SOURCE: MSGI Technology Solutions

MSGI Technology Solutions

February 02, 2011 11:00 ET

MSGI Announces Positive Outcome of Special Meeting of Stockholders

NEW YORK, NY--(Marketwire - February 2, 2011) - MSGI Technology Solutions, Inc. (OTCBB: MSGI), a provider of proprietary solutions to commercial and government organizations, today announced that the Company held a Special Meeting of Stockholders on January 31, 2011 in New York.

Results: Exactly 82% of all shares outstanding voted at the meeting. Proposal #01 to increase the authorized common shares of the company from 100 million to 300 million was approved by 94% of the voting shareholders. Proposal #02 to change the name of the company to MSGI Technology Solutions, Inc. was approved by 99% of the voting shareholders. 

Effective immediately, the company will now be known as MSGI Technology Solutions, Inc. The ticker symbol will remain "MSGI" trading on the OTC Bulletin Board. All Company operations will be based at NASA Ames Research Center, Building 19, Moffett Field, California 94035. The Company's corporate finance department will remain at 575 Madison Avenue, New York, NY 10022.

After the meeting there was a general discussion about the direction of the Company. MSGI has strategically focused its future on the advancing and commercialization of NASA technology, operating from within NASA Ames Research Center to better facilitate partnership and co-development efforts. 

The primary focus of MSGI has been on electronic chemical sensing with commercial applications in the fields of homeland security and defense including first responders. The nanosensing device will subsequently be made available for the purpose of non-invasive medical diagnostics including early indication of certain life threatening conditions. The secondary focus has been the development of highly efficient solar cells using light trapping structures, which minimize reflected light while optimizing the power output of conventional solar cells. MSGI will soon provide a science update to better articulate the recent advances of all research projects including commercialization expectations.

Jeremy Barbera, Chairman and CEO of MSGI Technology Solutions, commented, "We are very pleased at the outcome of our recent Special Meeting of Stockholders. Our new name will better reflect the strategy initiatives and technological innovations of MSGI and our partnership with NASA and the Ames Research Center. We look forward to updating the science and investment community on our progress in various fields of research, including commercial applications in the fields of electronic chemical sensing and solar power."

All research is conducted at Ames Research Center, which is one of 10 NASA field installations, located in the heart of California's Silicon Valley. With over $3.0 billion in capital equipment, 2,300 research personnel and a $600 million annual budget, Ames' economic impact is significant. Ames plays a critical role in virtually all NASA missions in support of America's space and aeronautics programs.

About MSGI
MSGI Technology Solutions, Inc. (OTCBB: MSGI) is a provider of proprietary solutions to commercial and government organizations. We are developing a combination of innovative emerging businesses that commercialize best of breed technology. The Company is based in New York and Silicon Valley. MSGI has executed several Space Act Agreements with The National Aeronautics and Space Administration ("NASA") forming a partnership between MSGI and the NASA Ames Research Center for the purpose of research and development, technology transfer and near-term commercialization of NASA inventions.

The information contained in this news release, other than historical information, consists of forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. These statements may involve risks and uncertainties that could cause actual results to differ materially from those described in such statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors, including general economic conditions, spending levels and other factors could cause actual results to differ materially from the Company's expectations.

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