BAY CITY, Mich. and TORONTO, Sept. 29, 2005 (PRIMEZONE) -- Sciax Corp. (Pink Sheets:SCXC) announced today that its Board of Directors have approved an amendment to Sciax's Certificate of Incorporation that would effect a name change to RMD Corp. and a reverse split of the shares of common stock at a ratio of 1 for 70. The company has filed with its transfer agent to request a new trading symbol and CUSIP number. Under the guidelines of regulatory and company act requirements the Directors deliberated the need and ratio of the reverse stock split and unanimously agreed that the restructuring is in the best interest of the Company. The company anticipates the effective date trading under the new symbol Oct. 14, 2005.
The reverse split will bring our shares down from 500,000,000 to 7,142,857 shares outstanding.
Giorgio Costonis, CEO states, "The Company is undergoing a transformation from a development to a revenue generating operation. Relative to our transformation and general market conditions, the Company is undergoing restructuring initiatives that are intended to position the company for growth. The Board of Directors deems a reverse split as an essential initiative for the long term health of the Company and its shareholders."
About Sciax
RMD Entertainment (RMD) is a cutting-edge entertainment company with a primary focus on selling hip-hop music internationally. Additionally, the company markets other Hip Hop lifestyle products to its music audience. RMD has a vast worldwide distribution network for its music to be sold to the end consumer in compact disc formats, digital downloads, and personal ring tones for mobile customers. RMD's hip-hop catalogue is exclusively distributed by Bungalo Records in North America, which is exclusively distributed by Universal Music Group. RMD's dance music catalogue is exclusively distributed by Inversus Records of Miami, FL.
Truly a global company with well over 60 years combined experience in the music industry, RMD has had good success on the international level and its staff producers have collaborated with some of the most influential names in the music scene today, such as Sting, David Byrne of the Talking Heads, George Kranz, Freedom Williams of C & C Music Factory, Steve Winwood, Robin Scott, and jazz saxophone legend Bill Evans, among others.
Sciax Defense is an emerging leader in defense imaging systems for law enforcement and military personnel engaged in counter-terrorism and other special security operations. Sciax America Inc. and Sciax Technology Inc. are wholly owned subsidiaries of Sciax Corp. (http://www.sciax.com). Wolf Pack, the company's tactical remote viewing system, is manufactured under license from Eomax Corp. and is used by law enforcement and military organizations in North America and Europe. Customers include military and law enforcement agencies of the U.S. and German governments, contraband interdiction units of Canada Customs, and LAPD-SWAT.
This release contains forward-looking statements with respect to the results of operations and businesses of Sciax Technology Inc., Sciax America Inc., RMD Entertainment Inc. and Sciax Corp., which involve risks and uncertainties. The company's actual future results could materially differ from those discussed. Risks and uncertainties of the company will be detailed from time to time in the company's periodic reports. The company intends that such statements about the company's future expectations, including future revenues and enforcement and defense imaging system earnings, entertainment product earnings, and all other forward looking statements, be subject to the "safe harbor" provision of the Private Securities Litigation Reform Act of 1995.