Avenue Entertainment Group, Inc. Withdraws Appeal to American Stock Exchange.Business Editors LOS ANGELES--(BUSINESS WIRE)--April 19, 2001 Avenue Entertainment Group, Inc. (AMEX AMEX See: American Stock Exchange :PIX) reported today that it has withdrawn its appeal to the American Stock Exchange's decision to proceed with the delisting Delisting When the stock of a company is removed from a stock exchange. Notes: Reasons for delisting include violating regulations and/or failure to meet financial specifications set out by the stock exchange. of the Company. The hearing had been rescheduled for April 17, 2001 to allow the Company time to consummate one or more transactions that were intended to strengthen the Company's capitalization capitalization n. 1) the act of counting anticipated earnings and expenses as capital assets (property, equipment, fixtures) for accounting purposes. 2) the amount of anticipated net earnings which hypothetically can be used for conversion into capital assets. . The Company was not successful in consummating such a transaction. As a result the Exchange has filed an Application to Strike From Listing and Registration the Company's common stock effective at the opening of trading on April 25, 2001. The Company's common stock will trade on the OTC Bulletin Board OTC Bulletin Board An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. effective April 25, 2001. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. statement under the Private Securities Reform Act of 1995: Except for historical information contained herein, the matters discussed in this press release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including but not limited to economic, competitive, governmental and technological factors affecting the Company's operations, markets, products and prices, the inherent uncertainty of the film and television production business (in which success of a product depends upon unpredictable and changing factors such as competition and audience acceptance) and other factors discussed in the Company's various filings with the Securities and Exchange Commission. |
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