DEL MAR, Calif., Sept. 4, 2003 (PRIMEZONE) -- CVCD (OTCBB:CVCD) (http://www.cavalcadetv.com) announced that it has effectuated a one-for-thirty reverse stock split of its common stock, $.001 par value, which was approved unanimously by the Board of Directors and by holders of the majority of the issued and outstanding shares of common stock. Effective September 4, 2003, every thirty issued and outstanding shares of Cavalcade common stock shall be converted automatically into one share of Cavalcade common stock. Cavalcade is not requiring its shareholders to surrender their certificates and has established no deadline for the exchange of certificates. Upon effectiveness of the reverse split, the trading symbol for the Cavalcade common stock, which was previously CVOS, will become CVCD.
"We are pleased that our Board of Directors and shareholders chose to implement this consolidation, and we are confident that it will provide a long term benefit," said Cavalcade's President and Chief Executive Officer, Ed Litwak. "The reverse share split is part of a series of actions, including our upcoming acquisition, which we are taking to broaden our business plan and put the company on an improved financial footing going forward."
Common stock continues to trade on the OTCBB on a post-reverse stock split basis. The reverse stock split does not affect any stock holder's proportionate equity interest in CVCD, nor does it change any of the rights of the holders of the common stock. CVCD has 1,000,630 shares of common stock issued and outstanding as a result of the reverse stock split.
About Cavalcade of Sports Media, Inc.
Cavalcade of Sports Media, Inc. (OTCBB:CVOS) is engaged in the nostalgic sports entertainment business. Cavalcade's goal is to broadcast nostalgic sports content 24 hours a day, 7 days a week, to cable and satellite providers as a digital network-programming provider. The company intends to utilize its comprehensive library of sports programming featuring a wide variety of popular sports. The Cavalcade library includes vintage sporting events and coverage dating back to the 1940's, with over 10,000 hours of programming available to the company. It is Cavalcade's mission to deliver compelling, informative and historic programming in an efficient fashion. Cavalcade will provide an entertaining and economical nostalgic sports programming alternative. Sports programming is big business. In 1997 ESPN paid $175 million to buy U.S. Classic Sports Network. In 2001 Classic Sports was valued at $1 billion and reached 43 million homes.
The statements made by Cavalcade of Sports Media, Inc. (the Company) may be forward-looking in nature and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements describe the Company's future plans, projections, strategies and expectations, and are based on assumptions and involve a number of risks and uncertainties, many of which are beyond the control of Cavalcade of Sports Media, Inc. Actual results could differ materially from those projected due to changes in interest rates, market competition, changes in the local and national economies, and various other factors. The Company undertakes no obligation to update publicly any forward-looking statements to reflect new information, events or circumstances after the date hereof to reflect the occurrence of unanticipated events. Please refer to the Company's filings with the SEC for additional information regarding risks and uncertainties listed from time to time in such SEC reports. Copies of hose filings are available through the SEC's electronic data gathering analysis and retrieval system (EDGAR) at www.sec.gov.