LOS ANGELES, May 2, 2014 (GLOBE NEWSWIRE) -- StarStream Entertainment, Inc. (OTCQB:SSET) ("StarStream" or the "Company"), announces a reverse split of its outstanding common stock at a ratio of 1-for-3. The reverse stock split will be effective with FINRA (the Financial Industry Regulatory Authority) and in the marketplace at the open of business May 7, 2014, whereupon the stock will begin trading on a split-adjusted basis. The Company's trading symbol on May 7, 2014 will temporarily change to "SSETD" and continue for a period of 20 business days from that date, after such time, the symbol will revert to the original symbol of "SSET".
As a result of the reverse stock split, the Company's issued and outstanding shares of common stock will decrease to approximately 17.9 million post-split shares from approximately 53.7 million pre-split shares.
As a result of the reverse stock split, each three shares of common stock held by each stockholder will be converted automatically into one share of common stock, with fractional shares rounded up to the next whole share. No fractional shares will be issued, and no cash or other consideration will be paid.
Stockholders who are holding their shares in electronic form at their brokerage firms do not have to take any action as the effects of the reverse stock split will automatically be reflected in their brokerage accounts. No further action is required for stockholders holding paper certificates. Certificates representing pre-split holdings will be deemed to represent the stockholder's post-split holdings until such time as the stockholder presents the certificate to the Company's transfer agent, whose contact information appears below.
Island Stock Transfer
15500 Roosevelt Boulevard
Clearwater, FL 33760
About StarStream Entertainment:
StarStream Entertainment is a theatrical motion picture production and financing company focused on producing and financing edgy, high quality motion pictures with strong cast and lean budgets for a commercial audience. http://www.starstreamentertainment.com/
Certain statements contained herein may be forward-looking and involve risks and uncertainties. Such forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of those forward looking statements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. Such potential risks and uncertainties include, without limitation, the substantial investment required to produce and market films, increased cost to produce and market motion pictures, our ability to raise capital, unpredictability of the commercial success of our motion pictures, the effects of disposition of businesses or assets, technological changes and other trends affecting the entertainment industry, and the risk factors as set forth in StarStream's Annual Report on Form 10-K filed with the Securities and Exchange Commission on April 11, 2014.
CONTACT: Investor Relations RedChip Companies, Inc. Mike Bowdoin, Vice President 800-733-2447, ext. 110 firstname.lastname@example.orgSource:Starstream Entertainment