RVEM Raven Moon Announces 1-for-200 Reverse Split with Effective Date of September 20, 2006; 10-for-1 Warrant Shares Exercised are Exempt from the Split
ORLANDO, Fla.--(Business Wire)--Aug. 23, 2006--
Raven Moon Entertainment, Inc. (OTCBB:RVEM) announced
today that its Board of Directors and majority shareholders have
approved a 1-for-200 reverse split with an effective date of September
20, 2006. All shareholders will be affected by this reverse split
except shareholders who have previously exercised or currently are
exercising their exempt warrants.
The company previously announced a 10-for-1 warrant dividend
program that expires on October 15, 2006, and Raven Moon has also
recently announced that restricted common shares purchased as a result
of exercising the current warrant prior to its expiration date will
not be subject to this reverse split or any others within 12 months
from the date the shares are issued.
10-for-1 Warrant Terms and Exercise Instructions
The terms of the warrant dividend are: shareholders of record as
of September 1, 2006 shall receive 1 warrant for each share of common
stock owned as of that date. The warrant allows the shareholder to
exercise 10 shares of common restricted stock for each warrant they
own and exercise during a one-month window beginning September 15,
2006 to October 15, 2006 at a 50% discount of the closing ask price on
the day their check is dated. Common shares purchased as a result of
exercising warrants will be restricted for one year. All transactions
when accepted by the company are final and irrevocable.
If your account is with a broker, send a copy of your account
statement to Raven Moon Entertainment, 2005 Tree Fork Lane, Suite 101,
Longwood, FL 32750 no later than October 15, 2006 verifying the number
of shares you owned in your account as of September 1, 2006. Indicate
the number of warrants you would like to exercise at a 50% discount of
the closing ask price on the day you write your check and make it
payable to Raven Moon Entertainment, Inc.
Shareholders or brokers who need further information on how to
exercise these warrants may contact Carol Merry at Fahlgren Mortine
Investor Relations at (614) 825-1750 or by email:
carol.merry@fahlgren.com.
Safe Harbor Act Notice: This release may contain forward-looking
statements that involve risks and uncertainties, including without
limitation, acceptance of the company's products, increased levels of
competition, product and technological changes, the company's
dependence upon financing and third-party suppliers, and other risks
detailed from time to time in the company's federal filings, annual
report, offering memorandum or prospectus. Specifications are subject
to change without notice.
For Raven Moon Entertainment, Inc., Orlando
Fahlgren Mortine Investor Relations
Carol Merry, 614-825-1750
carol.merry@fahlgren.com
Copyright Business Wire 2006
23Aug06 12:30 GMT
Symbols:
us;RVEM
Source BW Business Wire
Categories:
MST/I/ENT MST/I/MOV MST/I/RTB MST/L/EN MST/R/NME MST/R/US MST/R/US/FL
TGT/BWB
