Cinemax Pictures & Production Co., Intl., Inc. (CPPC) Announced Today DTC Has Approved the Transaction and Shares will be in Brokerage Accounts on October 22, 2007
TORONTO, Oct. 19 /PRNewswire/ -- Tony Gouveia, CFO of Cinemax Pictures
& Production Company Intl., Inc. confirmed today The Depository Trust &
Clearing Corporation has approved and completed the exchange transaction of
QBID shares.
According to Mr. Gouveia, "DTC has agreed to approve the transfer of
Cinemax Pictures shares (CPPC) to brokerage accounts on October 22, 2007.
After the transfer on October 22, 2007, it will be the responsibility of
brokerage firms to deposit the shares into shareholder accounts. Capital
Transfer Agency will have no control over this process on October 22, 2007.
I want to thank DTC and Capital Transfer Agency for all their hard work in
finalizing the details of the transfer. The reverse stock split involved
some exceptions resulting in additional complexities, hence needing
approval from The Depository Trust Company before the corporate action
could be approved. Furthermore, DTC stated their records matched perfectly
with Capital Transfer Agency records."
Gouveia continued: "The delay in delivery had nothing to do with
Cinemax Pictures, nor Capital Transfer Agency, Inc. We also want to
reassure shareholders that no insiders, which includes board members,
management, employees or affiliated persons involved in the merger were
selling, hedging or executing private transactions with their shares at any
time from October 5, 2007, the first day of trading, through today.
Furthermore, no one in Cinemax management was in receipt of their
restricted shares, opting to make certain shareholders were in possession
of their certificates first. We believe in the company and its future, and
we feel selling any of our shares in this manner would be unethical to
shareholders past, present and future."
We were advised of the following by DTC: "DTC will not be allocating
round up shares until they receive these shares back from the agent. DTC
will send out a bulletin today (October 19, 2007) to the street advising
brokers to request the additional round up shares at the beneficial level.
They will give brokers two days to come in and request the round up shares
starting on October 22, 2007 through end of business October 24, 2007. On
October 25, 2007, they will submit a request to the agent for the round up
shares and upon receipt of these shares DTC will credit the participants."
FORWARD LOOKING STATEMENTS
This press release contains statements that are made pursuant to the
Safe Harbor Provisions of the Private Securities Litigation Act of 1995.
Certain statements in this press release may contain words such as
"anticipates", "believes", "could", "estimates", "expects", "intends",
"may", "projects", "targets" and other similar language that are considered
forward-looking statements.
These forward-looking statements are subject to certain risks and
uncertainties and persons reading this press release are cautioned that
such statements are only predictions, and that the Company's actual future
results or performance may be materially different.
The Company disclaims any intention or obligation to update or revise
forward-looking information, whether as a result of new information, future
events, or otherwise.
For more information, contact: IRforTMM@cinemaxpicture.com
Don't bait the bear........
