$GDET GD ENTERTAINMENT & TECHNOLOGY, INC. AFFECTS A 1-FOR-10,000 REVERSE STOCK SPLIT AND PLAN FOR REDUCTION OF DEBT
Source: InvestorsHub NewsWire
GD ENTERTAINMENT & TECHNOLOGY, INC. AFFECTS A 1-FOR-10,000 REVERSE STOCK SPLIT AND PLAN FOR REDUCTION OF DEBT
WESTLAKE VILLAGE, CA -- March 3, 2016 -- InvestorsHub NewsWire -- GD Entertainment & Technology, Inc. (OTC Markets: GDET), a leading entertainment and technology company, today announced that it has affected a reverse split through a corporate action that was unanimously approved by its board of directors, and approved by FINRA. The Company plans to retire its remaining aged debt and recapitalize the Company's balance sheet in order to make the Company's common stock more attractive to a broader range of institutional investors. The Company is also interviewing auditors for the purpose of becoming fully reporting in 2016.
Reverse Split
At the effective time of the reverse stock split, GDETs issued and outstanding shares of common stock decreases to approximately 142,000 post-split shares from approximately 1.42 billion pre-split shares. As a result of the reverse stock split, every 10,000 shares of common stock held by each shareholder will automatically be converted into one (1) common stock. No fractional shares will be issued in connection with the reverse stock split and the par value remains unchanged. All fractional shares will be rounded up. Shareholders holding stock certificates may contact the Companys transfer agent, Olde Monmouth Transfer Co. for details on how to exchange for new stock certificates. GD Entertainment & Technology, Inc.'s common stock will trade under the symbol "GDETD" for a mandated 20 business days per standard FINRA procedure prior to changing to its new symbol GDET. In addition, the Company's common stock will trade under a new CUSIP number 36830V200.
Recapitalization Plan
As part of its recapitalization plan, the Company will be offering current note holders of the Company's current outstanding aged debt the option to convert the principle amount of their notes and any accrued interest into shares of the Company's preferred stock. The conversion(s) will allow the Company to strengthen its balance sheet while it prepares for its upcoming audit. Over $500,000 of the Company's debt has already been converted or retired in the past 14 months.
"The past 15 months since our reverse merger has seen both progress and challenges," said Dong H. Chung, CEO, "but we have remained focused on the long term viability and growth of our Company. We believe that this latest corporate action will allow us to clean up our balance sheet and share structure to attract both domestic and international investors who share our vision. We look forward to becoming fully reporting over the next quarter."
About GD Entertainment & Technology, Inc.:
GDET specializes in the development, production and exploitation of entertainment properties and technologies worldwide. Over the past 10 years, GDET and its management have created, produced, and/or distributed a variety of family-friendly content, including: Conan the Barbarian animated DVD, animated Voyages of Young Dr. Doolittle and Adventures of Odyssey and the acclaimed graphic novel series, The Almighty Bible, an ebook & print version of the Bible for teenagers. GDET principals have over 80 years of combined experience in producing and distributing media, consulting to and licensing major intellectual properties globally, including Warner Brothers, Marvel/Disney, and Mommy & Me. Management has been conducting business in Asia for more than 25 years, and has significant relationships with major corporations, investors and production facilities in Korea, Thailand, China, Japan and other markets. GDET has several projects in development including an animated feature film, a large format, iconic brand book co-production, and an adaptation of a successful juvenile book series for digital video and mobile games.
Safe Harbor Statement
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "estimate," "project," "intend," "expect," "should," "believe," and similar expressions are intended to identify forward-looking statements. These statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause GD Entertainment & Technology, Inc. actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in GD Entertainment & Technology, Inc. filings and Disclosures. All forward-looking statements attributable to GD Entertainment & Technology, Inc. herein are expressly qualified in their entirety by the above-mentioned cautionary statement. GD Entertainment & Technology, Inc. disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
Company Contact:
Lawrence Bracco
Tel: (805) 208-3171
larrybracco@gdetinc.com
