SOURCE: ActionView International, Inc.

July 11, 2008 11:02 ET

ActionView International, Inc. Issues Comment Related to Planned Acquisition Transaction With Jim Palmer Trucking, Inc.

VANCOUVER, BC--(Marketwire - July 11, 2008) - ActionView International, Inc. (OTCBB: AVWI) today issued a comment regarding the recent filing of Chapter 11 bankruptcy protection by Jim Palmer Equipment Inc. and Jim Palmer Equipment II, LLC, entities related to Jim Palmer Trucking, Inc. In May 2008, ActionView announced a letter of intent to acquire Jim Palmer Trucking to become the focus of operations for the public company.

The Chapter 11 bankruptcy cases, which were filed in the United States Bankruptcy Court, District of Montana on July 10, 2008, permit reorganization of the companies' contractual and debt obligations under the bankruptcy laws of the United States.

It has been reported that Jim Palmer Trucking, Inc. will also file for Chapter 11 bankruptcy protection.

ActionView International CEO Steven R. Peacock commented, "The financial information we received in our early due diligence on Jim Palmer Trucking does not appear to be consistent with their true financial condition at that time. We have been in communication with both the company and its representatives and will continue to monitor the situation as it develops, especially as it relates to the capital that was loaned to Jim Palmer Trucking as part of the proposed acquisition transaction with ActionView International."

"As we work to protect the interests of the company and its shareholders related to the Jim Palmer Trucking situation, we will turn our attention to alternative acquisition opportunities for ActionView International. Our focus is to deliver the best possible acquisition candidate for ActionView shareholders, and we do have additional companies targeted in the event that a transaction with Jim Palmer Trucking did not close. We expect to announce the next steps in our acquisition strategy as soon as possible."

The letter of intent between ActionView International and Jim Palmer Trucking, Inc. provided the framework for a subsequent anticipated definitive agreement under which ActionView International would acquire all of the issued and outstanding shares of Jim Palmer Trucking, Inc. in exchange for a majority percentage of ActionView International. The details of the proposed share exchange were to be included in the definitive agreement.

The letter of intent outlined additional due diligence, audit work and other terms that were to be fulfilled to proceed to definitive agreement and to subsequently effect a close of the 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
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