ClassicVision Entertainment, Inc. Announces Proceeding With SEC Reporting and Direction Change.Business Editors SAN DIEGO--(BUSINESS WIRE)--Dec. 20, 1999 The Board of Directors of ClassicVision Entertainment, Inc. (Pink Sheet:CLVE) announced today that it has decided to concentrate on Internet ventures in India. The Board recognizes the immense opportunity that arises from such new and developing Internet businesses within the Indian sub-continent and its surrounding areas, both within the region and the world at large. The Directors have already started to review and pursue such ventures and will issue further releases at the appropriate time. As a result, the Company has requested Galliano International Ltd. to withdraw its intention to bid for the Company's shares. Instead, through the effort of Galliano International Ltd, a small private placement with Mr. Rakesh Saxena Rakesh Saxena (born July 13, 1952 Indore, Madhya Pradesh, India) is an Indian financierand trader in the little-known derivatives marketplace. As of June 2007, he is still engaged in a lengthy fight to avoid extradition to [Thailand] from [Canada]; he is accused of embezzlement in has been negotiated and is expected to be closed this week. Mr. Saxena advises that as a result of this private placement share issues and other holdings he has, he will be deemed to be a control person with over 10% shareholdings in ClassicVision Entertainment Inc. The private placement will give the Company the funds to proceed with its SEC reporting and to be able to apply for relisting with NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on . The Directors further announced that it is finalizing the sale of its interest of AVF AVF Arteriovenous Fistula AVF All Volunteer Force AVF American Vineyard Foundation AVF Azimuthally Varying Field AVF Ada Validation Facility AVF Augmented Voltage Foot (EKG lead) AVF Average Value Factor (Advanced Video Fluoroscopy fluoroscopy /flu·o·ros·co·py/ (fldbobr-ros´kah-pe) examination by means of the fluoroscope. fluo·ros·co·py n. Examination by means of a fluoroscope. Also called radioscopy. & Video Imaging Inc.) to Pierre Quilliam Design. They are also looking for Looking for In the context of general equities, this describing a buy interest in which a dealer is asked to offer stock, often involving a capital commitment. Antithesis of in touch with. buyers for its other divisions, which are Time Line Inc. and Tradercents.com, both of which the Directors deemed, after having completed all due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. review, to be extremely limited in scope without the appropriate contracts and source codes. The Directors believe that in redirecting the focus of ClassicVision Entertainment, Inc. and treating the Company as a new "venture" with genuine and solid internet ventures from India, will be to the benefit of all shareholders. ClassicVision Entertainment, Inc is quoted 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. as "CLVE." CAUTIONARY STATEMENT: This news release may include "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act as amended, and/or the U.S. Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. All statements, other than statements of historical fact included in this release, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements that involve various risks and uncertainties. All forward-looking statements in the release are expressly qualified by this notice. |
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