RVEM Raven Moon Founders Exercise Warrants and Buy 5 Billion Restricted Shares
Business Wire - September 15, 2006 8:31 AM (EDT)
Company Reminds Shareholders That Shares Purchased as a Result of Exercising Current Warrants Are Exempt from Reverse Splits for 12 Months Following the Purchase
ORLANDO, Fla., Sep 15, 2006 (BUSINESS WIRE) -- Raven Moon Entertainment, Inc. (OTCBB:RVEM) announced today that founders Joey and Bernadette DiFrancesco have exercised the company's current 10-for-1 warrants to buy 5 billion shares of restricted common stock that will be exempt from the announced 1-for-200 reverse split on September 20, 2006, as well as from any reverse splits for 12 months following the purchase of the shares.
"With only about five days left before the approved 1-for-200 reverse split takes place on September 20, 2006, the company is reminding shareholders that they can protect their positions by exercising their warrants. Shareholders who exercise their 10-for-1 warrants are helping the company and themselves because 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," stated Joey DiFrancesco, Chairman and CEO of Raven Moon Entertainment.
10-for-1 Warrant Terms and Exercise Instructions
The terms of the warrant dividend are: shareholders of record as of September 1, 2006 shall receive 1 warrant for each share of common stock owned as of that date. The warrant allows the shareholder to exercise 10 shares of common restricted stock for each warrant they own and exercise during a one-month window beginning September 15, 2006 to October 15, 2006 at a 50% discount of the closing ask 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. The company will not accept an exercise that totals less than $25.00.
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 October 15, 2006 verifying the number of shares you owned in your account as of September 1, 2006. Indicate the number of warrants you would like to exercise at a 50% discount of the closing ask on the day you write your check and make it payable to Raven Moon Entertainment, Inc. Please provide instructions on where the restricted common shares should be sent.
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.
For Raven Moon Entertainment, Inc., Orlando
Fahlgren Mortine Investor Relations
Carol Merry, 614-825-1750
carol.merry@fahlgren.com
Copyright Business Wire 2006
