Signature Devices, Inc. Update Regarding Graffiti Entertainment Spin-Out Transaction
11 Novembre 2010 - 4:42PM
Marketwired
Signature Devices, Inc. (PINKSHEETS: SDVI) ("SDVI") would like to
announce the following updates regarding the previously announced
spin-out of Graffiti Entertainment, Inc. ("Graffiti") pursuant to
the plan to list Graffiti Entertainment on the Frankfurt Exchange
(the "Exchange").
Graffiti's previously announced spinout and stock dividend to
shareholders of SDVI. The record date of the dividend for the
shares was on October 15th, with an Ex-dividend date of October
18th. Graffiti is currently working with the DTC and the transfer
agent to issue the Graffiti shares to the brokers for deposit into
SDVI shareholders accounts electronically. As part of the process
the reconciliation of the SDVI share count on deposit at the DTC
and the share count at the transfer agent had a discrepancy of
10,350,000 shares to many. 350,000 shares of that amount has been
reconciled, but there was an additional 10,000,000 shares
accidently issued by the transfer agent in 2008. To try and resolve
the issue the CEO has offered to forego 10,000,000 share dividend
until the issue can be straightened out. Graffiti has been working
with and is currently waiting on the DTC to issue the brokers list
of shares and distribution instructions. Once that list is issued,
Graffiti issues the shares to the brokers who then deposit the
shares into the shareholders account.
Graffiti has recently announced a EUR 360 Million equity line of
credit from Equity Partners Fund SPC. Graffiti also received a
subscription agreement for $7 million valuing the Graffiti shares
at $3.66 per share. SDVI has agreed to sell Graffiti Entertainment,
Inc., most of the current assets of SDVI for a $20 Million note due
and payable 6 months after Graffiti lists on the Frankfurt
exchange. In addition SDVI will receive a 10% royalty on video
games sales from Graffiti and there will be a stock swap of 30% of
SDVI in exchange for 3,000,000 shares of Graffiti as part of the
deal. The SDVI shares will be restricted and can't be traded for a
period 1 year.
SDVI will maintain some IP including Range Box and other
non-gaming IP in its portfolio. SDVI plans on becoming a holding
company and building its IP and business in other areas exclusive
of gaming.
The CEO plans to broadcast a video conference on
http://www.ustream.tv/channel/SDVI-shareholder-update answering
shareholders questions regarding SDVI.
About Signature Devices, Inc. and Graffiti
Entertainment, Inc.:
Based in Redwood City, Calif., Signature Devices, Inc. creates,
develops and manufactures advanced information technology,
including computer systems, software and electronics products. One
of the Company's premier technologies includes a blend of hardware
and software for image generation technology used in video games
and simulations. Signature Devices recently spun out Graffiti
Entertainment, Inc. (www.graffitientertainment.com) into a separate
company.
Graffiti Entertainment, Inc. is a Media Conglomerate consisting
of companies and ventures in the Film, music and video game
business.
The information in this press release includes certain
"forward-looking" statements within the meaning of the Safe Harbor
provisions of Federal Securities Laws. Investors are cautioned that
such statements are based upon assumptions that in the future may
prove not to have been accurate and are subject to significant
risks and uncertainties, including the future financial performance
of the Company. Although the Company believes that the expectations
reflected in its forward-looking statements are reasonable, it can
give no assurance that such expectations or any of its
forward-looking statements will prove to be correct. Readers are
cautioned not to place undue reliance on these forward-looking
statements that speak only as of the date of this release, and the
Company undertakes no obligation to update publicly any
forward-looking statements to reflect new information, events, or
circumstances after the date of this release except as required by
law.
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