Buyer Group International Inc. (BYRG.PK) Applies for DTCC Eligibility; Modifies Application for State of Texas Moving Image Industry Film Guarantee Valued at an Estimated $2 Million Buyer Group International Inc. has made formal submittals to DTCC for eligibility of BYRG.PK stock for book entry systems and also filed for the State of Texas Moving Image Industry Film Program credits valued at approximately $2 million on feature motion picture "BLOOD WILL TELL."
DALLAS, Jan. 17, 2012 /PRNewswire/ -- BUYER GROUP INTERNATIONAL INC. (BYRG.PK) – citing a third party formal legal opinion submitted application to DTCC requesting that BYRG.PK shares be noted as eligible for deposit into DRS, ACAT, or other book entry system fulfillment. Buyer Group International Inc. expects approval to better facilitate liquidity and transparency in share exchanges and transfers by increasing the speed by which exchanges and transfers take place and lowering the overall cost of facilitating share transfers for shareholders and Buyer Group alike.
In addition to the DTCC application, Buyer Group International Inc. has submitted an application to the Texas Film Commission for the Texas Moving Image Industry Incentive Program. The incentives, when calculated on in-state labor spending should generate an estimated $2 million in revenue from State of Texas guaranteed credits on in-state spending approximating $7 million, upon acceptance. Credits are regulated and administered by the Office of the Governor of the State of Texas and allocated by the Film Commission, and as such carry an 'AA+' credit rating by S&P. Final adjustments to the itemized Texas spending budget are being made and will be submitted by week's end. Once, this final item is cleared by the State the application is expected to be approved quickly.
David Bryant, Buyer Group International CEO, states "Texas has long been a great place to do business. With the Film Commission's anticipated approval of these credits, we expect to add $2 million to the production value of the feature film upon establishing principal filming. The incentivized revenues are crucial to retaining productions and jobs for the state and every state should look at every way possible to create jobs for its citizens. We are happy to be a part of this process."
Buyer Group International, Inc. (BYRG.PK) in connection with its capital fund partners will expect to grow its operating holdings in the entertainment industry to a total of $100 million within 5 years. By managing high net worth assets Buyer Group International Inc. continues to grow its capital base while generating capital returns to investors exceeding traditional funds.
Information may be found at www.buyergroupint.com as it is released to the public.
News for BYRG is located at http://www.buyergroupint.com/news.html
Safe Harbor Statement - This release includes forward-looking statements within the meaning of Section 27A & 27E of the Securities Act of 1933, 1934. Statements herein that are not historical facts are deemed forward-looking statements based upon management's current expectations. Investors are cautioned that forward-looking statements are inherently uncertain and subject to risks and uncertainties that could cause actual results to differ materially from those set forth and management undertakes no obligation to update or revise such statements. Actual performance results may differ materially from those suggested herein due to uncertainties including, without limitation, ability to obtain financing, regulatory and shareholder approval, and the ability to attract or retain key management personnel.
SOURCE Buyer Group International Inc.