HOLLYWOOD, May 13, 2004 (PRIMEZONE) -- CinemaElectric, Inc.'s (OTCBB:CINME) CEO, James F. Robinson, announced today that the company is planning a reorganization of the board and executive staff functions to facilitate its recent growth. Mr. Robinson stated, "We are discussing adding industry leaders to our Board of Directors in order to enhance our presence in the marketplace and better serve our shareholders. We have also initiated searches to engage top talent to round out our executive team."
As part of the planned reorganization the company also announces the resignation of COO and Board Member Steven Barnes and Controller Tagy Torabian. Mr. Barnes and Mr. Torabian will remain with the company. Their new roles will be redefined as part of this overall reorganization. Mr. Robinson noted his appreciation of Mr. Barnes and Mr. Torabian saying, "Their dedication and contributions have been immeasurable."
CinemaElectric is a wireless services company and a leading provider of multimedia entertainment for mobile devices in more than 35 countries. The Hollywood-based studio produces downloadable PocketCinema(tm) video, MMS branded content and graphics, multimedia applications, and CineSound(tm) audio ringers.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties and actual results could differ materially from those currently anticipated due to a number of factors which include but are not limited to risk factors inherent in doing business. Although the company's management believes that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.