SOURCE: ActionView International, Inc.

December 06, 2007 10:46 ET

ActionView International, Inc. Announces Notification Regarding Status as Public Vehicle for Reverse Merger Transaction

VANCOUVER, BC--(Marketwire - December 6, 2007) - ActionView International, Inc. (OTCBB: AVWI) today announced that it has been notified by the legal representatives of Dalian Chuming Group Co., LTD ("Dalian Chuming Group") and by Redwood Capital, Inc. that ActionView does not meet the requirements to serve as the public vehicle for the reverse merger transaction involving Dalian Chuming Group and that an alternative U.S. public company will be used for the transaction.

The U.S. legal representatives for Dalian Chuming Group notified ActionView that after extensive due diligence and additional research, ActionView would not be a suitable U.S. public vehicle for Dalian Chuming Group. Redwood Capital provided additional details to ActionView, which included the fact that there was not sufficient time to complete the cleanup process of ActionView and that legal and investor representatives for Dalian Chuming Group were seeking a public company that had been properly seasoned for such a transaction.

Under its binding agreement with Redwood Capital to serve as the public vehicle for the Dalian Chuming Group reverse merger, ActionView has provided a financing component for the transaction and is entitled to receive repayment of the full amount of the financing with 20% interest per annum. In addition to repayment of the financing amount, ActionView is also entitled to receive an equity bonus equaling two times the value of the amount of the funding it has provided in the form of Dalian Chuming Group common stock after the reverse merger has been completed.

Redwood Capital has committed to fulfilling the repayment and equity bonus terms of its binding agreement with ActionView.

"While we are disappointed that ActionView did not ultimately meet the requirements to serve as the public vehicle for the Dalian Chuming Group transaction, we are satisfied that our binding agreement with Redwood Capital will be honored," stated Chris Stringer, President and Director of ActionView International. "Even beyond the repayment and equity bonus, the company's involvement in this process has further prepared it for an expected future acquisition that is anticipated to deliver value for ActionView shareholders. As evidenced by our most recent quarterly report, the company has reduced the debt and other liabilities on its consolidated balance sheets. Management is committed to continuing any remaining cleanup work that may be necessary to prepare the company for a future acquisition transaction."

About ActionView International, Inc.

ActionView International's operating subsidiary custom-designs, develops, and manufactures vividly illuminated motion billboards. ActionView places its signs into high traffic locations and markets advertising space on the signs. ActionView shares advertising revenue generated from the billboards with advertising agencies, the local business partner and the location owner. The benefit to advertisers is exposure in high traffic locations at reasonable costs due to the scrolling feature and multiple advertisers. For additional information about ActionView, please visit the company's website at www.actionviewinternational.com.

Forward-Looking Statements

This release contains 'forward-looking statements' within the meaning of the Securities Exchange Act of 1934. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact and may be 'forward-looking statements.' Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.

Contact Information

  • Contact:
    Gemini Financial Communications
    A. Beyer
    951-677-8073
    Email Contact