Update out on the WEBSITE !!!
Shareholder Update
Tuesday, 05 June 2007
Following the acquisition announcement issued yesterday, the Board would like to take this opportunity to update shareholders on progress following the launch of Petel Incorporated onto the Pink Sheets exchange.
Acquisition
• As announced yesterday (4th June 2007) Petel Incorporated is to acquire a UK listed subsidiary. Agreement has been reached to acquire the new company via a like-for-like share exchange.
• All Petel Incorporated shareholders of record on the record date of 11th June 2007 will receive 1 share in the new company for each share they hold in Petel Incorporated. These shares will be issued with a strike price of $1.50 (£0.75)
• Each shareholder in the newly acquired company will receive 1 share in Petel Incorporated for each share they hold in the newly acquired company on the date of record. This will result in a minimal 3% dilution of the current Petel Incorporated share structure.
• All dividend shares will be issued unrestricted and available to trade.
• The newly acquired company will be identified once it has completed a reorganisation.
• The new acquisition will provide the vehicle for Petel Incorporated to deliver truly global, broadband broadcast television services across all sectors.
Forecast
• As announced in May, Petel Incorporated remains ahead of the forecasted hits required to meet the projected financial targets published in the Petel Incorporated Corporate Overview.
• The Company is receiving more than double the 7,000 daily hits required to deliver forecasted year one revenue of $8.1M.
SexQube.TV
• From June 2007 SexQube.TV will embark upon a $1M marketing campaign, boosting the awareness of the channel and its interactive services.
• Easy Pink Productions appointed to produce free-to-air programs including The Sex Shop Show, The Sex Doctor and The Movie Show.
• Casting for The Sex Shop Show, The Sex Doctor and the Movie Show completed and all three series now in production.
Management Team
• Former Penthouse UK Editor Bryan Francis has now commenced his role as SexQube.TV Channel Manager and Editor.
• Ex-National Geographic Channels President Angela Morton will commence her duties as Chief Development Officer within the next calendar month. Morton will work across all brands within the Group, including the new acquisition. The Board anticipates her input will enable the Company to quickly establish a strong position, not only in the US, but also in the Asia-Pac market and capitalise on existing contracts for the newly acquired subsidiary.
ENDS
This news release contains forward-looking statements that are subject to certain risks and uncertainties that may cause actual results to differ materially from those projected on the basis of such forward-looking statements. The words "estimate," "project," "intends," "expects," "believes," and similar expressions are intended to identify forward-looking statements. Such forward-looking statements are made based on management's beliefs, as well as assumptions made by, and information currently available to, management pursuant to the "safe-harbour" provisions of the Private Securities Litigation Reform Act of 1995. For a more complete description of these and other risk factors that may affect the future performance of Petel, Inc. see "Risk Factors" in the Company's Annual Report on Form 10-KSB and its other filings with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date made and the Company undertakes no obligation to disclose any revision to these forward-looking statements to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.
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