EP Global Communications, Inc. (the Company), (Pink Sheets: EPGL), (
), the parent company of
) magazine, is releasing the following information related to announcements made by
Joseph M. Valenzano, Jr.
, President & CEO. Valenzano has commented on the
December 29, 2009
Annual Shareholders Meeting; recently concluded World Congress & Exposition on Disabilities; discussions with medical schools and clinics in
who have expressed interest in EP Digital; role as a panelist at the Board of Governors of the Federal Reserve in
in February; agreements with the U.S. Army, U.S. Coast Guard, and U.S. Marine Corps; grant for the continuation of the Exceptional Family Transitional Training (EFTT) project; and exploratory discussions with several companies in the nutraceutical market.
December 29, 2009
Annual Shareholders Meeting, both
, CPA were re-elected to the Board of Directors. Additionally, the management-proposed Reverse Stock Split was defeated by a two to one voting margin. "The Company respects the decision made by its shareholders but now must pursue another way to raise capital to fuel the growth articulated in the Vision Statement on the Company's website at
," explained Valenzano. "In addition, we are in default under the terms of our existing Convertible Debt financing with NIR. Accordingly, we are taking steps to initiate a Special Shareholders Meeting that we hope to convene in late February for the purpose of increasing the number of authorized shares from 2.0 billion to 5.0 billing, thus affording the ability to raise additional capital and honor our financial commitments. Fortunately, NIR has expressed a willingness to cooperate with our plans and there are several companies and organizations who have expressed an interest in investing in EPGL and, pending the approval of the increase in authorized shares by our shareholders, this will allow us to move forward."