ORLANDO, Fla., Oct. 13, 2004 (PRIMEZONE) -- Raven Moon Entertainment (OTCBB:RVNM) announced today that it has taken comprehensive steps to become Sarbanes-Oxley Compliant.
It recently conducted an internal audit to make sure that when the time comes next year for the company to sign off that it is compliant, there is nothing over looked and can attest to the integrity of its systems.
"The law which will be fully in effect for all publicly traded companies in 2005 is complicated and quite burdensome. Failure to comply will place a company in a non-reporting status, thus prohibiting them from trading their stock on any of the exchanges. This lowers investor's confidence and typically results in diminishing stock value.
"Because the 'Gina D's Kids Club' programs have been produced and are on 71% of the U.S. television markets with 1.1 billion viewers internationally they are a real asset to the company's potential bottom-line. Therefore, we want to make every effort to comply with this complicated regulation and protect our shareholders' investment in the company," stated Joey DiFrancesco, Raven Moon's CEO.
Larry Oakley, editor of the Wall Street Corner.com and who serves as an outside director on Raven Moon's Board of Directors wrote about the importance of becoming compliant in the "Comment" section of his website. He states "The Sarbanes-Oxley landmark legislation is designed to make public companies more transparent in their financial reporting and more proactive in sharing material information with others in the financial reporting chain, which includes auditors, audit committees, analysts, and investors." He further stated that "Your company could lose its exchange listing and you could be subject to severe penalties if you do not comply with the complex regulations of this law." To read Larry Oakley's complete article, go to http://www.wallstreetcorner.com/daily.html
For "Gina D's Kids Club" syndication information call Len Koch at Role Entertainment (201) 568-4800.
Raven Moon will continue to update shareholders as they add new stations to their line up. Please visit www.ravenmoon.net for details. For Raven Moon Entertainment, Inc. investor information call Marc Jablon at (407) 877-5952
Safe Harbor Act Notice: This release may contain forward-looking statements that involve risks and uncertainties, including without limitation, acceptance of the company's products, increased levels of competition, product and technological changes, the company's dependence upon financing and third- party suppliers, and other risks detailed from time to time in the company's federal filings, annual report, offering memorandum, or prospectus. Specifications are subject to change without notice.