RMD Entertainment (RMDM) to Retire 1.7 Billion Shares to Treasury And Asset Purchase (MONA)
Friday October 17, 8:59 am ET
BEIJING, Oct. 17 /PRNewswire-FirstCall/ - RMD Entertainment (RMDM.PK) is pleased to announce that it has come to an amicable resolution with a key shareholder who received 1.7 billion shares of stock before the change in control. The shares will be returned to treasury without further obligation by RMDM. The company expects to have these shares returned to the treasury within the next 10-15 business days.
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In related news, management will be vigorously pursuing similar action in regards to 2 other consultancies who were compensated with about 3.5 billion shares of common stock, but failed to deliver the services for which they received compensation.
Ms. Liu Jun, spokesperson in charge of business affairs, noted; "We want to put our house in order and protect the interests of our shareholders from past managements transactions which increased the number of shares outstanding, but for which the Company did not receive value.
Importantly, we have just closed the acquisition of Beijing Innotrek Technology Co., Ltd. for consideration of 1 billion common shares, with their parent company Mon Arc Corporation, and moreover we are meeting with PP365.com over this coming weekend to finalize terms of this second acquisition. It is our goal to restore value to RMDM and our shareholders, to have both of these good and viable companies operating under our umbrella and control, and at the end of the day, we have the authorized and outstanding share count reduced by about 3.5 billion shares.
It is our intention to be in a position to have all of these developments completed as quick as possible, and be in a position to start consolidating and streamlining operations as quickly, in order to place our full attention into growing these businesses".
Safe Harbour statement under the Private Securities Litigation Reform Act of 1995: Certain forward information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition.
CONTACT: corporate@rmdmgroup.com
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