Look at this.
Vision Works Media Group Announces Statement on: Stock Float, Forward Split, No Future Reverse Splits and New Video on Demand Network
Wednesday October 19, 9:19 am ET
ORLANDO, Fla.--(BUSINESS WIRE)--Oct. 19, 2005--Vision Works Media Group, Inc. (Pink Sheets:VWKM - News) and wholly owned subsidiary New Screen Television, Inc. have announced the formation of the company's new video-on-demand (VOD) channel. The channel, New Screen TV On Demand, will launch in Q1 of 2006.
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The video-on-demand offering from New Screen TV is a pay-per-view option that will be available in markets where New Screen TV has affiliates with digital-based distribution infrastructures. The video on demand channel will be in addition to the "basic cable" New Screen TV channel.
In September, 2005 the Company signed a long term digital IP carriage contract with Optical Entertainment Network, OEN. OEN is launching an open access fiber-to-the-home technology (FTTH) to the Houston, Texas market, in December, 2005, which has up to 1.6 million homes. OEN will feature 400 video channels, and 50 plus HDTV channels. The FTTH technology allows OEN to have the largest programming lineup of any multi-channel video provider in North American. New Screen TV has a basic tier channel in the line up, featuring 24 hours of programming daily. OEN's website is 4fiber.tv. New Screen's contract with OEN calls for New Screen TV to be on "basic cable", which means that every subscriber will receive New Screen TV as part of their basic cable package and will be paid by OEN each month for each subscriber.
Management discloses that there was a forward split set for August 31, 2005 and management proceeded to extend the date of the forward split to September 30, 2005 to allow additional shareholders the opportunity to participate in the forward split. However, NASD and DTC enacted the forward split on August 31, 2005 and ignored the written instructions of the company and their attorneys to extend the date of the forward split to September 30, 2005. The purpose of the forward split was to increase liquidity of the stock. The stock split was one additional share for each share owned by the shareholder on the record date. The company cannot rectify the actions of NASD and DTC and feels that it would be irresponsible to have additional forward splits. The intention was to have only one forward split.
The company also discloses that it has no intention to have a "reverse split" of the stock at this time.
Management officially discloses that the public float at this time is 314,855,422. The public float does not include insider and management's restricted shares of 2,029,684,656. The transfer agent is not prohibited by the company from disclosing the issued shares with responsible stockholders.
Rick Erikson, New Screen TVs General Manager, added, "the additional revenue generated by video-on-demand is very significant. The additional revenue stream is going to boost our original business projections far beyond what we had originally planned."
Vision Works Media Group through its subsidiaries operates WRCF-TV Channel 29 in Orlando, Florida and New Screen Television, a media programming company with several hundred films in its library. The company derives revenues from advertising and subscriber fees from various distribution outlets.
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