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Vision Works Media Group, Inc. Board of Directors Approves a Buy Back of its Common Stock
Monday December 5, 8:30 am ET
ORLANDO, Fla.--(BUSINESS WIRE)--Dec. 5, 2005--Vision Works Media Group, Inc. (Pink Sheets:VWKM - News) and wholly owned subsidiary New Screen TV, Inc. have announced a Buy Back of its common Stock. Up to 400,000,000 shares will be purchased by the company and retired to the company treasury.
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"At this time, approximately 900,000,000 free trading shares make up the company float," said Naseem Shah. The company currently has 2,000,000,000 restricted shares owned by management giving a total of 2,900,000,000 total shares issued and outstanding. Shah added, "In consideration of the projected course of the company, with national distribution and an investment of more than $3,000,000 in the company, we feel the price per share is extremely under valued. Thus, the company will take this opportunity to reduce the number of shares available to the market. No Reverse split is planned for the company."
New Screen TV is available as a broadcast channel on WRCF-TV Channel 29 Orlando. WRCF-TV Channel 29 in Orlando, Florida recently signed a contract for the Houston market to distribute New Screen Programming in Q1 2006. New Screen TV's overall business goal is to reach 50 Million households.
This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Contact:
Vision Works Media Group, Inc., Orlando
Naseem Shah, 407-346-6717
Fax: 407 843 5997
vswm.com
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Source: Vision Works Media Group, Inc.
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