The Cassandra Group Invests in Paradise

Paradise Music & Entertainment Inc. will receive $8 million from New York-based The Cassandra Group Inc.

“After some recent acquisitions, we were in the position where we needed capital,” said Chief Executive Jessie Dylan. “We felt we were undercapitalized for the goals we were trying to achieve.”

Los Angeles-based Paradise is a diversified music and entertainment company that consists of PUSH Records, film production company Picture Vision, All Access Entertainment Management Group Inc. and commercial music producer Rave Music.

Cassandra is a New York-based investment advisory firm that specializes in the art and entertainment industries. Concurrent with the deal, Paradise retained Cassandra President Dana Giacchetto as a financial consultant,; he also advises former Hollywood Agent and Disney President Michael Ovitz on his fledgling talent management company, Artists Management Group.

“A lot of things can potentially happen with Ovitz, but it is a sensitive issue” Dylan. said “Regardless, Dana’s presence is invaluable because so many deals go through his office everyday, and some will make sense for Paradise.”

Giacchetto will receive 200,000 shares of restricted common stock and three-year warrants to purchase 800,000 shares of Paradise common stock at prices ranging from $5.00 per share to $10.00 per share as compensation for his consulting services.

Proceeds from the investment will go toward acquiring additional independent record labels, hiring staff and film production. Dylan, who is the son of recording artist Bob Dylan, joined the company as CEO in February, after a career producing and directing television commercials.