LONGWOOD, Fla., March 17, 2008 (PRIME NEWSWIRE) -- ImagiTrend, Inc. (Pink Sheets:IMTD) is pleased to announce that the Company is offering a share exchange program, which includes voting rights, to its common stock shareholders. ImagiTrend will offer to exchange its Series A Convertible Preferred Stock, to be valued by the Company at $1.00 per share, for common shares of stock held by its shareholders as of the end of trading on April 4, 2008. For the purpose of this exchange, the Company is valuing each share at $.001, a premium to the current market price. This means for every 1,000 shares of common stock submitted to the Company for exchange, shareholders will receive one share of Series A Convertible Preferred Stock valued at $1.00 for future conversion purposes.
Current shareholders must have their shares into Continental Stock Transfer & Trust Company by the end of business on April 4, 2008, unless extended by the Company, in order to qualify for the exchange of common shares to Series A Convertible Preferred Shares. In order to qualify for the exchange, shareholders must submit a minimum of 1,000,000 shares of common stock. The Series A Convertible Preferred Stock will be protected from any future stock restructuring by the Company. The convertible preferred shares may be converted back into common shares at a 20 percent discount, and there will be no holding period regarding conversion back into common shares.
For the complete terms and conditions of the stock exchange program, the Company will be posting particulars at: http://www.imagitrendinc.com/.
"We are very pleased to be able to offer our shareholders this exchange program. As more information becomes available, it will be provided through press releases," stated Mark Kaley, Chairman of the Board, President and CEO of ImagiTrend, Inc.
The Company recently announced that the Company is actively seeking acquisition candidates in the field of online gaming for the purpose of expanding its revenue base, and enhancing growth opportunities to increase shareholder value. It is estimated that the growth for the online gaming industry will hit $48 billion by 2010 and top $125 billion by 2015. A suitable candidate would be one with viable growth potential with a strong management team in place.
Safe Harbor Act: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
The ImagiTrend, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4088