Actionview AVWI PR OCtober 1, 2007
ActionView International, Inc. Reports on Successful Progress of Debt Reduction Efforts in Advance of Planned Merger Transaction
VANCOUVER, BC--(Marketwire - October 1, 2007) -
ActionView International, Inc. (OTCBB: AVWI) today reported successful progress of the reduction of debt as part of the preparations for the anticipated merger transaction with Dalian Chuming Group Co., LTD, a major producer and exporter of fresh and frozen pork and other cooked meat products in China.
The company has successfully negotiated the conversion of a major portion of its outstanding debt into equity in the form of restricted common stock. These debt conversions are part of the clean up work that will allow ActionView to be the appropriate public vehicle for Dalian Chuming Group.
ActionView has hired Javelin Advisory Group, a business consulting firm, to manage the company's ongoing SEC compliance and financial reporting requirements. Javelin is assisting in the negotiations with debt holders and coordinating with ActionView's independent auditor to complete the next periodic financial filing that is due.
"Successfully reducing the company's debt is a critical element of our preparations for ActionView to serve as the public vehicle for Dalian Chuming Group's entrance into the U.S. public markets," commented Rick Mari, director and chief executive officer of ActionView International. "Much of the company's debt is held in 'friendly' hands, mostly with long-term ActionView investors. As a result, the negotiations of the debt into long-term equity have been entirely successful thus far, and we expect to complete all of the remaining clean up work ahead of schedule and well before the planned merger transaction is closed.
"Meanwhile, we will take every opportunity to keep our shareholders informed regarding our ongoing activities and the reverse merger process, as well as communicating the status of the company's subsidiary operations whenever appropriate," Mr. Mari added.
Dalian Chuming Group Co., LTD (www.chuminggroup.com), the expected merger company for ActionView International, is a major producer and exporter of fresh and frozen pork and other cooked meat products. The Chuming Group is among a select group of industrialized farming corporations in northeastern China and is known for its international quality management standards and international safety certifications. In late 2006, the company officially opened a $2.9 million feedmill with a capacity of 200,000 tons per year that will support its expansion of pork production. The pursuit of a U.S. public listing is expected to allow the Chuming Group to expand into additional worldwide markets.
About ActionView International, Inc.
ActionView International's operating subsidiary custom-designs, develops, and manufactures vividly illuminated motion billboards. ActionView places its signs into high traffic locations and markets advertising space on the signs. ActionView shares advertising revenue generated from the billboards with advertising agencies, the local business partner and the location owner. The benefit to advertisers is exposure in high traffic locations at reasonable costs due to the scrolling feature and multiple advertisers. For additional information about ActionView, please visit the company's website at www.actionviewinternational.com.
Forward-Looking Statements
This release contains 'forward-looking statements' within the meaning of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward-looking statements.' Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.
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Gemini Financial Communications
A. Beyer
951-677-8073
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