INDUSTRY KEYWORD: BANKING EARNINGS

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LOS ANGELES--(BUSINESS WIRE)--April 21, 1999--Randy Phillips, president & CEO of Red Ant Entertainment, and Korda Marshall, managing director of Mushroom Records UK, jointly announced the signing of a multiyear foreign licensing and distribution deal between the two companies for territories encompassing Asia, Australia, Japan, New Zealand and the United Kingdom.

Under the terms of the agreement, Mushroom, a wholly owned subsidiary of Rupert Murdoch's News Corp. (the home of Garbage, Ash, Peter Andre and Deni Hines) has exclusive rights to manufacture, distribute and promote all Red Ant product in the licensed territories.

In addition to forthcoming projects by Red Ant artists EYC, Psychotica, Robynn Ragland, naked, Ms. Toi and Aaron Skyy, Mushroom plans to immediately release "Fairy Tales," the debut album from chart-topping teen trio Divine, whose platinum-selling first single, "Lately," hit the No. 1 spot on the Billboard Hot 100 chart.

The follow-up track, a patented rendition of George Michael's classic "One More Try," is currently impacting urban, crossover and Top 40 formats in the United States as the group's profile continues to grow with numerous television appearances and a recently completed leg of the `N Sync arena tour.

Said Marshall of the deal: "I've known Randy Phillips a long time and I'm very excited at the prospect of breaking and developing Red Ant artists in our territories as well as doing business with a company which possesses the same independent spirit as Mushroom."

Added Phillips: "This is a perfect marriage between two companies who remain aggressive, focused, artist-friendly and lithe in an industry coping with massive consolidation. The timing for Red Ant is prodigious as this deal coincides with a renewed long-term financial commitment from our majority owners, powerful Wall Street investment banking firm Wasserstein Perella and a newly restructured and more clearly defined Red Ant.

"We closed our New York office to cut our overhead, but kept the backbone of this company intact with a strong and dedicated national staff based in Los Angeles and proven regional promotion and sales staffs getting our records played and prominently placed. We are the `littr."