PHILADELPHIA, Jan. 8, 2007 (PRIME NEWSWIRE) -- RMD Entertainment Group (Pink Sheets:RMDG) announced today that the Company has ratified its Nevada State filings as follows: Total Authorized share capital is 5,000,000,000 (Five Billion shares), the issued and outstanding common shares are 2,844,161,562. The Company also ratified the voting and conversion rights of RMDG Series A shares, which vote Fifty (50) votes per shares and convert to Fifty (50) common shares after two years of consecutive ownership. The Company also created a Series B preferred share allocation, with super voting rights of 100 votes per shares and convertible into 100 shares of common upon conversion after 24 months of consecutive ownership. There are 59,000,000 Series A preferred shares issued and outstanding which represent the Officers and Directors voting majorities. There are no shares of RMDG Series B outstanding at this time.
The Company has entered into negotiations with a NYC based investment firm to secure between $1,500,000 and $5,000,000 in financing for special purpose investments during the coming year.
"This is a unique opportunity that comes at the right time for the company," said RMD CEO Giorgio Costonis. "We have many projects slated for release this year and having a financial partner that understands the music industry offers us greater flexibility in terms of numbers of products brought to market and the speed in which we can deliver those products to our distributors around the world. As you know, we have two products in stores in North America now. They are Blockstar DVD magazine and Roc Monee's debut album Diamond in the Rough. National radio advertising began for Roc's album on December 25th and will continue throughout the length of his release. We remain encouraged and excited about the early returns from each project and expect a significant return from Roc' debut album. These projects have allowed us to establish confidence in our rhythm as a company when we feed future releases into our vast distribution channels. In 2007, we plan to release 6 music CD releases and 3 to 5 DVD titles. We look forward to prosperous relationships in 2007 with companies such as I-tunes, Sony Connect, Napster, X Ringer, Best Buy, Circuit City, FYE, Coconuts, Amazon.com, and Borders, all of which have carried RMDG product during one time or another since late August. Now that the company has begun to function in the retail arena on-line with digital sales and in traditional brick and mortar store fronts, our focus has become consistency in product delivery and promotion so that we can maximize each revenue stream for each release. We continue to strive for excellence in our quest to become recognized as one of the top companies in Hip-Hop and Urban Media content in the world."
About RMD Entertainment Group
RMD Entertainment (RMD) is a cutting-edge entertainment company that is primarily focused on the development and international marketing of hip-hop' music, including compact discs, digital downloads, and personal ring tones' for mobile phone customers, as well as other hip- hop' lifestyle products. The Company has also created MOTV, the ability to stream video content to mobile devices, including cell phones and PDA's. The Company current possesses an impressive hip-hop catalogue, which it distributes exclusively through Bungalo Records and Universal Music Group (a subsidiary of Vivendi Universal in North America and in Europe through the Pickwick Group Ltd. of London.
The RMD Entertainment Group logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=3149
Forward-looking statements in this news release relating to the Company's expectations regarding RMDG demand and pricing are made pursuant to the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used herein, words such as "expect" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions made by and information available to RMDG Entertainment Group, ION Media Networks, Inc. and Real Hip Hop Matrix Corp. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, without limitation, the future demand for, and sales volumes of, the Company's products, future production volumes, efficiencies and operating cots, increases or decreases in the prices of the Company's products, the Company's future stability and growth prospects, the Company's future profitability and capital needs, including capital expenditures, and the outlook for and other future developments in the Company's affairs or in the industries in which the Company participates and factors detailed from time to time in the Company's periodic reports filed with the United States Securities and Exchange Commission, and other regulatory authorities. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.