PAYV: 20 for 1 reverse split. Yikes! Glad I sold awhile back.
Tuesday April 10, 9:14 am Eastern Time
Press Release
PayForView.com Corp Announces Reverse Split
NEW YORK--(BUSINESS WIRE)--April 10, 2001--PayForView.com, (OTCBB:PAYV - news) a Web-based entertainment and advertising company featuring streaming media, today announced that its Board of Directors has approved a one-for-twenty reverse stock split of its outstanding shares of common stock.
The reverse stock split will be effective with the close of business on April 23, 2001, and the Company's shares are expected to begin trading on a post-split basis effective April 24, 2001.
With the completion of the reverse stock split the Company will have approximately 3 million common shares outstanding. The Company's authorized share capital will remain 100 million shares. Those shareholders of record at the close of business on April 23, 2001 who have any fraction of a share following the reverse split will be rounded up to an additional full share.
Marc Pitcher, President and COO, said ``The Company's action will enable wider financial industry coverage, additional financing options and an improved ability to complete its planned acquisitions. At current price levels, certain brokers and mutual funds are prohibited from purchasing our stock. An increased stock price will also enable us to maximize the effectiveness of our existing funding agreements and seek other funding options.''
Pitcher also stated that the reverse split would assist the company's efforts to acquire other companies to bring in revenue. ``A lower number of shares outstanding coupled with a higher stock price will make the acquisition of strong, revenue generating companies an easier task. In this changing and difficult marketplace, value to shareholders through revenue generation is the key to success. Our ability to quickly complete the acquisitions we are currently negotiating is greatly improved through this restructuring.''
PayForView.com (www.payforview.com) is an integrated on-line and off-line entertainment, advertising and design company with broad experience and expertise in the on-line streaming, rich media and advertising sectors. It has distributed movies, music, sports and live events direct to viewers on a pay-for-view, retail and e-commerce basis. PayForView.com's media resources include Total PayPerView, which is building an entertaining and informative portal for consumers to utilize to make knowledgeable buying decisions for pay-per-view and video-on-demand products, as well as endureAd, a proprietary super-rich-media advertising model that allows for video-based and rich-media commercials to trigger interactive regions on the screen. The company also has various holdings in film production and sales as well as music.
Certain information included in this communication (as well as information included in oral statements or other written statements made or to be made by PayForView) contains statements that are forward looking, such as statements relating to the future anticipated direction of the Internet industry, plans for future expansion, various business development activities, planned capital expenditures, future funding resources, anticipated sales growth and potential contracts. These forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual operations or results to differ materially from those anticipated.
--------------------------------------------------------------------------------
Contact:
Trylon Communications, New York
Rod Granger, 212/725-2295
rodg@tryloncommunications.com
