Attached files
| file | filename |
|---|---|
| 8-K - Sibling Group Holdings, Inc. | v207478_8k.htm |
| EX-2.1 - Sibling Group Holdings, Inc. | v207478_ex2-1.htm |
| EX-10.9 - Sibling Group Holdings, Inc. | v207478_ex10-9.htm |
| EX-3.1(I) - Sibling Group Holdings, Inc. | v207478_ex3-1i.htm |
| EX-99.4 - Sibling Group Holdings, Inc. | v207478_ex99-4.htm |
| EX-10.5 - Sibling Group Holdings, Inc. | v207478_ex10-5.htm |
| EX-99.1 - Sibling Group Holdings, Inc. | v207478_ex99-1.htm |
| EX-10.1 - Sibling Group Holdings, Inc. | v207478_ex10-1.htm |
| EX-10.4 - Sibling Group Holdings, Inc. | v207478_ex10-4.htm |
| EX-10.2 - Sibling Group Holdings, Inc. | v207478_ex10-2.htm |
| EX-10.6 - Sibling Group Holdings, Inc. | v207478_ex10-6.htm |
| EX-10.8 - Sibling Group Holdings, Inc. | v207478_ex10-8.htm |
| EX-99.3 - Sibling Group Holdings, Inc. | v207478_ex99-3.htm |
| EX-10.7 - Sibling Group Holdings, Inc. | v207478_ex10-7.htm |
| EX-10.3 - Sibling Group Holdings, Inc. | v207478_ex10-3.htm |
| EX-10.10 - Sibling Group Holdings, Inc. | v207478_ex10-10.htm |
Exhibit 99.2
Sibling
Entertainment Group Holdings, Inc. Announces New Director; Makes Plans for
Future Expansion
Press Release Source: Sibling
Entertainment Group Holdings, Inc. On Friday November 12, 2010, 5:06 pm
EST
NEW YORK,
Nov. 12, 2010 (GLOBE NEWSWIRE) — Sibling Entertainment Group Holdings, Inc.
(Pink Sheets:SIBE - News) (the "Company")
announced today that it has added a new member to their Board of Directors, that
it has reached a preliminary agreement with its debenture holders for a
restructuring, and that it is contemplating a move into a new business
area.
Mr.
Mitchell Maxwell, the Chairman and CEO of the Company, said, "We welcome Mr.
Christian Fitzgerald to our Board of Directors. Mr. Fitzgerald (56 years old)
comes to SIBE after 25 years experience in finance and sales in the automotive
industry. He has expertise in marketing, advertising and structuring of
transactions. He graduated from Clemson University with a BS in Business
Management." He joins Mr. Maxwell, age 58 and a Board member since 2007 and Mr.
Richard Bernstein, age 57, who has also been on the Board since
2007.
Mr.
Fitzgerald fills the slot recently opened as a result of the resignation of Mr.
Jay Cardwell, who had been a director since 2007 until last week. He had been
the CFO from 2007 until 2010. The Company is currently interviewing candidates
for CFO and expects to make an appointment shortly. "We thank Jay for his
contributions and wish him the best in his future endeavors," said Mr.
Maxwell.
The
Company also announced that its management has reached a preliminary agreement
with its debenture holders for a restructuring of the existing debt, now valued
at over $3.6 million. "We have had extensive conversations with the
representatives of our debenture holders and they have been quite productive. We
expect to have a definitive agreement soon with regard to this restructuring,
and a new business activity as well," explained Mr. Maxwell. Both the
restructuring of the debt, and a move into a new business area, are subject to
approval by the Board of Directors.
Lastly,
the Board of Directors has authorized the issuance of an additional 14,950,000
shares of common stock in consideration for payment and settlement of
obligations. "This issuance allows us to retire debt, and clean our balance
sheet as we prepare for the addition of new business activities," commented Mr.
Maxwell. With this issuance the total shares of common stock outstanding are
40,939,816, not including the 7,361,000 of outstanding warrants. The warrants
are all substantially 'out of the money' and related to prior funding activities
solely.
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
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.