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Dec. 10, 2003: TouchTunes Will Return To Privately Held Status; IT Appoints AVS, Renews Green Coin

Posted On: 12/10/2003

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TOUCHTUNES TO CONSOLIDATE STOCK, END PUBLIC TRADING

CHICAGO -- TouchTunes Music Corp. will remove its stock from public trading after executing a financial maneuver to consolidate shares with a view toward reducing the number of shareholders. And official statement said: "The board of directors took this action after determining that the direct and indirect costs to TouchTunes of remaining a publicly traded company outweighed the benefits to its stockholders of doing so." The vehicle for this shift in status is a reverse stock split that will leave TouchTunes with fewer than 300 shareholders. TouchTunes' Board of Directors will determine the precise exchange ratio used to effect the reverse stock split, prior to the effective date. In lieu of issuing fractional shares, TouchTunes will pay cash to stockholders ($0.50 per pre-split share). Then, the company will terminate the registration of its Class A voting common stock. This will end TouchTunes' obligations as a public company under U.S. securities laws, and will result in the delisting of its common stock from trading on NASDAQ's Over-the-Counter Bulletin Board, officials said. One effect of the delisting will be to make TouchTunes' business activities less transparent. As a publicly traded company, TouchTunes has been obliged to issue quarterly reports on gains and losses, and has revealed many specific sales statistics -- the only major jukebox manufacturer to do so.

 

IT APPOINTS AVS, RENEWS GREEN COIN

ARLINGTON HEIGHTS, IL -- Incredible Technologies, makers of "Golden Tee Golf" and "Big Buck Hunter" video games, reached a new distribution agreement this week with American Vending Sales, based in Elk Grove Village, IL. AVS -- www.americanvending.com -- becomes an IT distributor effective immediately. IT executives cited the dealer's expertise and experience as key assets that will help extend market penetration and support its products in the field. Additionally, IT renewed its sales relationship with Green Coin, an equipment distributor based in Myrtle Beach, SC.


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