Unless you have more current information, I would draw the conclusion that….
“Humphries is the majority shareholder of SSEV. Under the terms of the SSEV purchase, the shareholders of HMSI and HHHI will take a combined 30% of SSEV.”
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ADDISON, TX -- (Marketwire) -- 08/24/09 -- Systems Evolution, Inc. (PINKSHEETS: SSEV) announced today that it has acquired Hoss Motor Sport, Inc. (HMSI) and Highline Hydrogen Hybrids, Inc. (HHHI).
SSEV's Chief Executive Officer Steven Humphries made the announcement today saying, "As a result of the termination of the Sympowerco, Inc. deal on Friday (8/21) we worked over the weekend we were able roll HMSI and HHHI into Systems Evolution."
In May of 2009 Steven Humphries entered into a Letter Of Intent to assign his interest in HMSI and HHHI to Sympowerco in exchange for 51% of SYMW's common stock. On July 26, 2009 the parties executed a Share Exchange Agreement. However, the transaction was never consummated and the agreement was terminated by all parties on Friday, August 21, 2009.
Humphries is the majority shareholder of SSEV. Under the terms of the SSEV purchase, the shareholders of HMSI and HHHI will take a combined 30% of SSEV.
Humphries added, "These are two great companies with tremendous potential and I am pleased that we were able to close the deal so quickly so that we can move forward with the development plans."
This news release contains "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. When used in this release, words such as "estimate," "expect," "anticipate," "projected," "planned," "forecasted" and similar expressions are intended to identify forward-looking statements, which are, by their very nature, no guarantees of Earthworks Entertainment's future operational or financial performance, and are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. Due to the risks and uncertainties, actual events may differ materially from current expectations. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT:
Steven Humphries
972-248-2244 Ext 106
Source: Marketwire (August 24, 2009 - 3:12 PM EDT)
