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On June 6, 2008, a majority of the holders of the company's common stock approved an authorization for the Board of Directors to effect a reverse stock split of ActionView International's outstanding common stock in a ratio of up to one-for-two thousand during the nine month period following the date of approval of the proposal.
"The restructure of the company's common stock was believed by the Board to be necessary in order to position the company for a future acquisition transaction," stated ActionView International CEO Steven R. Peacock. "Management will continue to evaluate potential acquisition targets as we concurrently pursue repayment of the $250,000 loan provided to Jim Palmer Trucking, Inc."
ActionView International provided a $250,000 loan to Jim Palmer Trucking, Inc. in May 2008 as part of a proposed acquisition transaction and is currently seeking repayment. Several weeks after the loan was provided, Jim Palmer Trucking, Inc. and two of its affiliated companies filed for Chapter 11 bankruptcy protection. ActionView International has retained legal counsel and has been active in the bankruptcy case, including acting as chairman of the unsecured creditors committee.
"We expect to have an additional update on the progress of the bankruptcy case shortly and will provide the information to shareholders as soon as possible," 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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