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ActionView International provided a loan to Jim Palmer Trucking, Inc. in the amount of $250,000 on May 5, 2008. Several weeks later, Jim Palmer Trucking and two related equipment companies filed for Chapter 11 bankruptcy protection. ActionView International management expressed several issues of concern related to the bankruptcy filing, including its close proximity in time to Jim Palmer Trucking's acceptance of the loan from ActionView International. In August 2008, ActionView was appointed chairman of the unsecured creditors committee due to its position as a significant creditor in the bankruptcy case.
Stanza Systems, Ltd. and ActionView International subsequently entered into a letter of intent that outlined the companies' mutual interest in a transaction under which ActionView International would have acquired all of the issued and outstanding shares of Stanza Systems, Ltd. in exchange for a majority percentage of ActionView International.
"The initial agreement with Stanza Systems did not progress to a definitive agreement, and we have decided to focus our immediate attention on a positive outcome in the Jim Palmer Trucking bankruptcy case," stated ActionView International CEO Steven R. Peacock. "From information that the company has made publicly available it appears that Jim Palmer Trucking is operating at full capacity with substantially lower fuel costs today. Based on the facts of the case, we believe that getting our loan back and possibly more is a very real possibility. We will continue to monitor the bankruptcy closely as chairman of the unsecured creditors committee.
"In addition to the Jim Palmer case, we will continue to evaluate possible acquisition transactions for ActionView International. Given the condition of the U.S. capital markets in general and the uncertainty in the investment banking sector specifically, we will pursue potential transactions cautiously and only move forward if an acquisition can be completed successfully," Mr. Peacock added.
About ActionView International, Inc.
ActionView International's operating subsidiary custom-designs, develops, and manufactures vividly illuminated motion billboards. ActionView places its signs into high traffic locations and markets advertising space on the signs. ActionView shares advertising revenue generated from the billboards with advertising agencies, the local business partner and the location owner. The benefit to advertisers is exposure in high traffic locations at reasonable costs due to the scrolling feature and multiple advertisers. For additional information about ActionView, please visit the company's website at www.actionviewinternational.com.
Forward-Looking Statements
This release contains 'forward-looking statements' within the meaning of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward-looking statements.' Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.
Contact: Gemini Financial Communications, Inc. A. Beyer 951-677-8073 Email Contact
SOURCE: ActionView International, Inc.
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