TOMBALL , Texas, July 18, 2005 (PRIMEZONE) -- Karma Media, Inc. (OTCBB:KRMA) and Summit Entertainment Group, Inc. (Pink Sheets:SETG) today announced the conclusion of a definitive merger agreement between the two companies. The resulting entity, PitBOSS Entertainment, Inc. started trading Monday morning under the ticker symbol (OTCBB:PBSS). For details on the merger, investors are encouraged to read the company's separate 8-K filing.
"This merger spells opportunity for current and prospective shareholders," noted John Jarvis, PitBOSS Entertainment's CEO. "Our corporate entities are a perfect match for each other and we look forward to promoting PitBOSS Entertainment's growing asset base to the worldwide consumer via our suite of digital and media assets with the goal of increasing shareholder value."
A press conference and shareholder conference call is tentatively set for Tuesday, August 2, 2005. Final scheduling details such as time and call-in numbers will be released in the coming days.
For a detailed list of media assets owned by PitBOSS Entertainment, refer to www.karmamedia.com and www.estelle.tv . An exhaustive list of hard assets owned by the company shall be forthcoming in PitBOSS Entertainment's next 10-K filing.
PitBOSS Entertainment (formerly Karma Media, Inc.) is backed by US EURO Securities, Inc., a private, global investment bank, see www.useurosecurities.com/101304.html for more information.
About PitBOSS Entertainment, Inc.
PitBOSS Entertainment, Inc. (OTCBB:PBSS) is a diversified entertainment company with an impressive asset base consisting of both hard assets as well as media properties used to promote and brand such assets. The company also assists outside companies, both public and private, with an affordable suite of media and branding services.
Safe Harbor Statement
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The Company cautions that assumptions, expectations, projections, intentions, or beliefs about future events may, and often do, vary from actual results and the differences can be material. Some of the key factors which could cause actual results to vary from those the Company expects include changes in natural gas and oil prices, the timing of planned capital expenditures, availability of acquisitions, uncertainties in estimating proved reserves and forecasting production results, operational factors affecting the commencement or maintenance of producing wells, the condition of the capital markets generally, as well as our ability to access them, and uncertainties regarding environmental regulations or litigation and other legal or regulatory developments affecting our business. More information about the risks and uncertainties relating to the Company's forward-looking statements are found in our SEC filings.
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