Pipedream's Nick Orlandino Sets Record Straight on Rumors of Sale, Purchase of Devil's

CHATSWORTH, Calif.—Pipedream Products CEO Nick Orlandino felt compelled to address rumors concerning his company in recent weeks and wrote the following letter that was sent to clients and others in the adult industry Thursday: "Dear Friends and Customers, Despite recent rumors, Pipedream is coming off of our most successful year ever. With record-breaking sales this first quarter, we're gearing up for our biggest year to date. There have been countless rumors regarding the sale of Pipedream and I want to clarify the situation. We explored the option to sell and were approached by numerous investors, but because of our passion for the company and this industry, we decided not to pursue this. Our current ownership and management is still intact and will remain so for the foreseeable future. We look forward to continuing our massive expansion and growth around the world. Regarding the purchase of Devil's Films—this is something that I'm personally exploring as a passive investment and has nothing to do with Pipedream, its ownership, or management. Devil's management will remain in place and independent of Pipedream if the purchase is completed. I hope this statement clears up all of the questions and rumors circulating the last few months. I am personally committed to building Pipedream into the largest brand in the world. Thank you for your continued support and please contact me personally if you have any questions or concerns. Sincerely, Nick Orlandino CEO"