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With $1.60 eps, .50 seems cheap. Jarvis Entertainment Group Agrees to Acquire Cyber Mark International Corp. HOUSTON, July 16 /PRNewswire/ -- Internet solutions provider Jarvis Entertainment Group, Inc. (Symbol: JRVE) has agreed to acquire Cyber Mark International (OTC Bulletin Board: CMKI), a leading virtual reality On-line entertainment gaming developer. Under the proposed agreement, JRVE will acquire controlling interest of Cyber Mark International Corp. Sam Singal will resign as President and CEO, and John Jarvis will assume these positions. CMKI will reorganize immediately, and continue to develop and produce cutting edge virtual reality entertainment after transferring all offices and manufacturing facilities to the Houston area. Sam Singal, President and Founder of Cyber Mark International, will remain a shareholder of the company and will assume a consulting position for future software development. "This is a positive development for the company and its shareholders. Jarvis Entertainment Group has the financial resources and experience to make Cyber Mark International profitable within this fiscal year and for many years to come," said Sam Singal, president and CEO of Cyber Mark International Corp. JRVE Chairman and CEO John Jarvis stated, "We believe the acquisition of CMKI's advanced technologies strengthens both companies and greatly benefits our respective shareholders." He added, "CMKI's ground breaking products will fit in with our on site entertainment solution. By introducing the element of manufacturing, we have created an end to end solution, from concept to completion." The final agreement will be verified shortly and released as soon as it becomes available. Cyber Mark International, a leader in the development and manufacture of virtual reality entertainment, is best known for its "Virtual Speedway300" and "Cobra" virtual reality gaming products. Their competitive advantage is derived from proprietary, leading edge Virtual Reality software and competitively priced products. Jarvis Entertainment Group, Inc. (http://www.jarvisgroup.net) develops and markets internet based entertainment systems and internet solutions for the on-site entertainment industry and the on-line consumer. The Company is well positioned to capture a significant share of a growing market segment and believes its products represent the definitive solution for the integration of consumer based entertainment technology for on-line and on-site venues. This release contains forward-looking statements as defined by various Securities Acts. Although the Company believes the expectations reflected in such statements are reasonable, no assurances can be given that they will prove correct. Any statements made herein should not be considered guarantees of future positive corporate or stock performance. CONTACT: Cyber Mark International Sam Singal, 800/374-9506 info@cm300corp.com or Jarvis Group Alex Ellerman, 773/248-7708 | ||||||||||||
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