EX-99.1
15
v207478_ex99-1.htm
Exhibit 99.1
Sibling
Entertainment Group Holdings, Inc. Company Update
Press Release
Source: Sibling
Entertainment Group Holdings, Inc. On Thursday October 28, 2010, 8:20 am
EDT
NEW YORK,
Oct. 28, 2010 (GLOBE NEWSWIRE) - Sibling Entertainment Group Holdings, Inc.
(Pink Sheets:
SIBE
-
News
) (the "Company")
provides this corporate update to current and prospective
shareholders.
"The
Company is currently undergoing a full review of its financial and operational
areas and announces that it intends to update its regulatory filings over the
next ninety (90) days. In the interim, the following information provided by the
Company should prove helpful to shareholders", stated Mr. Maxwell, the Company's
Chief Executive Officer.
Current
Offices:
The
current address of the Company is Sibling Entertainment Group Holdings, Inc.,
333 Hudson Street, Suite 407, New York, New York 10013, Phone:
212-414-9600
Current
Officers and Directors:
Mitchell
Maxwell, President, CEO and Director since June 2007
Richard
Bernstein, Director since June 2007.
Issued
and Outstanding Stock and Warrants (as of September 30, 2010):
Total
Outstanding Common Stock - 25,989,816
Total
Outstanding Warrants - 12,190,000, with exercise prices from $.05 to
$1.25.
Stock
Ownership of Officers and Directors:
Mitchell
Maxwell - 3,500,000 shares, 13.47% of outstanding stock
James
Cardwell - 1,500,000 shares, 5.77% of outstanding stock
Richard
Bernstein - 107,800 shares, 0.41%.of outstanding stock
Debenture
Obligations; Litigation:
In 2007,
the Company raised $2.55 million under a Private Placement Memorandum. The
debentures offered a 13% coupon and became due in June 2009. As of the due date,
the Company was delinquent in paying both the principal and interest due to the
debenture holders. A group of debenture holders filed a complaint against the
Company in early 2010, seeking immediate payment of principal and interest. This
group received a default judgment shortly thereafter. The total owed to all
debenture holders, including interest as of September 30, 2010, is approximately
$3,518,550.
Upon
execution of the default judgment, the Company considered filing for protection
under bankruptcy law. However, in order to best protect the debt holders and all
shareholders the Company has, and is currently examining alternatives, including
merging with another company, to address this default judgment. The Company is
keeping the debenture holders appraised of the Company's efforts and expect
their cooperation moving forward.
There is
no other pending litigation against the Company.
Evaluating
Alternative Industries:
The
Company has elected to explore all merger candidates, including those outside of
the entertainment industry. The decision to explore opportunities outside of the
entertainment industry was due the recent economic downturn in the entertainment
sector, and in turn the demise of many of the Company's investments in the
entertainment sector. The Company is actively evaluating opportunities in all
industries.
The
Company will prepare and disseminate informational updates on its evaluation
activities on a timely basis. This information will be publically available to
all debenture holders, shareholders, and other interested parties.
Financial
Audit of the Company's Financials:
It is the
intention of the Company to bring its regulatory filings fully current within 90
days.
Safe
Harbor Statement
This
release contains forward-looking statements regarding expectations for future
financial performance, which involve uncertainty and risk. It is possible the
Company's future financial performance may differ from expectations due to a
variety of factors including, but not limited to, changes in economic and
business conditions in the world, increased competitive activity, achieving
sales levels to fulfill revenue expectations, consolidation among its
competitors and customers, technology advancements, unexpected costs and
charges, adequate funding for plans, changes in interest and foreign exchange
rates, regulatory and other approvals and failure to implement all plans, for
whatever reason. It is not possible to foresee or identify all such factors. Any
forward-looking statements in this report are based on current conditions;
expected future developments and other factors it believes are appropriate in
the circumstances. Prospective investors are cautioned that such statements are
not a guarantee of future performance and actual results or developments may
differ materially from those projected. The Company makes no commitment to
update any forward-looking statement included herein, or disclose any facts,
events or circumstances that may affect the accuracy of any forward-looking
statement

EX - 99 . 1 15 v207478 _ ex99 - 1 . htm Exhibit 99 . 1 Sibling Entertainment Group Holdings , Inc . Company Update Press Release Source : Sibling Entertainment Group Holdings , Inc . On Thursday October 28 , 2010 , 8 : 20 am EDT NEW YORK , Oct. 28 , 2010 ( GLOBE NEWSWIRE ) - Sibling Entertainment Group Holdings , Inc . ( Pink Sheets : SIBE - News ) ( the " Company " ) provides this corporate update to current and prospective shareholders . " The Company is currently undergoing a full review of its financial and operational areas and announces that it intends to update its regulatory filings over the next ninety ( 90 ) days . In the interim , the following information provided by the Company should prove helpful to shareholders " , stated Mr . Maxwell , the Company 's Chief Executive Officer . Current Offices : The current address of the Company is Sibling Entertainment Group Holdings , Inc . , 333 Hudson Street , Suite 407 , New York , New York 10013 , Phone : 212 - 414 - 9600 Current Officers and Directors : Mitchell Maxwell , President , CEO and Director since June 2007 Richard Bernstein , Director since June 2007 . Issued and Outstanding Stock and Warrants ( as of September 30 , 2010 ) : Total Outstanding Common Stock - 25,989,816 Total Outstanding Warrants - 12,190,000 , with exercise prices from $ .05 to $ 1.25 . Stock Ownership of Officers and Directors : Mitchell Maxwell - 3,500,000 shares , 13 . 47 % of outstanding stock James Cardwell - 1,500,000 shares , 5 . 77 % of outstanding stock Richard Bernstein - 107,800 shares , 0 . 41 % . of outstanding stock Debenture Obligations ; Litigation : In 2007 , the Company raised $ 2.55 million under a Private Placement Memorandum . The debentures offered a 13 % coupon and became due in June 2009 . As of the due date , the Company was delinquent in paying both the principal and interest due to the debenture holders . A group of debenture holders filed a complaint against the Company in early 2010 , seeking immediate payment of principal and interest . This group received a default judgment shortly thereafter . The total owed to all debenture holders , including interest as of September 30 , 2010 , is approximately $ 3,518,550 . Upon execution of the default judgment , the Company considered filing for protection under bankruptcy law . However , in order to best protect the debt holders and all shareholders the Company has , and is currently examining alternatives , including merging with another company , to address this default judgment . The Company is keeping the debenture holders appraised of the Company 's efforts and expect their cooperation moving forward . There is no other pending litigation against the Company . Evaluating Alternative Industries : The Company has elected to explore all merger candidates , including those outside of the entertainment industry . The decision to explore opportunities outside of the entertainment industry was due the recent economic downturn in the entertainment sector , and in turn the demise of many of the Company 's investments in the entertainment sector . The Company is actively evaluating opportunities in all industries . The Company will prepare and disseminate informational updates on its evaluation activities on a timely basis . This information will be publically available to all debenture holders , shareholders , and other interested parties . Financial Audit of the Company 's Financials : It is the intention of the Company to bring its regulatory filings fully current within 90 days . Safe Harbor Statement This release contains forward - looking statements regarding expectations for future financial performance , which involve uncertainty and risk . It is possible the Company 's future financial performance may differ from expectations due to a variety of factors including , but not limited to , changes in economic and business conditions in the world , increased competitive activity , achieving sales levels to fulfill revenue expectations , consolidation among its competitors and customers , technology advancements , unexpected costs and charges , adequate funding for plans , changes in interest and foreign exchange rates , regulatory and other approvals and failure to implement all plans , for whatever reason . It is not possible to foresee or identify all such factors . Any forward - looking statements in this report are based on current conditions ; expected future developments and other factors it believes are appropriate in the circumstances . Prospective investors are cautioned that such statements are not a guarantee of future performance and actual results or developments may differ materially from those projected . The Company makes no commitment to update any forward - looking statement included herein , or disclose any facts , events or circumstances that may affect the accuracy of any forward - looking statement