ACEI REVERSES COMMON STOCK TO COMPLY WITH NASDAQ MINIMUM PRICE RULE
SAN JOSE, Calif., Jan 4, 2000 /PRNewswire via COMTEX/ -- American
Champion Entertainment (Nasdaq: ACEID) today announces that the company
will reverse split its outstanding common stock at the ratio of 1 for 4
effective at the start of business on January 4, 2000. The company
obtained stockholders approval for the reverse split at a Special
Meeting of Stockholders held on December 10, 1999, and the Board of
Directors decided to reverse the shares in order to comply with the
minimum bid price rule of Nasdaq. The company's common stock will be
traded under the symbol "ACEID" for the next 20 trading days until
February 1, 2000 when the symbol will be returned to "ACEI".
The acquisition of the Great Wall International Sports Media Company of
China will proceed without interference from the reverse split. The
year-end financial audit of Great Wall by KPMG Peat Marwick's Beijing
Office is proceeding as scheduled.
American Champion Entertainment specializes in the development and
acquisition of multi-media consumer products that enlighten and
entertain. The Company produces the Emmy award-winning children's
television series "Adventures with Kanga Roddy" for broadcast on public
TV stations. More information about ACE can be obtained via their
website at www.americanchamp.com.
The statements contained in this Press Release contain certain forward
looking statements, including statements regarding ACEI and its
subsidiary's expectations, intentions, strategies and beliefs regarding
the future. All statements contained herein are based upon information
available to management as of the date hereof and actual results may
vary based upon future events, both within and without the control of
the management of ACEI.
SOURCE American Champion Entertainment
(C) 2000 PR Newswire. All rights reserved.
prnewswire.com
-0-
CONTACT: Jennifer Baker, Investor Relations, American Champion
Entertainment, 408-288-8199, ext. 8181
WEB PAGE: americanchamp.com
GEOGRAPHY: California
New York
INDUSTRY CODE: ENT
SPT
|
