RVMO Raven Moon Announces 1-for-20 Reverse Split with Record Date of July 17, 2006; 40-for-1 Warrant Shares Exercised are Exempt from the Split
Business Wire - June 26, 2006 8:31 AM (EDT)
ORLANDO, Fla., Jun 26, 2006 (BUSINESS WIRE) -- Raven Moon Entertainment, Inc. (OTCBB: RVMO) announced today that its Board of Directors and majority shareholders have approved a 1-for-20 reverse split with a record date of July 17, 2006.
The company previously announced a 40-for-1 warrant dividend program that expires on July 25, 2006 and Raven Moon has also recently announced that restricted common shares purchased as a result of exercising the current warrant prior to its expiration date will not be subject to this reverse split or any others within 12 months from the date the shares are issued.
40-for-1 Warrant Terms and Exercise Instructions
The terms of the warrant dividend are: shareholders of record as of May 19, 2006 shall receive 1 warrant for each share of common stock owned as of that date. The warrant allows the shareholder to exercise 40 shares of common restricted stock for each warrant they own and exercise during a two-month window beginning May 25, 2006 to July 25, 2006 at a 40% discount of the closing bid price on the day their check is dated. Common shares purchased as a result of exercising warrants will be restricted for one year. All transactions when accepted by the company are final and irrevocable.
If your account is with a broker, send a copy of your account statement to Raven Moon Entertainment, 2005 Tree Fork Lane, Suite 101, Longwood, FL 32750 no later than July 25, 2006 verifying the number of shares you owned in your account as of May 19, 2006. Indicate the number of warrants you would like to exercise at a 40% discount of the closing bid on the day you write your check and make it payable to Raven Moon Entertainment, Inc.
"Shareholders who exercise their 40-for-1 warrants are helping the company and the company's Board of Directors has authorized the exemption of restricted shares purchased as a result of exercising the current warrant from any potential reverse split that may occur for 12 months," said Joey DiFrancesco, Chairman and CEO of Raven Moon. "We are processing the warrant exercises as we receive them to provide a timely response to our shareholders who want to support the company's progress and increase their position with the company."
Shareholders or brokers who need further information on how to exercise these warrants may contact Carol Merry at Fahlgren Mortine Investor Relations at (614) 825-1750 or by email: carol.merry@fahlgren.com.
Safe Harbor Act Notice: This release may contain forward-looking statements that involve risks and uncertainties, including without limitation, acceptance of the company's products, increased levels of competition, product and technological changes, the company's dependence upon financing and third- party suppliers, and other risks detailed from time to time in the company's federal filings, annual report, offering memorandum or prospectus. Specifications are subject to change without notice.
SOURCE: Raven Moon Entertainment, Inc.
Fahlgren Mortine Investor Relations
Carol Merry, 614-825-1750
carol.merry@fahlgren.com
Copyright Business Wire 2006
