ActionView International, Inc. Provides Update on Meetings Related to Jim Palmer Trucking Bankruptcy
SOURCE:
ActionView Intrnational, Inc.
2008-08-11 12:49:00
ActionView International, Inc. Provides Update on Meetings Related to Jim Palmer Trucking Bankruptcy
ActionView International, Inc. Provides Update on Meetings Related to Jim Palmer Trucking Bankruptcy
Company Appointed to Chair Unsecured Creditors Committee
VANCOUVER, BC–(EMWNews – August 11, 2008) – ActionView International, Inc. (
today provided an update on creditors meetings that were held in regard to
the Chapter 11 bankruptcy case of Jim Palmer Trucking, Inc. At the
meetings held on August 8, 2008 and attended by ActionView International’s
legal counsel, ActionView was appointed chairman of the unsecured creditors
committee due to its position as a significant creditor in the case.
As part of an anticipated acquisition, ActionView International provided a
loan to Jim Palmer Trucking, Inc. in the amount of $250,000 on May 5, 2008.
Several weeks later, Jim Palmer Trucking and two related equipment
companies filed for Chapter 11 bankruptcy protection.
ActionView International management has expressed several issues of concern
related to the bankruptcy filing, including its close proximity in time to
Jim Palmer Trucking’s acceptance of the loan from ActionView International.
“We are very pleased with the outcome of the meetings held on August 8th,
particularly ActionView’s position as chairman of the unsecured creditors
committee,” stated Steven R. Peacock, CEO of the company. “This position
will provide the company a voice in the progress of the bankruptcy case and
allows us the ability to obtain and receive all pertinent financial
information and other records relating to the case. Our primary concern
is the protection of the company’s interests, and we will continue to
provide updates on this matter whenever possible.”
ActionView International recently announced that it is completing its
initial due diligence on new acquisition candidates and expects to enter
into a preliminary agreement with one company within the next several days.
Management’s focus has been to identify the acquisition candidate that
possesses the best possible long-term value for the company’s shareholders.
About ActionView International, Inc.
ActionView International’s operating subsidiary custom-designs, develops,
and manufactures vividly illuminated motion billboards. ActionView places
its signs into high traffic locations and markets advertising space on the
signs. ActionView shares advertising revenue generated from the billboards
with advertising agencies, the local business partner and the location
owner. The benefit to advertisers is exposure in high traffic locations at
reasonable costs due to the scrolling feature and multiple advertisers. For
additional information about ActionView, please visit the company’s website
at www.actionviewinternational.com.
Forward-Looking Statements
This release contains ‘forward-looking statements’ within the meaning of
the Securities Exchange Act of 1934. Any statements that express or involve
discussions with respect to predictions, expectations, beliefs, plans,
projections, objectives, goals, assumptions or future events or performance
are not statements of historical fact and may be ‘forward-looking
statements.’ Forward-looking statements are based on expectations,
estimates and projections at the time the statements are made that involve
a number of risks and uncertainties which could cause actual results or
events to differ materially from those presently anticipated.
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