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At the hearing held on January 15, 2009, several secured and unsecured creditors voiced objections to the Disclosure Statement filed by Jim Palmer Trucking, Inc. An objection filed by ActionView prior to the January 12, 2009 deadline, cited several specific grounds for the company's objection to the disclosure statement, which calls for paying unsecured creditors 34% of the allowed claim through 48 monthly payments commencing 180 days after the Order of Confirmation. As a significant creditor in the case, ActionView is acting as chairman of the unsecured creditors committee.
"We are pleased that both secured and unsecured creditors have expressed their dissatisfaction with the plan to pay only a portion of Jim Palmer Trucking, Inc.'s financial obligations," stated ActionView International CEO Steven R. Peacock.
Jim Palmer Trucking, Inc. now has until February 12, 2009 to file a new Disclosure Statement which addresses the objections that have been filed with creditors. A hearing has been scheduled for February 26, 2009.
"ActionView's legal representatives will continue to work on the company's behalf in this case, and we will continue to explore all potential solutions regarding this obligation from Jim Palmer Trucking, Inc.," Mr. Peacock added.
After the Jim Palmer Trucking bankruptcy case was filed, ActionView International management expressed several issues of concern, including its close proximity in time to Jim Palmer Trucking's acceptance of the loan from ActionView International.
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.
http://www2.marketwire.com/mw/emailprcntct?id=D915202177975732
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