MIAMI, Nov. 22, 2004 (PRIMEZONE) -- Brandmakers, Inc. (Pink Sheets:BMKS) announced that new officers and directors of the company have been appointed to undertake a workout with creditors and seek new opportunities for the company. The new management team has purchased approximately 70 million shares from the prior management and has been issued 22 million shares by the company for its services. As a result, the new management owns approximately 92 million shares out of a total of approximately 152 million outstanding.
The new directors, Frank Labrozzi, Jack Soler and Ted Benghait, have experience in turnaround of public and private companies, start-ups and venture financing during the last five years.
Mr. Labrozzi, the new CEO stated, "We have had preliminary discussions with several large creditors of Brandmakers concerning our workout plans for the company which were encouraging enough for us to take our management and ownership positions at this time. However much restructuring remains to be done to put the company into a position to seek new opportunities and we look forward to working with the many parties whose cooperation is required to reach this goal."
Cautionary note concerning forward looking statements.
This news release contains forward looking statements concerning the future goals and activities of the company. Although management of the Company believes that these forward looking statements are reasonable based on information presently available, current and prospective investors are cautioned that forward-looking statements are not guarantees of future performance. Actual results may differ.