CARDIFF, Calif., Nov. 16 /PRNewswire-FirstCall/ -- The Blackhawk Fund (BULLETIN BOARD: BHWF) , said today that it was restating and reducing the Company's projections for estimated results of operations for 2007.
In October of 2007, Blackhawk was forced to terminate its relationship with Maximum Impact Television Group, as a result of failure of that company to produce media properties in a timely manner. The Company has made a transition to a local media firm who is now providing it with production services.
As a result of the Maximum Impact relationship, Blackhawk has reduced its forecast of revenues for fiscal 2007. Sales revenues at the end of the 3rd quarter were up by 510%, compared to 3rd quarter 2006. Management now estimates that gross revenues for the year will fall in the range of $400,000 to $500,000.
Despite the loss of Maximum Impact and the reduction in revenue, Management stated that the Company has still made some good progress with the Media Division this year. In addition, The Company is negotiating with several prominent individuals and corporations, which should continue the growth through 2008.
This Release contains 'forward-looking statements' within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and is subject to the safe harbor created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to many risks and uncertainties. For those statements, the Company claims the protection of the safe harbor for forward-looking statement provisions contained in the Private Securities Litigation Reform Act of 1995 and any amendments thereto. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, estimates, objectives, goals, assumptions, or future events or performance are not statements of historical fact and are 'forward-looking statements.' 'Forward-looking statements' are based upon expectations, estimates and projections at the time the statements are made, but involve a number of risks and uncertainties, any of which could cause actual results or events to differ, perhaps materially, from those anticipated.
