NVXE news:
Tuesday June 20, 1:49 pm Eastern Time
Company Press Release
New Visual Entertainment Announces
Intent to Effect Reverse Split of Common
Stock
Company To Pursue Listing On Nasdaq Small Cap Market
SAN DIEGO--(BUSINESS WIRE)--June 20, 2000--New Visual Entertainment, Inc. (OTCBB:NVXE - news), a
pioneer in the development of proprietary transmission technology focused on delivering the ultimate ``last mile''
solution, today announced that June 22, 2000 has been established as the record date for a 1:4 reverse split of its
outstanding common shares, changing the share count from approximately 94.5 million to approximately 23.7 million.
The Company noted that the reverse split will not change the percentage share ownership of any shareholder. Fractional
shares resulting from the reverse split will be rounded up to the next whole share. Upon market open on Friday, June
23, 2000, the Company's common shares will commence trading under a new symbol to be assigned by the NASD. It
is expected that the new symbol will be ``NVEI''.
After putting the proposed, Board-approved reverse split to a vote of the Company's shareholders and receiving
subsequent approval, the Board of Directors has elected to proceed with the stock adjustment in order to meet the price
requirement for listing on the Nasdaq Small Cap Market.
According to Ray Willenberg, Jr., Chief Executive Officer of New Visual Entertainment, ``It is our intent to file an
application with the NASD to list on the Nasdaq Small Cap Market once the reverse split is effected. With over 10,000
stockholders, management's first priority remains focused on delivering enhanced shareholder value. We have
recognized that in order to aggressively build the Company, we first must attract broad retail and strong institutional
support of our stock, as well as buy- and sell-side analyst sponsorship. Listing on the Nasdaq Small Cap Market is the
first step towards achieving these critical market objectives.''
About New Visual Entertainment, Inc.
New Visual is pioneering the development of a proprietary broadband transmission technology with the mission to
utilize existing copper telecommunications infrastructure to deliver high data content to the home at VDSL (52 Mbps)
data transfer rates. Through its New Wheel Technology, Inc. subsidiary, New Visual is developing proprietary
advanced algorithms which would allow high data rate transmission over existing copper telecommunications
infrastructure, while permitting voice communications simultaneously on the same pair of wires. Its initial development
efforts are focusing on ``Very High rate Digital Subscriber Line'' (VDSL), and have demonstrated results exceeding
industry standards. New Visual is a true stereoscopic 3-D production company. Through its Impact Multimedia, Inc.
subsidiary, New Visual develops web animation, streaming media, multimedia production and CD-ROM business
cards. New Visual's common stock is traded on the Over-The-Counter Bulletin Board under the symbol NVXE.
With the exception of historical information contained in this release, this release includes forward-looking statements
made under the ``Safe Harbor'' provisions of the Private Securities Litigation Reform Act of 1995. These statements
involve risks and uncertainties that could cause actual results to differ materially from those in the forward-looking
statements, including but not limited to the following: product development difficulties; market demand and acceptance
of products; the impact of changing economic conditions; business conditions in the internet, computer, and 3D film and
video industries; reliance on third parties including potential suppliers, licensors and licensees; the impact of competitors
and their products; risks concerning future technology; and other factors detailed in this release and in the Company's
Securities and Exchange Commission filings.
Contact:
Continental Capital & Equity Corporation, Longwood, Fla.
Dodi B. Handy, 407/682-2001 or dodi@insidewallstreet.com |
