HOUSTON, Aug. 31, 2005 (PRIMEZONE) -- Summit Entertainment Group, Inc. (Pink Sheets:SETG) announces the completed asset and shareholder acquisition with PitBOSS Entertainment (OTCBB:PBSS) (http://www.pitbossent.com), formerly Karma Media Inc. (OTCBB:KRMA) (http://www.karmamedia.com).
"This agreement spells opportunity for current and prospective shareholders," noted John D. 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."
Jarvis concluded, "I also believe that the Summit assets and shareholders, combined with the fantastic team and advertising / media products that Dominique Einhorn and Estelle Reyna have built at Karma Media -- now PitBOSS Entertainment, will prove to be a big winner for all involved."
As part of the plan of acquisition between Summit Entertainment and PitBOSS Entertainment, details of which are listed in the latest 10QSB and 8K filings for PitBOSS Entertainment Inc. (OTCBB:PBSS), the company now gives final notice to all of the SETG shareholders of the mandatory transfer of common SETG shares to PBSS shares.
To Shareholders:
SETG Shareholder Notice
In regards to the original stock certificate representing shares of your (The Shareholder) common stock of Summit Entertainment Group (Pink Sheets:SETG) held by you, this notice serves as your irrevocable authorization to have such shares tendered to PitBOSS Entertainment Group (PBSS) under the agreement and plan of acquisition by and between Summit Entertainment Group (SETG) and PitBOSS Entertainment Group (PBSS). This transfer of SETG shares to PBSS (OTCBB:PBSS) shares is mandatory at a conversion rate listed and explained in the acquisition document.
All Summit Entertainment common shares should be "called for" and remitted to the following address as soon as possible for prompt exchange shares to be sent to recipient(s):
Summit Entertainment Group Inc. 14435 FM 2920 Tomball Texas, 77377 Attention: Certificate Exchange Group (CEG)
A formal letter from Summit Entertainment Groups transfer agent to all shareholders and institutions effected by these events has been sent out and should be received in the next few days. If NOT, a copy of this letter with instructions will be posted to PitBOSS Entertainment's web site located at http://www.pitbossent.com explaining the detailed process for the transfer of SETG shares to PBSS (OTCBB:PBSS) shares over the next ten (10) calendar days.
The company (Summit Entertainment Group) will announce its appointment of a new chairman / CEO and direction of the company in the coming weeks.
Please remit all shareholder questions to shareholders@pitbossent.com or by calling the PitBOSS Entertainment South offices at (281) 255-9424 ext:100.
Safe Harbor Statement
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief, or current expectations of PitBOSS Entertainment, Inc. and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results.
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