HALLANDALE BEACH, FL--(Marketwired - May 22, 2017) - The Movie Studio, Inc. ("MVES") (the "Company") (
The Movie Studio intends to proceed towards audited, fully reporting status as required with the filing of an S-1 Registration Statement with the SEC. As part of the process on May 17th, 2017, the Company entered into an engagement agreement with a PCAOB Member Accounting firm to audit the Company's 2015 and 2016 financial statements.
"We are taking the necessary steps to provide a higher level of transparency for our shareholders, investors and market makers as well as facilitate our executed agreement with GPL Ventures," stated Gordon Scott Venters, CEO of The Movie Studio Inc.
Pursuant to the executed Securities Purchase Agreement, the Company at its sole and exclusive option, may issue and sell to GPL shares of the Company's common stock equal to a value of up to Five Million Dollars ($5,000,000). The agreement requires that The Movie Studio file an S-1 Registration Statement and that it is deemed effective by the SEC qualifying the Company's Shares under Regulation A. Upon the S-1 Registration being deemed effective, the Company may now elect to trade on the OTCQB, OTCQX or other larger national markets subject to meeting minimum requirements.
In related news, on May 4th, 2017 OTC Markets announced that current Alternative Reporting Companies such as The Movie Studio are now eligible for the OTCQB Venture Market with the following requirements.
NEW OTCQB VENTURE MARKET MINIMUM REQUIREMENTS:
- U.S. companies must have audited annual financials by a PCAOB auditor.
- Minimum bid price of $0.01 per share for thirty consecutive days prior to listing
- The Board of Directors must consist of two independent officers/directors
- The Audit Committee must consist of two independent officers/directors
More information on the new OTCQB minimum requirements is available on the OTC Markets website. http://www.otcmarkets.com/services/companies/otcqb/requirements
According to OTC Markets the new standards give Alternative Reporting Companies an efficient way to raise their profile among investor and broker dealer communities, access greater liquidity and trade on an SEC recognized market, removing the trading restrictions placed on Pink Market securities.
Charles Miller, COO of The Movie Studio, stated, "The new OTCQB requirements could accelerate the Company toward its goal of moving up from the OTC Pink Market. This is welcome news for the Company and its shareholders."
About The Movie Studio Inc.
The Movie Studio, Inc. is a vertically integrated motion picture production and distribution Company with completed motion picture and production assets. The Company acquires, develops, manufactures, and distributes independent motion picture content for worldwide consumption in Theatrical, Video on Demand (VOD), Foreign Sales and on various media devices. For more information, visit http://themoviestudio.com/.
Forward Looking Statements and Disclaimer
Statements made in this press release that express the Company or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe," "expect," "intend," "estimate," "anticipate," "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company's actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. The Company cannot guarantee future financial results; levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. No information contained in this press release should be construed as any indication whatsoever of the Company's future financial performance, future revenues or its future stock price. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. No information in this press release should be construed as any indication whatsoever of the Company's future revenues or results of operations.