SOURCE: ActionView International, Inc.

December 29, 2008 09:17 ET

ActionView International, Inc. Announces Planned Disapproval of Reorganization Plan for Jim Palmer Trucking

MURRIETA, CA--(Marketwire - December 29, 2008) - ActionView International, Inc. (OTCBB: AVWI) today announced that it intends to disapprove the Plan of Reorganization filed by Jim Palmer Trucking, Inc. in its Chapter 11 bankruptcy case. ActionView International provided a $250,000 loan to Jim Palmer Trucking in May 2008 and is currently seeking repayment of the loan.

The Plan of Reorganization filed by Jim Palmer Trucking calls for paying unsecured creditors 34% of the allowed claim through 48 monthly payments commencing 180 days after the Order of Confirmation.

A hearing in the case has been scheduled for January 15, 2009 and creditors have until January 12, 2009 to file objections to the Plan of Reorganization. As a significant creditor in the case, ActionView is acting as chairman of the unsecured creditors committee.

"While we are pleased that the debt to ActionView International, as part of a class of unsecured creditors, was addressed in the plan filed by Jim Palmer Trucking, the amount and timetable of the repayment are not satisfactory, and on that basis alone, we expect to disapprove of the reorganization plan," commented ActionView International CEO Steven R. Peacock. "We do look forward to working through this process so that company receives all that it is entitled to."

After the Jim Palmer Trucking bankruptcy case was filed, ActionView International management expressed several issues of concern, including its close proximity in time to Jim Palmer Trucking's acceptance of the loan from ActionView International.

"ActionView is also continuing to review information on additional acquisition candidates, and we hope to have a specific company targeted in the near future," Mr. Peacock added.

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, Inc.
    A. Beyer
    951-677-8073
    Email Contact