China Nuvo Provides Update on Spin-off of Previous Business Operations to Stockholders.WEST PALM BEACH, Fla. -- China Nuvo Solar Energy solar energy, any form of energy radiated by the sun, including light, radio waves, and X rays, although the term usually refers to the visible light of the sun. , Inc. (the "Company" or "China Nuvo") (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CNUV) announced today that it is continuing to work on its previously announced "spin-off" distribution of the shares of capital stock of the Company's wholly owned operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Interactive Games, Inc., to each of the Company's shareholders who owed common stock on the record date of July 10, 2007. All Interactive shareholders of record at the close of business on July 10, 2007 will receive the newly created spin-off company common stock, on a pro rata [Latin, Proportionately.] A phrase that describes a division made according to a certain rate, percentage, or share. In a Bankruptcy case, when the debtor is insolvent, creditors generally agree to accept a pro rata share of what is owed to them. basis, for each share of Company common stock owned as of the record date on the "distribution date." Importantly, all shareholders who acquired or acquire common stock after July 10, 2007 will not be entitled to participate in this "spin-off" distribution. The "distribution date" of the spin-off shares will be determined at a later date subject to completion of certain legal and regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. and conditions, and will be announced at such time as the specific date can be determined in the discretion of the Company's board of directors. The Company currently anticipates that the distribution date will be announced prior to December 31, 2007. The Company's intent is to make the newly created spin-off company publicly traded subject to the filing of all necessary documentation and obtaining all required regulatory approvals. China Nuvo Solar Energy, Inc. is a development stage company that has acquired a license for exclusive worldwide rights to a unique solar cell solar cell, semiconductor devised to convert light to electric current. It is a specially constructed diode, usually made of silicon crystal. When light strikes the exposed active surface, it knocks electrons loose from their sites in the crystal. technology and is currently working to develop and test its solar cell as well as develop a pilot production facility in China. This press release may include 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. within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements. |
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