May 27, 2011 (Canada NewsWire Group) --
/NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA/
TSX VENTURE EXCHANGE: MVD
TORONTO, May 27, 2011 /CNW/ - Mega View Digital Entertainment Corp. ("Mega View") announces that it will hold an annual and special meeting of shareholders at the Toronto Board of Trade, 1 First Canadian Place, Suite 350, Toronto, Ontario M5X 1C1 on July 11, 2011 at 10:00 a.m. (Toronto time) to approve, among other things, a consolidation of the common shares of Mega View (the "Common Shares") on the basis of one (1) new Common Share for every 10 issued and outstanding Common Shares. No fractional shares will be issued and any fractions of a share will be rounded down to the nearest whole number of Common Shares.
As at today's date, Mega View has 102,239,353 issued and outstanding Common Shares and, upon post-consolidation, Mega View will have 10,223,935 issued and outstanding Common Shares. Upon the consolidation, any outstanding stock options and warrants will, in accordance with their terms, be exercisable into post-consolidation Common Shares at appropriately adjusted exercise prices.
In the opinion of management of Mega View, the current share structure of the Mega View will make it more difficult or impossible for Mega View to attract the additional equity financing required to maintain Mega View as a going concern or to allow for the acquisition of new projects of merit. A share consolidation may have the effect of raising, on a proportionate basis, the market price of the Common Shares, which could appeal to certain investors that find shares trading above certain prices to be more attractive from an investment perspective. Mega View believes that a share consolidation is necessary and critical to make the next step in Mega View's turnaround which is the acquisition of a new business venture.
Mega View's name will not be changed as a result of the share consolidation. The share consolidation is subject to shareholder approval and TSX Venture Exchange acceptance.
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, future plans and objectives of Mega View, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Mega View's expectations are the risks detailed herein and from time to time in the filings made by Mega View with securities regulators.
Mega View Digital Entertainment Corp.
Chief Executive Officer
Tel: 647.478.8468
Fax: 905.475.9511