IMAGE Worldwide, Inc. (IMGW) Confirms Auditor For St. Louis Packaging And STL Graphics
Chicago, IL - IMAGE Worldwide, Inc. recently completed the acquisition of St. Louis Packaging, Inc. and STL Graphics Group on February 1, 2009. An audit is currently being prepared to confirm 2008 revenues and profits for these acquisitions and is expected to be completed by Mid-March. Veraja-Snelling and Company, headquartered in Illinois with over 20 years of audit experience, have been hired to complete this one year GAAP audit.
This recent acquisition and subsequent transactions have created numerous positive changes for IMAGE Worldwide; however, many shareholders remain confused about what actually took place. This press release is an attempt to clear up any confusion.
Prior to February 1, 2009, IMAGE Worldwide, Inc. had 3 divisions: IMAGE Chicago Magazine, All Pro Networks, and Club Oasis -- with combined revenues of approximately $2,000,000 and estimated losses of $250,000 for 2008. After the Feb. 1 transaction, IMAGE Worldwide, Inc. now has 4 divisions: IMAGE Chicago Magazine, All Pro Networks, St. Louis Packaging, and STL Graphics -- with projections of over $6,000,000 in revenues and $300,000 in net profits for the 2009 fiscal year. As part of this deal, Steven St. Louis was elected the new CEO, with Paul Sorkin staying on as a consultant and publisher of the Image Chicago Magazine. IMAGE Worldwide, Inc. will keep both their office in downtown Chicago and the current STL office in Schaumburg, Illinois.
As of February 25, 2009, IMAGE Worldwide has a total of 1,840,528,930 outstanding shares according to First American Stock Transfer's recent report. This increase in shares is primarily due to friendly investors from over a year ago converting their convertible notes into free trading shares.
New CEO of IMAGE Worldwide, Inc., Steven St. Louis, said, "The management and investors have spent a substantial amount of time and money helping to put together a very solid company that can sustain and grow. We have increased our revenues, become profitable and have a tremendous amount of positive opportunities ahead of us. We all have the same long-term goals and we appreciate the support and understanding we have received during this transition."
