LAS VEGAS, Sept. 15, 2006 (PRIMEZONE) -- miNetwork Group, Inc. (Pink Sheets:MWKG) announced today that the corporation will be consolidated on the basis of one (1) new share of the corporation's common stock for each one hundred (100) existing shares held as of September 13, 2006. The transfer agent will be instructed to issue new share certificates to all shareholders representing more than one (1) share on a post roll back basis, all other certificates representing less than one (1) full share shall be canceled.
"The corporation has been unable to maintain an effective market and therefore to finance the on-going operations of the corporation within the current distribution of share capital. In order to attract new directors and management with additional funding capability, it is necessary to consolidate the corporation's share capital, and that is exactly what the Board has approved," stated Dan Pacholik, CEO of miNetwork Group.
"Upon Board approval, I shall immediately resign as a director of the corporation and as the current President & CEO, and shall introduce a new Board of Directors and management team to lead new financing initiatives and the resulting direction of the corporation," added Mr. Pacholik.
About miNetwork
miNetwork Group, Inc. is an Internet based marketing and distribution company focused on the migration of real world Internet products and services from a fixed location service to the wireless devices and access points for small office/home office (SOHO), educational institutions, and small to mid-sized business networks.
On Behalf of the Board of miNetwork Group Inc. President - Dan Pacholik
This press release may include forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements are based on the Company's current expectations as to future events. However, the forward-looking events and circumstances discussed in this press release might not occur, and actual results could differ materially from those anticipated or implied in the forward-looking statements.