MINDEN, Nev., Sept. 8, 2003 (PRIMEZONE) -- Kingdom Ventures (OTCBB:KDMV) today announced the results of its annual meeting, held Friday Sept. 5 in Reno, Nevada.
The Minden, Nev.-based Christian products and media company said shareholders voted to elect five directors to one-year terms and ratified the selection of the Company's independent auditors. Management also provided a report on Kingdom Ventures' progress and strategic growth plan.
Shareholders elected Gene Jackson, Howard Dix, Donald Scheib, Jeremy Breland and Al Denson to one-year terms on the Company's five-member board of directors. Jackson, Dix and Scheib are returning members of the board; Breland and Denson are new additions to the board. Breland is President of the Christian Speakers and Artists Agency, which was acquired by Kingdom Ventures in June 2003; Denson is a businessman and internationally known Christian recording artist. Kingdom Ventures shareholders also ratified the selection of Friendswood, Tex.-based Wrinkle, Gardner & Company, PC as independent auditors.
"Our first annual meeting as a publicly traded company provided a unique opportunity to report on the activity and growth at Kingdom Ventures over the past 12 months," President and Chief Executive Officer Gene Jackson said. "During that period, we have made six acquisitions, formed key alliances, and launched a number of internal growth initiatives. We have also worked to build a strong management team, a board with considerable experience and a network of business partners who are providing us with strategic and financial resources for growth."
"All of these initiatives have been positive steps toward our goal of helping churches and their people grow. Our strategy is to build a portfolio of faith-based media, products and services that are relevant to Christians in their everyday lives. On top of these consumer-oriented items, we have also begun building a significant presence as a resource for churches by offering our expertise in management, business development and fundraising."
Within the next 45 days, Kingdom Ventures expects to announce additional merger and acquisition activity that will boost revenues and expand the Company's presence in the Christian market, Jackson reported.
"As we move into the fall of 2003, we are poised to accelerate our growth. We will be focused on integrating acquisitions of the past 12 months, even as we look to add new products and services through mergers, acquisitions, alliances and other internal growth initiatives," he said.
About Kingdom Ventures
Kingdom Ventures, Inc. (www.kdmvcorp.com) is a diversified supplier of media and products to the Christian marketplace. Consisting of two operating units - Kingdom Media Group and Kingdom Products Group -- the Company serves the Christian marketplace through uplifting faith and humanitarian practice and by assisting Christians in personal, church and ministry growth to demonstrate the Good News of God's Word as proclaimed in the Bible. In addition, Kingdom Ventures provides fundraising services for small- to medium- sized churches.
The Kingdom Media Group includes the nation's largest regional Christian newspaper chain Christian Times, Christian Speakers & Artists Agency (the largest Christian Speakers bureau), Ministry Values for Growing Churches (the largest church direct marketing company www.ministryvalues.com) and Faith Group Services (which includes www.iExalt.com). The Kingdom Products Group consists of Xtreme Notebooks (notebook computers and Tablet PC's, www.xnbs.com), Kingdom Gifts (inspirational gifts and candles), Yahwear Clothing (Christian apparel, www.yahwear.com), Mr. Roy Productions (silk screen and production facility).
All statements other than statements of historical fact included in this press release are "forward-looking statements." The forward-looking statements, including statements about the company's future expectations, including future revenues and earnings, and all other forward-looking statements (i.e., future operational results and sales) are subject to assumptions and beliefs based on current information known to the company and factors that are subject to uncertainties, risk and other influences, which are outside the company's control, and may yield results differing materially from those anticipated.