Early last spring they made an offering of 1,000 preferred for a million common. Who knows. It has been a long time for these conversions. ??
LONGWOOD, Fla., March 17, 2008 (PRIME NEWSWIRE) -- ImagiTrend, Inc. (Pink
Sheets:IMTD) is pleased to announce that the Company is offering a share
exchange program, which includes voting rights, to its common stock
shareholders. ImagiTrend will offer to exchange its Series A Convertible
Preferred Stock, to be valued by the Company at $1.00 per share, for common
shares of stock held by its shareholders as of the end of trading on April 4,
2008. For the purpose of this exchange, the Company is valuing each share at
$.001, a premium to the current market price. This means for every 1,000 shares
of common stock submitted to the Company for exchange, shareholders will receive
one share of Series A Convertible Preferred Stock valued at $1.00 for future
conversion purposes.
Current shareholders must have their shares into Continental Stock Transfer &
Trust Company by the end of business on April 4, 2008, unless extended by the
Company, in order to qualify for the exchange of common shares to Series A
Convertible Preferred Shares. In order to qualify for the exchange, shareholders
must submit a minimum of 1,000,000 shares of common stock. The Series A
Convertible Preferred Stock will be protected from any future stock
restructuring by the Company. The convertible preferred shares may be converted
back into common shares at a 20 percent discount, and there will be no holding
period regarding conversion back into common shares.
For the complete terms and conditions of the stock exchange program, the Company
will be posting particulars at: www.imagitrendinc.com/.
"We are very pleased to be able to offer our shareholders this exchange program.
As more information becomes available, it will be provided through press
releases," stated Mark Kaley, Chairman of the Board, President and CEO of
ImagiTrend, Inc.
The Company recently announced that the Company is actively seeking acquisition
candidates in the field of online gaming for the purpose of expanding its
revenue base, and enhancing growth opportunities to increase shareholder value.
It is estimated that the growth for the online gaming industry will hit $48
billion by 2010 and top $125 billion by 2015. A suitable candidate would be one
with viable growth potential with a strong management team in place.
Safe Harbor Act: Statements regarding financial matters in this press release
other than historical facts are "forward-looking statements" within the meaning
of section 27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934, and as that term is defined in the Private Securities
Litigation Reform Act of 1995. The Company intends that such statements about
the Company's future expectations, including future revenues and earnings,
technology efficacy and all other forward-looking statements be subject to the
safe harbors created thereby. The Company is a development stage company who
continues to be dependent upon outside capital to sustain its existence. Since
these statements (future operational results and sales) involve risks and
uncertainties and are subject to change at any time, the Company's actual
results may differ materially from expected results.
The ImagiTrend, Inc. logo is available here
