SOURCE: Causeway Entertainment Co.

December 14, 2010 11:18 ET

Causeway Entertainment Co. Receives Notice of Default From Cage Wars

RENO, NV--(Marketwire - December 14, 2010) -  Causeway Entertainment Co. (PINKSHEETS: CIST) is in default on the Funding Commitment for the acquisition of Cage Wars Championship Ltd. ("Cage Wars"), a company formed under the laws of Northern Ireland. 

On December 13, 2010, Causeway Entertainment received written notice from Cage Wars that there is a funding shortfall of $200,000 and was given five (5) business days to cure. Causeway Entertainment will be unable to cure the funding shortfall. Under the Purchase Agreement, Causeway Entertainment will forfeit all rights to any capital stock of Cage Wars. Causeway Entertainment will have no operations and will become a shell company under rule 12(b) of the Exchange Act Rules. This may result in a total loss of shareholders' investments.

Causeway Entertainment and the Selling Stockholders of Cage Wars are considering their options with respect to the September 2, 2010 Purchase Agreement. 

Safe Harbor Statement:

This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995 -- forward-looking statements concerning plans, objectives, goals, strategies, future events of performance and underlying assumptions and other statements which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, product and services demand and acceptance, changes in technology and in economic, political and regulatory conditions and to all of the risks generally associated with a company at Causeway Entertainment's stage of development. All such forward looking statements, whether written or oral, and whether made by or on behalf of the company, are expressly qualified by these cautionary statements. In addition, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.

Contact Information

  • Contact:
    CAUSEWAY ENTERTAINMENT CO.
    (775) 324-4988