SAN FRANCISCO, CA (PRWEB) December 28, 2006
The AXESS MEDIA Group, Ltd. (OTC: AXMG) announced today, in response to the resurgent Internet venture capital market, increased M&A activity within the digital media industry, new opportunities for global expansion, and the current market and regulatory climate, it will undertake a dramatic reorganization and strategic realignment of its development stage businesses.
Under a proposed strategic Plan of Reorganization, AXESS MEDIA is expected to implement material changes during FY 2007-08 to its present business model and plans for future operations. Key components of AXMG's plan include: new management and organizational structure; new market development; new private financing and capitalization alternatives; and globalization of its network development and deployment.
The plan also calls for a significant reverse split of its existing capital stock; issued and outstanding as at December 31, 2006; debt settlement of all outstanding liabilities; acquisitions of certain key on-line assets; and an eventual merger. The process of reorganization will be subject to review and approval by the company's majority owner(s) and registered shareholders at several special shareholder meetings; in advance of the FY 2007-08 AXMG annual general meeting. Shareholder meetings will be scheduled to include shareholders in California, Nevada, Texas and other potential U.S. and Canadian locations during the 2007 calendar year. All individually registered AXESS MEDIA shareholders are encouraged to participate in such meeting(s).
As part of its realignment, AXESS MEDIA plans to re-emphasize its focus on "Internet-only" lines of business: internet television [ iTV ]; web production; on-line publishing and distribution; global franchising; and new network brands and services. Divestment of certain non-media related businesses within its prior portfolio may now also be expected.
Operational changes are also planned: tighter regulatory compliance; independent audit(s); legal, accounting and investor relations services by reputable service providers. Certain individuals and firms, who were in fact involved with AXMG or its predecessor, BioLogix International, Ltd. [ OTCBB: BGIX ], but disavowed under a regulatory Order to Cease and Desist on October 20, 2005, will now be addressed on a case-by-case basis.
AXMG founder and majority owner, Michael Dale Grandon, is also expected to take leave of the company and lead affiliated management and finance directives.
Further announcements are expected. Additional information can also be obtained by contacting AXMG Investor Relations by toll-free telephone at: 1-866-GO-AXESS / 1-866-462-9377.
Safe Harbor Statement
Included in this press announcement and referenced hereunder are AXESS MEDIA Group, LTD. forward-looking statements and projections within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to be correct nor relied upon for investment purposes.
The AXESS MEDIA Group, Ltd.
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