Thank you to CEO Jake Shapiro for breaking this news live this morning on NewsRadio WTKS!
SOURCE: Medient StudiosAugust 27, 2014 08:00 ET
EFFINGHAM COUNTY, GA--(Marketwired - Aug 27, 2014) - Medient Studios, Inc. (PINKSHEETS: MDNT) today announced that the Board of Directors of the Company has approved a 1 for 1,000 reverse stock split of the Company's issued and outstanding common and preferred stock. The Board also approved a name change to "Moon River Studios, Inc."
The name change and reverse split will take effect upon compliance by the Company with applicable regulatory requirements.
About Medient Studios, Inc.
Medient Studios, Inc. (PINKSHEETS: MDNT) ("Medient") is a Georgia, U.S. based film production company. In 2013, the Company entered into a lease agreement with the Effingham County Industrial Development Authority ("IDA") whereby it has beneficial ownership of 1560 acres of land in Effingham County. The Company plans to construct motion picture studios and other related amenities on the property for film production. These facilities will include sound stages, production and post production offices, editing suites, warehouses, mills and set fabrication facilities. We refer to this fully integrated film production campus as a "Studioplex."
Safe Harbor Statement
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements related to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned or required capital expenditures, future funding sources, anticipated sales growth, and potential contracts. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, the company. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, domestic and global economic conditions, and other risks and uncertainties described in the Company's periodic filings with the Securities and Exchange Commission.