SAINT PETERSBURG, Fla., March 16, 2015 (GLOBE NEWSWIRE) -- Stargaze Entertainment Group Inc. (Pink Sheets:UMNGD) ("Stargaze" or the "Company"), formerly UMining Resources Inc., an entertainment production and distribution company, announced today that its Board of Directors and FINRA have approved a name change and a reverse split of the Company's common stock at a ratio of 1-for-125, effective at the open of trading of March 12, 2015.
"The new company name and ticker symbol serve to better reflect the exciting potential of Stargaze Entertainment Group Inc.," says Mr. Tony Green, President and CEO. "The implementation of these changes speaks to our resolve in restructuring this company and upholding our commitment to the shareholders. We have successfully reached our first corporate milestone towards our goal of becoming an active player in the international entertainment industry. Our management team aims to distinguish itself and specialize in the creation, production and distribution of original media content."
The Company's ticker symbol will be UMNGD for 20 trading days to designate that it is trading on a post-reverse split basis. Stargaze Entertainment Group's post-split common stock will trade under the new CUSIP Number 85529E102. As a result of the reverse stock split, each 125 pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the respective holders, and the number of outstanding common shares will be reduced to approximately 5.99 million shares. The Company's transfer agent, Manhattan Transfer Registrar Co., will provide instructions to stockholders regarding the process for exchanging shares.
The Company also changed its ticker symbol to STGZ, which will take effect twenty (20) business days from March 12, 2015.
About Stargaze Entertainment Group Inc.,
Stargaze Entertainment Group Inc. (UMNGD) is an entertainment production and distribution company focused on the creation and distribution of music, films and television shows. Mr. Tony Green, President and CEO of Stargaze Entertainment Group, is an award winning filmmaker, music producer and songwriter with extensive entertainment industry experience. The company also pursues growth through strategic partnerships in an effort to become a competitive player in the digital distribution industry.
Safe Harbor Statement:
This release contains forward-looking statements that involve risks and uncertainties, including without limitation, forward-looking statements relating to the company's financial prospects and other projections of its performance, the existence of new market opportunities and interest in the company's products and solutions, and the company's ability to increase its revenue and regain profitability by capitalizing on these new market opportunities and interest and introducing new products and solutions. Among the important factors that could cause actual results to differ materially from those expressed or implied in the forward-looking statements are changes in demand for the company's products, new and changing technologies, and the company's ability to compete effectively with other companies. These and other factors discussed in the company's filings with the Securities and Exchange Commission, OTC Markets, Inc., and others, could cause actual results to differ materially from those expressed or implied in any forward-looking statements. The forward-looking statements contained in this release are made on the basis of the views and assumptions of management regarding future events and business performance as of the date of this release, and the company does not undertake any obligation to update these statements to reflect events or circumstances occurring after the date of this release.
CONTACT: Mr. Tony Green President and CEO Stargaze Entertainment Group Inc. email@example.com Tel. 438-828-4482Source:Stargaze Entertainment Group Inc.