TORONTO, July 13 /PRNewswire-FirstCall/ - New Wave Media Inc (OTC: NWWV.PK) and Playstar Corporation (OTC: PLYCF.PK) would like to update shareholders of both companies on the definitive closing of the acquisition of Playstars subsidiary Premeir Mobile Technologies Inc. on July 17,2007 on an changed 1 for 1 basis.
After this acquisition is complete New wave will update shareholders and complete the following
1) dividend spin-off which has been announced and will be delayed but
completed in August, 2007
2) audit update and filing for OTCBB, which is scheduled to take place
in September after dividend spin-off completed
3) merged corporate update on business developments
Stewart garner states, "This has been a trying time for our shareholders and for that we truly apologize. Once this acquisition is complete, we can execute our promises in a more timely manner. Our audits are complete on New Wave and will now have to be merged with Premeir's then we can file with OTCBB. Our goal is to build a strong SMS corporation and we feel we are on the right track. We look forward to updating shareholders on new corporate developments in the near future, and once again thank everyone for their patience. The increases of .8 share to a full share in the exchange was an agreed upon price by our advisors and legal team."
New Wave Media currently has 137,000,000 restricted and 117,000,000 free trading shares for a total of 254,000,000 and the transfer agent is transfer Online of Portland Oregon. Playstar Corp has 100,000,000.
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