ENCINITAS, Calif., Sept. 28, 2004 (PRIMEZONE) -- Today, the Board of Directors and a majority of the voting common shareholders of PNG Ventures, Inc. ("PNGV") (Pink Sheets:PNGV) voted to conduct a reverse stock split of the PNGV issued and outstanding common shares equal to 1 for every 250 issued and outstanding shares. The Company's transfer agent, Madison Stock Transfer ("Madison"), shall act as the exchange agent for any PNGV common shares. Madison may be reached at (718) 627-4453. The Company believes the reverse stock split will be reflected in the public marketplace within 10 days.
The Company is in the final stage of reviewing merger candidates. The reverse stock split is the first step towards making PNGV "transaction-ready." As of the date of this announcement, the company has 49,940,625 common shares issued and outstanding.
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Safe Harbor Statement
Statements contained herein, other than historical data, may constitute forward-looking statements. When used in this document, the words "estimate," "project," "intends," "expects," "believes" and similar expressions are intended to identify forward-looking statements regarding events and financial trends which may affect the Company's future operating results and financial position. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the Company's actual results and financial position to differ materially from those included within the forward-looking statements. These risks and uncertainties include, but are not limited to, the Company's ability to successfully find a merger candidate, the Company's ability to ultimately generate meaningful revenues and achieve profitable operations; its ability to obtain necessary capital; and whether it can compete in a challenging marketplace. All persons considering purchasing common shares in PNGV should be aware that as of the date of this public announcement, there is not an operating business in PNGV. Any purchase of PNGV shares is highly speculative and should only be done after consulting with a licensed securities dealer.