LOS ANGELES, Oct. 25, 2006 (PRIMEZONE) -- ReCompute International Corporation (Pink Sheets:RCIC) announced today that, as of October 10th 2006, it has changed its name to Pangea Pictures Corporation (Pink Sheets:PGPC). The new stock symbol is PGPC. At the same time, the company announced a 1:14 reverse stock split of its common shares, which also became effective on the 10th of October.
As a result of the reverse split, holders of ReCompute International shares have received one share of Pangea Pictures common stock for every 14 shares they previously owned, and one additional share in lieu of fractional shares to the extent that an individual's holdings are not evenly divisible by 14. Post-split trading of Pangea shares is under the new ticker symbol PGPC.
According to CEO Jonah Loop, "Pangea has a clear focus on intelligent yet rapid growth. In the upcoming weeks we intend to acquire several profitable, yet under-capitalized Film-Technology companies in an effort to meet the demands of this expanding market and that of our direct customers."
About Pangea Pictures Corporation
Pangea Pictures is a Visual Effects and Film Technology company based in Los Angeles, CA. The company is involved in various phases of Film Technology from software and hardware development to 2-D and 3-D Compositing. Pangea and its negotiated acquisition targets, through their existing contracts with major studios, are currently providing contract service work on several major films, as well as, servicing the expanding independent film market.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities and Exchange Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties. Although Pangea Pictures Corporation believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any assumption could be inaccurate, and therefore, there can be no assurance that the forward-looking statements included in this press release will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion should not be regarded as a representation by Pangea Pictures Corporation or any other person that the objective and plans of Pangea Pictures Corporation will be achieved.