Grand Entertainment & Music, Inc. Announces Share Retirement
Thursday , October 26, 2006 09:45 ET
MONTREAL -- (MARKET WIRE) -- 10/26/06 -- Grand Entertainment & Music, Inc. (PINKSHEETS: GMSC) is pleased to announce that it has entered into several securities retirement agreements with company officers, directors, and consultants.
Grand Entertainment is finalizing the agreements and instructions to the transfer agent this week. Barring any unforeseen events, these shares should be cancelled and returned back into treasury by the end of next week. These agreements will retire approximately 43,233,334 shares, and will reduce the total outstanding share count by more than 10%. The company is continuing to meet with other shareholders and trying to work out similar agreements in an effort to reduce the outstanding share count as much as possible.
President, Fred Berlin, stated, "As we announced earlier this week, I met with several key players last weekend and discussed future corporate strategy for Grand Entertainment. We are all committed to increasing shareholder value, and the retirement of shares is one of the best ways to accomplish this goal." Berlin went on to say, "This reduction is a great start, but it is by no means the end of these actions. We were forced to issue more stock than we originally intended in our effort to ensure proper funding to grow our company. This was unfortunately necessary at the time; however, we are now making it up to our shareholder partners. We believe with our ongoing efforts we will be able to reduce the outstanding shares by a larger percentage in the upcoming weeks. As always, we will keep the investing public advised of these decisions."
