Eline Entertainment Group Inc (EEGI)

[02opida]

Eline Entertainment Group, (EEGI) Interim Management Update



2017-06-15 07:32 ET - News Release




WEST PALM BEACH, FL / ACCESSWIRE / June 15, 2017 / Eline Entertainment Group, Inc. (OTC PINK: EEGI) is a development stage company, under interim management and assisted by preferred shareholder in securing a viable merger candidate.

The interim management is providing this update to its shareholders and followers regarding various changes and updates currently under way.

- All previous assets and operations conducted by former EEGI management have been either written off or are at nil value, in the opinion of the current management

- The current management listed on OTC markets is no longer with the company. This includes any financiers and directors. Current management has neither knowledge nor interest in their legal issues with various authorities. Followers should only follow the SEC filings appearing on OTC Markets web site until the company (new management after merger) resumes filing with OTC.

- The EEGI preferred shares were acquired by its current management as a distressed asset in peril. The company secured several backers to assist it in its turnaround process.

- One of the options was to locate a suitable merger. This is well under way. More updates will become available as the process materializes.

- In the unlikely event of a failed merger the management looked for ways and means to jump start the operations to have some meaningful business operations moving forward. The management looked for a business that will not require additional EEGI dilution and one that will be sustainable moving forward. The management arranged a white label import / export business and commenced developing a web site for the Asian market. That web site is www.chinaeastren.com.

- Upon a completed merger, unless profitable www.chinaeastren.com will be either sold or wound down.

- www.chinaeastren.com/eegi-update is the direct link web site the interim management is currently developing. This direct link will contain further elaborations and updates to this and any further updates, such as the reduced share structure, lock down of stock, non-dilution resolutions, Wyoming re domicile to name a few.