NWWV News .008x.009: New Wave Media Inc. Completes Share Issuance to Playstar Corporation Shareholders
12/06/2007 09:49 EST
TORONTO, Dec. 6 /PRNewswire-FirstCall/ - New Wave Media Inc. (OTC:NWWV.PK) has completed the acquisition related to the merger of Playstar Corporation, (OTC:PLYCF.PK) and as a result the Playstar shareholders of record as of November 30, 2007 will receive on a one for one basis shares of New Wave Media Inc.. This share exchange will be administered by New Wave's transfer agent Transfer Online Inc. who will notify NASDAQ. The shareholders of Playstar will receive their shares of New Wave imminently.
The Company would like to disclose that due to the inability of the Company to continue to fund the operations of its Wagerphone subsidiary, it has been negotiated that the Wagerphone business will be operated and funded as a separate entity and that New Wave will retain an interest in this entity effective November 30, 2007. As a result, New Wave has cancelled its shares in Wagerphone in exchange for a pre determined amount of shares issued by Wagerphone to New Wave. The Company will provide an update on Wagerphone's developments shortly along with our percentage holding.
The Company will provide an update on its new corporate structure including announcing a new CEO as well as some new additions to its Board of Directors in the next few weeks.
The Company is currently completing the necessary audits in order to get listed on the OTCBB.
The Company will announce over the next few weeks the new and exciting corporate developments that have occurred during the last few months. We believe that this new corporate strategy will provide the new and existing shareholders of New Wave the value that they have been patiently waiting for.
As a result of the merger with Playstar, the Company now has 117,000,000 free trading. The Company will soon be filing an SB4 in order to free up the 100,000,000 shares that were exchanged with the Playstar shareholders. The total combined after merged shares are 217,000,000. The transfer agent is Transfer Online of Portland, Oregon.
This press release contains "forward looking" statements within the meaning of Section 21A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934 as amended, and are subject to the safe harbors created thereby. Such statements involve certain risks and uncertainties associated with an emerging company. Actual results could differ materially from those projected in the forward-looking statements as a result of risk factors discussed in New Wave Mobile reports that will be on file with the US Securities and Exchange Commission.
SOURCE New Wave Media Inc.
CONTACT: Denny Burns, (419) 951-4842
