BOONTON TOWNSHIP, N.J.
Nov. 8, 2012
/PRNewswire/ -- On
August 23, 2012
the Board of Directors of ValCom, Inc. (PINKSHEETS: VLCO) deliberated upon, and voted to identify and evaluate, potential strategic options to sell and monetize certain ValCom assets. Following an assessment of various options, the Board of Directors voted to evaluate this option having determined it to be in the best interests of the company. As part of its considerations, the Board of Directors identified that an asset sale would permit the company to retire substantial company debt. To that end, discussions have been initiated with multiple parties to gauge the viability and circumstances of a potential sale.
ValCom's Chief Executive Officer Tim Harrington stated, "After having thoroughly reviewed the various options open to move the company forward, the Board of Directors and I have come to the conclusion that it may be in the best interests of the company to monetize certain assets, and that such an option warrants further evaluation. In an effort to do this expeditiously, ValCom staff and consultants have been engaged in the refining and registration of copyrights held in our library of songs and movies. Unfortunately, much time and work has gone into unraveling the books, records and assets of ValCom which were in disarray when received by us following the dismissal of former management." Mr. Harrington continued, "However, we have made good progress in the past 5 months and are moving forward in evaluating those opportunities most appropriate for ValCom at this stage and with a view towards the future of the company."
About ValCom, Inc.
ValCom, Inc. is a diversified, fully integrated, independent entertainment company that has been in operation since 1983. ValCom, Inc. through its operating divisions and subsidiaries, creates and operates full service facilities that accommodate film, television and commercial productions with its four divisions comprised of television and film production, broadcasting (My Family TV Network), distribution, and live theatre. For more information, please visit the company's website at www.valcom.tv.
Note About Forward-Looking Statements
With the exception of historical information, this press release may contain forward-looking statements as that are made pursuant to the "safe harbor" provisions as defined within The Private Securities Litigation Reform Act of 1995 (the "PSLRA"). Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," and similar expressions. In addition, any other statements which contain characterizations of future events or circumstances are forward-looking statements. These statements are based upon management's current expectations as of the date of this press release. Actual results may differ materially from the expectations contained in this press release due to a number of risks and uncertainties relating to our business which are discussed in ValCom's periodic filings with the Securities and Exchange Commission. ValCom, Inc. does not undertake any responsibility to publicly update any forward-looking statements to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events
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SOURCE ValCom, Inc.