Billings, Montana (April 3, 2006)
Cybervegas.com (Symbol CVGS) Pink Sheets
Announces completion of a private placement
Cybervegas.com has completed a private placement of 657,143 common shares at a price of $0.35 per share for a total of $230,000 to the company.
The private offering was exempt from registration under the Securities Act. Each investor represented his or her intention to acquire the securities for investment only and not with a view toward distribution. Each investor was given adequate information about Cybervegas to make an informed investment decision. Cybervegas did not engage in any public solicitation or general advertising. No registration rights were granted to any of the investors. Cybervegas requested that our stock transfer agent affix the appropriate restrictive legend to the stock certificate issued to each investor.
The funds are primarily being used to develop the "Oilmages.com" business of creating hand painted oil paintings using photographs of the subject via the internet. An office has been opened in Hong Kong to co-ordinate the artists' activities. An artists' studio, support facilities including an office for the art director have been established in Shenzhen in Guangdong Province in China. The frames are also being manufactured in China. The assembly facility containing the stretching and framing equipment is being set up in Billings, Montana. Jay Leisner of Sylvina Consultants of Portland, Oregon has been hired to establish an extensive marketing program for the business. A web site is under development and can be viewed at "Oilmages.com."
Cybervegas expects to have Oilimages.com fully operational by August 2006. These framed original paintings have been met with a favorable response by friends and business associates of the Company who have had an opportunity to acquire paintings in the early stages of the development of Oilimages.com.
About Cybervegas.com
Cybervegas.com (Symbol: CVGS) Pinks. Cybervegas is pursuing establishment of a business to provide high quality hand-made oil paintings from photos that customers summit online. Additionally the Company is pursuing other business opportunities which it may operate wholly or in partnership. One such business is a potential participation in oil and gas concessions in Southeast Asia. It is the Company's intention to maximize opportunities presented to it through its close association with the Frank Lam family of Hong Kong.
Safe Harbor Statement
This release includes forward-looking Statements. Statements contained in this Release that are not historical facts may be deemed to be forward-looking statements. Investors are cautioned that forward-looking statements are inherently uncertain. Actual performance and results may differ materially from that projected or suggested herein due to certain risks and uncertainties including, without limitation, ability to obtain financing and regulatory and shareholder approvals for anticipated actions. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested may be identified from time to time. The Company does not undertake any obligations to update forward-looking statements made by it. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities of the Company.