GD ENTERTAINMENT & TECHNOLOGY, INC. AFFECTS A 1-FOR-10,000
REVERSE STOCK SPLIT AND PLAN FOR REDUCTION OF DEBT
WESTLAKE VILLAGE, CA -- March 3, 2016 -- InvestorsHub NewsWire
-- GD Entertainment & Technology, Inc. (OTC
Markets: GDET), a leading entertainment and technology
company, today announced that it has affected a reverse split
through a corporate action that was unanimously approved by its
board of directors, and approved by FINRA. The Company plans to
retire its remaining aged debt and recapitalize the Company's
balance sheet in order to make the Company's common stock more
attractive to a broader range of institutional investors. The
Company is also interviewing auditors for the purpose of becoming
fully reporting in 2016.
Reverse Split
At the effective time of the reverse stock split, GDETs issued
and outstanding shares of common stock decreases to approximately
142,000 post-split shares from approximately 1.42 billion pre-split
shares. As a result of the reverse stock split, every 10,000 shares
of common stock held by each shareholder will automatically be
converted into one (1) common stock. No fractional shares will be
issued in connection with the reverse stock split and the par value
remains unchanged. All fractional shares will be rounded up.
Shareholders holding stock certificates may contact the Companys
transfer agent, Olde Monmouth Transfer Co. for details on how to
exchange for new stock certificates. GD Entertainment &
Technology, Inc.'s common stock will trade under the symbol "GDETD"
for a mandated 20 business days per standard FINRA procedure prior
to changing to its new symbol GDET. In addition, the Company's
common stock will trade under a new CUSIP number 36830V200.
Recapitalization Plan
As part of its recapitalization plan, the Company will be
offering current note holders of the Company's current outstanding
aged debt the option to convert the principle amount of their notes
and any accrued interest into shares of the Company's preferred
stock. The conversion(s) will allow the Company to strengthen its
balance sheet while it prepares for its upcoming audit. Over
$500,000 of the Company's debt has already been converted or
retired in the past 14 months.
"The past 15 months since our reverse merger has seen both
progress and challenges," said Dong H. Chung, CEO, "but we have
remained focused on the long term viability and growth of our
Company. We believe that this latest corporate action will allow us
to clean up our balance sheet and share structure to attract both
domestic and international investors who share our vision. We look
forward to becoming fully reporting over the next quarter."
About GD Entertainment & Technology, Inc.:
GDET specializes in the development, production and exploitation
of entertainment properties and technologies worldwide. Over the
past 10 years, GDET and its management have created, produced,
and/or distributed a variety of family-friendly content, including:
Conan the Barbarian animated DVD, animated Voyages of Young Dr.
Doolittle and Adventures of Odyssey and the acclaimed graphic novel
series, The Almighty Bible, an ebook & print version of the
Bible for teenagers. GDET principals have over 80 years of combined
experience in producing and distributing media, consulting to and
licensing major intellectual properties globally, including Warner
Brothers, Marvel/Disney, and Mommy & Me. Management has been
conducting business in Asia for more than 25 years, and has
significant relationships with major corporations, investors and
production facilities in Korea, Thailand, China, Japan and other
markets. GDET has several projects in development including an
animated feature film, a large format, iconic brand book
co-production, and an adaptation of a successful juvenile book
series for digital video and mobile games.
Safe Harbor Statement
Information in this document constitute forward-looking
statements or statements which may be deemed or construed to be
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. The words "forecast,"
"estimate," "project," "intend," "expect," "should," "believe," and
similar expressions are intended to identify forward-looking
statements. These statements involve, and are subject to known and
unknown risks, uncertainties and other factors which could cause GD
Entertainment & Technology, Inc. actual results, performance
(financial or operating) or achievements to differ from the future
results, performance (financial or operating) or achievements
expressed or implied by such forward-looking statements. The risks,
uncertainties and other factors are more fully discussed in GD
Entertainment & Technology, Inc. filings and Disclosures. All
forward-looking statements attributable to GD Entertainment &
Technology, Inc. herein are expressly qualified in their entirety
by the above-mentioned cautionary statement. GD Entertainment &
Technology, Inc. disclaims any obligation to update forward-looking
statements contained in this estimate, except as may be required by
law.
Company Contact:
Lawrence Bracco
Tel: (805) 208-3171
larrybracco@gdetinc.com