Centiv Inc. Arranges GBP 100 Million -- US$183 Million -- Equity Line of Credit For Company Growth
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Business Editors PALOS VERDES, Calif.--(BUSINESS WIRE)--CNTV-- Company to Seek Listing on the London Stock Exchange's AIM Exchange through London Based Investment Group Centiv Inc. (OTCBB: CNTV) announced today that it has signed an engagement letter and term sheet to provide Centiv with a 3-year equity line of credit of up to GBP 100 million and that it will seek a listing on the London AIM Exchange concurrently through a $6 billion fund and a London-based investment bank. The credit facility will be utilized to make and to complete acquisitions which the company hopes to finalize during the next few weeks and would also be used to meet funding requirements of its wholly-owned subsidiary Beijing Multimedia Ltd., under its contract with CITIC Cultural and Sports Industry Co. Ltd., according to Mr. Shawn Mak, President of Centiv. Mr. Mak added that the AIM listing is an excellent opportunity to broaden international awareness of the company offering multiple benefits including market liquidity and depth through a broader overall reach to all sectors of the investment community abroad. Centiv is technically in default of the original agreement with CITIC Cultural due to various cash calls; however, Centiv has obtained extensions of time as the negotiations with the sources of financing were intermittently interrupted by the de-listing of the company's stock from the NASDAQ Small Cap Market and while the company completed its required filings to begin trading on the OTC Bulletin Board. Commenting on the financing and AIM listing opportunities, the Company's spokesperson said, "The company intends to use the equity line to meet the working capital requirements of Beijing Multimedia Ltd., including US$50 million in future payments to Citic Cultural and Sports Industry Co. Ltd., and for other acquisitions currently under negotiation." AIM is the London Stock Exchange's global market for smaller, growing companies. Since AIM opened in 1995, more than 1,200 companies have been admitted. Collectively, these companies have raised more than US$14 billion while on AIM. AIM is operated, regulated and promoted by the London Stock Exchange. Centiv is a holding company with two wholly owned subsidiaries -- Centiv Services, Inc. and Beijing Multimedia Ltd. The company said it is in the process of negotiating other sources of financing and forming other subsidiaries, in anticipation of completing a number of other corporate film, TV production, publishing and other multimedia-related acquisitions currently under negotiations which if completed, will require in excess of US$200 Million in additional working capital. The company also said that it is in discussions with additional management personnel experienced in the areas of domestic and international publication, advertising, and film production and distribution to join the company's team. Forward-looking statements in this document that are not historical fact are "forward-looking statements" as that term is defined in the Private Securities Litigation Reform of 1995. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on trends that we anticipate in our industry and our good faith estimate of the effect on these trends of such factors as industry capacity, product demand, and product pricing. These statements are also subject to risks and uncertainties beyond our reasonable control that could cause of actual business and results of operations to differ materially from those reflected in our forward-looking statements. These risks are described in the Company's Form 10K/10-Q. KEYWORD: INTERNATIONAL EUROPE CALIFORNIA INDUSTRY KEYWORD: BANKING SOURCE: Centiv Inc. CONTACT INFORMATION: Media One Jonathan Small, 949-757-0010 Email: jsmall@z-mediaone.com Website: www.centiv.com
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Centiv, Inc. Resumes Trading on the NASD OTC Bulletin Board
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Business Editors PALOS VERDES, Calif.--(BUSINESS WIRE)--CNTV-- Centiv, Inc. (OTCBB:CNTV) announced today that its shares were approved yesterday for trading on the NASD OTC Bulletin Board (OTCBB), and began trading at the opening of the market today under its former NASDAQ Small Cap symbol, "CNTV." Centiv is a holding company with two wholly owned subsidiaries -- Centiv Services, Inc. and Beijing Multimedia Limited. The company said it is in the process of forming other subsidiaries in anticipation of completing a number of other acquisitions currently under negotiations related to print publication and advertising, film production and distribution, and television programming. The company also said that it is in discussions with additional management personnel with experience in the areas of print publication and advertising, film production and distribution, and television programming to join the company's new management team. Mr. John Larkin and Mr. Tom Mason, former President and Chief Financial Officer of Centiv, respectively, have assumed responsibility for the ongoing management of Centiv Services, Inc., while the four new recently-appointed directors have taken temporary management roles for Centiv under its newly adopted holding company structure. Statements in this document that are not historical fact are "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of future performance. Our forward-looking statements are based on trends that we anticipate in our industry and our good faith estimate of the effect on these trends of such factors as industry capacity, product demand, and product pricing. These statements are also subject to risks and uncertainties beyond our reasonable control that could cause actual business and results of operations to differ materially from those reflected in our forward-looking statements. These risks are described in the Company's Form 10K/10-Q. KEYWORD: CALIFORNIA INDUSTRY KEYWORD: PUBLISHING ADVERTISING/MARKETING CABLE TELEVISION/RADIO MOTION PICTURES SOURCE: Centiv, Inc. CONTACT INFORMATION: Centiv, Inc. Jonathan Small, 949-757-0010 jsmall@z-mediaone.com www.centiv.com
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