Post by Zoinkers on Jul 11, 2005 5:25:55 GMT -5
Press Release Source: Media Magic, Inc.
Media Magic, Inc., Formerly Known as Gluv Corp. Announces Completion of the Previously Announced Restructuring Plan
Wednesday July 6, 10:28 am ET
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--July 6, 2005--Media Magic, Inc. (Pink Sheets:GVRP - News) announced today that on July 5, 2005 it has effected a reverse stock split of three million shares for every one share of its common stock completing the Restructuring Plan announced on June 21, 2005.
The company has filed amended and restated articles of incorporation that provides for all outstanding shares of Class A common stock to be divided, i.e., reverse split, on a 3 million to 1 basis. Fractional shares will not be issued and instead will be rounded up to the nearest whole share.
All Class A and Class B common stock will be converted having one vote per share. The total number of shares that the company will be authorized to issue will be reduced to 150 million shares consisting of 100 million common shares, of which approximately 77 million shares will be outstanding and 50 million preferred shares issuable in one or more series, none of which will be outstanding.
Robert W. Pearce, the company's Chief Executive Officer, issued the following comment: "This reverse split completes the restructuring plan previously announced on June 21, 2005." Concurrent with the name change the company has filed for a symbol change. This plan allows Media Magic to move forward as a public company and execute its business plan.
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
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Contact:
Media Magic, Inc., West Palm Beach
D. Ruggeri, 561-491-0870
info@mediamagicinc.com
Media Magic, Inc., Formerly Known as Gluv Corp. Announces Completion of the Previously Announced Restructuring Plan
Wednesday July 6, 10:28 am ET
WEST PALM BEACH, Fla.--(BUSINESS WIRE)--July 6, 2005--Media Magic, Inc. (Pink Sheets:GVRP - News) announced today that on July 5, 2005 it has effected a reverse stock split of three million shares for every one share of its common stock completing the Restructuring Plan announced on June 21, 2005.
The company has filed amended and restated articles of incorporation that provides for all outstanding shares of Class A common stock to be divided, i.e., reverse split, on a 3 million to 1 basis. Fractional shares will not be issued and instead will be rounded up to the nearest whole share.
All Class A and Class B common stock will be converted having one vote per share. The total number of shares that the company will be authorized to issue will be reduced to 150 million shares consisting of 100 million common shares, of which approximately 77 million shares will be outstanding and 50 million preferred shares issuable in one or more series, none of which will be outstanding.
Robert W. Pearce, the company's Chief Executive Officer, issued the following comment: "This reverse split completes the restructuring plan previously announced on June 21, 2005." Concurrent with the name change the company has filed for a symbol change. This plan allows Media Magic to move forward as a public company and execute its business plan.
This release contains statements that constitute forward-looking statements. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.
--------------------------------------------------------------------------------
Contact:
Media Magic, Inc., West Palm Beach
D. Ruggeri, 561-491-0870
info@mediamagicinc.com