and HRNF even warned that shareholders or regulators could take action against the company.
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OUR PREVIOUSLY FILED PRESS RELEASES DISCUSSED CERTAIN ANTICIPATED EVENTS WHICH FAILED TO OCCUR AND PROJECTED REVENUES FOR CERTAIN OF OUR PROJECTS WHICH MAY NOT COME TO FRUITION AND AS A RESULT, WE COULD FACE LIABILITY FROM SHAREHOLDERS OR REGULATORS IN CONNECTION WITH SUCH PRESS RELEASES.
Certain of our press releases issued within the past six months referred to the anticipated entry into distribution agreements for our MDSO, including our October 26, 2006 press release which stated that one of our partners would negotiate "eight additional" airing rights agreements, which may have misled investors into believing that we currently had one or many airing agreements in place, which we don't, as well as our October 23 and 24, 2006 press releases which stated that we believed we would close up to four airing contracts within thirty days (which now seems unlikely as we have not closed any airing agreements to date), and our October 9, 2006 press release which stated that we anticipated closing a network contract with an Asian television network on October 11, 2006, which contract has not closed to date. Additionally, certain of our press releases, including our October 30, 2006 press release which projected revenue of "over 12 million dollars" during the first season and over "thirty million dollars" over the next two years in connection with the broadcasting of the MDSO, which projections may not come to fruition, and which projections our management now believes were too aggressive as we do not currently have a distributor in place for the MDSO and there is no way to project with any accuracy the future revenues the broadcasting of such show might generate. If any investors purchased shares of our common stock based on our previous press releases, which may have led certain investors to believe that the closing of broadcast contracts on our MDSO was imminent and/or that we would generate substantial revenues from the MDSO, which we currently believe it is too early to tell, we could face liability for such purchases if those investors end up losing money on our common stock. Additionally, because certain of our press releases may have included aggressive projections, which may not have been clearly marked as estimates, we could face liability from market regulators in the future in connection with such press releases.
