SOURCE: Podium Venture Group, Inc.

June 08, 2007 10:50 ET

Podium Venture Group, Inc. Comments on Recent Shareholder Correspondence

PORTLAND, ME--(Marketwire - June 8, 2007) - Podium Venture Group, Inc. (PINKSHEETS: PDVP), an apparel, media, and publishing holding company in the lifestyle sports industry, announced today the total number of authorized common stock remains at 500,000,000 and it is the company's intention to not increase the authorized given current operations and brand development.

"We have received numerous shareholder calls and emails addressing the issue of our current share structure and currently held brands. Let me first say that given our current operations, M&A strategy, and structure of our three brands, N'East Magazine, Erino Clothing, and Corduroy Surf Co., we have no current plans of increasing the authorized common stock. We have, as stated in a June 6th release, been successful in bringing in three emerging action sports companies as we intended in 2007. While this has added pressure to the PPS activity, it should not go unnoticed what we have brought into Podium Venture Group, Inc., and the value they bring this company."

Mr. McGinley continues on the status of each of the three Podium brands:

"To begin, and as I have stated in numerous releases, Podium currently holds 49% of N'East Magazine. We have a Letter of Intent with a first right of refusal for the remaining 51%. This will be closed when certain key items within the company have been resolved. N'East Magazine is going into its third year. 2007 to date has shown tremendous results in both revenue and distribution increases. N'East has continued to expand its readership both nationally and internationally.

"Erino Clothing, a surf lifestyle apparel brand, is in its development stage. While we have had continued online sales, the brand was basically put on pause, and redesigned from the ground up. We have solidified partnerships with two national manufacturers as previously announced and will be launching Erino to the national market this fall at industry tradeshows.

"Corduroy Surf Co. has opened its first retail location in Portland, Maine. We are currently working with local media to push Corduroy to the local market. This however is just the first model storefront. The entire model for Corduroy is to expand its retail locations once the model and brand have been polished. We will also be launching in late summer / early fall the Corduroy Surf website. The retail model in place for Corduroy is a simple yet aggressive boutique application -- less infrastructure, larger margin, and better brand loyalty than typical models. With each storefront built on a scale of 300-500k in gross revenue annually, and a simple model to duplicate in other key cities. Corduroy will instill liquidity and brand awareness not just for itself, but also for all the Podium brands."

"Obviously, the synergy among our brands is not something we take for granted." (under development)

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Contact Information