SARASOTA, Fla., Aug. 31, 2007 (PRIME NEWSWIRE) -- ImagiTrend, Inc. (Pink Sheets:IMTD) announced today that the number of authorized shares is significantly lower than what is currently being displayed on www.pinksheets.com. The updated authorized share count, as of today, is 490 million shares. ImagiTrend, Inc. has also relocated the Company's state of incorporation from Washington, D.C. to the state of Wyoming.
"It has come to my attention that there was a bit of misinformation regarding the capital structure of our Company floating around. We've received some concerned questions from investors, some of whom believed the number of authorized shares to be as high as 1.5 billion. I want to take this opportunity to clarify that our current capital structure is 490 million authorized shares and we are currently working with pinksheets.com to correct the dated information," stated Russell Haraburda, President and CEO of ImagiTrend, Inc.
ImagiTrend, Inc. recently announced that the Company has appointed Mr. Rajendra Prasad as the first member of its new Advisory Board. Mr. Prasad brings a decade of financial experience in investments and debt consolidation. He currently serves as the Chief Executive Officer of Diversified Portfolio Management, Inc., a management company that provides consultation and financial services through its affiliation with various partners.
The function of the new Advisory Board is to advise the Company on strategic planning and new product development. Mr. Prasad will also be assisting the Company in maximizing its profits and returns to stockholders. He will utilize his skills assisting in the strategic development of the other two companies under the ImagiTrend Inc. umbrella, which includes the Hollywood Movie Machine, Inc. and Eternal Gems.
About ImagiTrend, Inc.:
ImagiTrend, Inc. is a development-stage Company that specializes in developing and marketing pet products and consumer products. ImagiTrend currently owns interest in two companies: Eternal Gems, which has a unique process for creating durable and attractive pet memorial products; and The Hollywood Movie Machine, which has an exclusive license on technology to place individual customers in to film clips of movies, television shows, and other video footage. The Hollywood Movie Machine has also developed and licensed interactive home consumer entertainment products and software.
The ImagiTrend, Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=4088
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements, other than the statements of historical facts, contained in this release which are not historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involves risk and uncertainties, including, without limitation, demand and competition for the Company's products and services, the availability to the Company of adequate financing to support its anticipated activities, the ability of the Company to generate cash flow from operations and the ability of the Company to manage its operations.