Hi Doug: could be this:
Vidatron Entertainment Group Inc. files registration
statement
VANCOUVER, May 14 /CNW-PRN/ - Vidatron Entertainment Group Inc. (the ''Company'')
announced today that it has filed a registration statement with the Securities and Exchange
Commission for the sale of 2,000,000 limited voting shares in a public offering. The proposed
offering will be managed by The Seidler Companies Incorporated and Josephthal & Co. Inc.
Based in Vancouver, Vidatron develops, produces and distributes high-quality, proprietary television
programming for markets worldwide. The Company has the capacity to take ideas, storylines and
other creative concepts developed internally or acquired from independent sources and convert them
into television programming. The current slate of proprietary television programming includes
episodic series, movies and documentaries.
The net proceeds from the sale will be used primarily to accelerate the expansion of the business of
producing and distributing proprietary television programming. This includes, among other things, the
opening of an office in Los Angeles.
Prior to completion of the offering Vidatron intends to implement a reclassification and a
consolidation of its existing share structure with the result being that each five existing common shares
will be exchanged for one multiple voting share and one limited voting share. The multiple voting
shares and limited voting shares will be identical in all material respects, except that the multiple
voting shares will be entitled to ten votes per share and the limited voting shares will be entitled to
one vote per share. The purpose of the share reclassification and consolidation is to facilitate this
offering, while helping to assure that the Company continues to qualify for favourable tax and
business incentives available to Canadian entertainment companies.
The reclassification of the share capital was approved by the shareholders of the Company at the
annual general meeting held in February 1999. The Company has called an extraordinary meeting of
shareholders for June 1999 to consider the consolidation of the share exchange ratio. The
reclassification into multiple and limited voting shares will proceed in any event, but the consolidation
will only proceed if the offering is completed as anticipated.
A registration statement relating to the offering of the limited voting shares has been filed with the
Securities and Exchange Commission but has not yet become effective. These securities may not be
sold nor may offers to buy be accepted prior to the time that the registration statement becomes
effective. This news release shall not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of these securities in any state in which such offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities laws of any such state.
Vidatron is a publicly traded company on the Toronto Stock Exchange (Symbol VE). The Company
plans to have its limited voting shares listed on both the Toronto Stock Exchange and the American
Stock Exchange.
SOURCE: Vidatron Entertainment Group Inc.
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