Big Screen Entertainment (PINKSHEETS: BSEG) is pleased to announce new resolutions have been adopted by the Board of Directors to tighten up the company's stock position, and for the overall health of the company.
A Board meeting held 09/1/14, consisting of CEO/Co-Chairman Kimberley Kates, Co-Chairman Dr. Jimmy Jiang, Board Members Dr. Bruce Lee, Stephen Eckelberry and Michael Manasseri, adopted resolutions to dissolve: 1.) Company's Class A Preferred Stock 2.) BSEG's Class B Controlling Stock and 3.) Return the Class B Stock of 35 million shares back to BSEG treasury.
The company's SEC attorney is preparing the necessary documentation to dissolve the 35,000,000 shares of Class B Controlling Common stock. Once completed, controlling power of the company will reside with the Board of Directors.
The 5,000,000 shares of Class A Preferred stock has been converted to 10,000,000 shares of Class A Common Stock. Each beneficial owner of the Class A Preferred stock received Class A Common Stock at a 2 to 1 conversion ratio.
These resolutions are intended to help orient the company for greater growth in the coming months and bring in new investors.
Co-Chairman, Dr. Jimmy Jiang stated, "The cancellation of the Preferred A stock and the controlling Class B stock, allows for more transparency and health for the company, puts the major control back to the Board of Directors; the management of BSEG will be the responsibility of the Board and the Board has the responsibility to all shareholders. BSEG is primed for growth with management overseeing all the exciting, upcoming activities."
ABOUT BIG SCREEN ENTERTAINMENT - Big Screen Entertainment (PINKSHEETS: BSEG) is a publicly traded media company in entertainment, education and global media production and distribution.
www.bigscreenent.com
Forward-Looking Statements: A number of statements contained in this press release are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Act of 1995. These forward-looking statements involve a number of risks and uncertainties, including timely development, and market acceptance of products and technologies, competitive market conditions, successful integration of acquisitions and the ability to secure additional sources of financing. When used in this press release, words such as "could," "plan," "estimate," "expect," "may," "potential," "should," and similar expressions are forward-looking statements.
Contact: - Isaac Marble - (323) 960-3410
