CLEARWATER, Fla., May 27, 2011 /PRNewswire/ -- ValCom, Inc. (VLCO.PK) today issued a statement pertaining to decisions recently made by the company's board of directors and CEO that relate to the company's stock and shareholders.
In the 1st quarter of 2011, an appraisal was conducted by DOS Broadcast and Appraisal Services to determine an accurate value of content owned by the company. The appraisal has revealed that royalties of up to $5 Million are due to ValCom. The company announced that it is considering providing a portion of these revenues as a dividend to ValCom shareholders once the company's debt is retired.
"We have shareholders who have gone through ValCom's hard times and are dedicated to the company," stated Vince Vellardita, President and CEO of ValCom, "We're considering taking some of these funds to provide shareholders with a long awaited reward."
In addition, the company provided information pertaining to a reverse stock split option that shareholders authorized the Board of Directors to implement at their discretion. The Board has decided that a reverse stock split at this time would not be in the best interest of shareholders. The Board will again review the matter of a reverse split in 8 months and take the appropriate action based on market conditions and share price at that time.
About ValCom, Inc.
Based in Clearwater, FL, ValCom, Inc. is a diversified, fully integrated, independent entertainment company that has been in operation since 1983. ValCom, Inc., through its operating divisions and subsidiaries, creates and operates full service facilities that accommodate film, television and commercial productions with its four divisions comprised of television and film production, broadcasting (My Family TV Network), distribution, and live theatre. ValCom's client list consists of all of the majors such as MGM, Paramount Pictures, Warner Bros, Disney, CBS, Sony, NBC, Phantom of the Opera, HSN, and more. For more information, please visit the company's website at www.valcom.tv.
Note About Forward-Looking Statements
With the exception of historical information, this press release may contain forward-looking statements as that are made pursuant to the "safe harbor" provisions as defined within The Private Securities Litigation Reform Act of 1995 (the "PSLRA"). Forward-looking statements may be identified by words including "anticipates," "believes," "intends," "estimates," and similar expressions. In addition, any other statements which contain characterizations of future events or circumstances are forward-looking statements. These statements are based upon management's current expectations as of the date of this press release. Actual results may differ materially from the expectations contained in this press release due to a number of risks and uncertainties relating to our business which are discussed in detail in the Company's periodic filings with the Securities and Exchange Commission. ValCom, Inc. does not undertake any responsibility to publicly update any forward-looking statements to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
Investor Relations
Ingrid Clavijo
(727) 953-9778
SOURCE ValCom, Inc.
