The press release
09:09 AM BW Corporate Vision Issues Statement Regarding Recent Stock Trading
Corporate Vision Issues Statement Regarding Recent Stock Trading
April 22, 1999 09:09 AM
TULSA, Okla.--(BUSINESS WIRE)--April 22, 1999--Corporate Vision Inc. President and CEO Keith A. Anderson issued this statement to the shareholders of CVIA:
On Tuesday April 20, 1999 Corporate Vision began the distribution of ArchivalCD Inc stock to the CVIA shareholders of record of February 5, 1999. Under the previous declared terms of one ArchivalCD Inc. share to every seven CVIA shares. CVIA stock trading was halted by the NASD, for this distribution. At the completion of this distribution CVIA owns 3,700,000 of AchivalCD common shares or approximately 14% ownership of ArchivalCD Inc. In keeping with our goal of enhancing each of our shareholders investment in CVIA, a small percentage of the CVIA position in ArchivalCD Inc. was distributed to our shareholders. CVIA Board of Directors and management feels that this acquisition has brought a conservative estimate of an additional $1.50 to $2.00 per share value to each CVIA share after the distribution of stock to our shareholders; certainly not warranting the 60% drop in price per share we experienced yesterday, April 21, 1999. Pending the approval of the SEC and NASD, ArchivalCD Inc. will begin public trading as an Over the Counter Stock.
Recently Corporate Vision Inc. Director William (Bill) Hale was appointed to the Board of Directors of ArchivalCD, as the CVIA representative. Mr. Hale retired from IBM after approximately thirty years of service, and CVIA feels that Mr. Hale's experience and knowledge of the computer and internet markets will be of great help and influence in making ArchivalCD Inc. one of the premier companies in conventional and online genealogy research.
The genealogy industry was featured on the cover of the April 19, 1999 issue of Time Magazine, which spot-lighted this growing industry. As quoted from the article, the online genealogy sector is the fourth largest internet sector. ArchivalCD has the ability to participate in both the internet market and conventional genealogy service markets. ArchivalCD Inc. President and CEO Daniel Hay is widely regarded in this industry and has years of experience in this field and operating genealogy related companies.
On the behalf of the Corporate Vision Board of Directors, we hope that our shareholders realize this acquisition and distribution of stock has been a good thing for all of us, and the price reflected in yesterday's trading does not accurately reflect the events that have occurred. We appreciate your continued support of our company and feel that in a short time, the price per share will accurately reflect the events that have transpired.
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, the ability of Corporate Vision Inc. to accomplish its stated plan of business. Although Corporate Vision believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and, therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by Corporate Vision or any other person that the objectives and plans of Corporate Vision will be achieved.
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