HOLLYWOOD, Calif., Nov. 8, 2012 /PRNewswire/ -- Stereo Vision Entertainment Inc (OTC:SVSN) announced today that the Board of Directors unanimously extended Jack Honour's CEO contract for three years.
"Stereo Vision's made it through some difficult economic times," said Stereo Vision's CEO Jack Honour. "It's been a challenge navigating the Company through our nation's troubled corporate waters. With much of the Company's stock that's currently being sold into the market being tax loss selling, desperation selling, and stock that was issued for services that were never performed or underperformed, it's caused undue pressure on our market price. Management and legal are aggressively seeking remedies to this. None of the Company's Officers, Directors, or Principals sold any stock into the market in the last several years. As part of my signing on for three more years, the Company's Officers and Directors have agreed to a one year lock up for all of their SVSN shares. With the approximate $.10 per share book value from our NOI, added to the value of our intellectual properties, our wholly owned subsidiary REZN8, and our minority owned subsidiaries, we feel that due to the current climate of the markets our current market share price is substantially undervalued and a real bargain."
"Our future looks much brighter. With the 3D industry continuing its meteoric rise in popularity and the combined management teams of Stereo Vision and its subsidiaries coming together to give their all for the Company, we expect 2013 to be a turnaround year. Additionally, counsel has notified management that we can expect guidance from the SEC within a week relative to crowd 'equity' fundings. We tried a crowd 'pledge' funding for our film "Three Dimensions of Jerusalem" without success. We believe with our being able to as of January 1st advertise online for investors for our faith based films, and be able to sell ownership in them to the general public instead of having to deal with predatory VC's, studios, or Wall Street broker/dealers, we're entering a new and exciting era for independent filmmakers. Stereo Vision is currently very well staffed and positioned to capitalize on this opportunity."
REZN8 Inc. - (http://rezn8.com) Founded in 1987 the 9 time Emmy Award winning Hollywood based REZN8 is a Stereo Vision wholly owned subsidiary. REZN8 is well known for developing the media vision for a broad spectrum of domestic and international clients across a wide range of platforms including broadcast, film, Internet, wireless, and video games. REZN8 is an acknowledged leader in 3D broadcast graphics and animation, and is a pioneer in the design and development of graphical user interfaces (GUI). REZN8 has developed identity packages for, NBC, ABC, CBS Sports, Entertainment Tonight, Fox, HBO, VH-1, Sci-Fi Channel, and Showtime. REZN8 has also been one of Microsoft's primary outside design sources for graphical user interface (GUI) including GUI design and development for Microsoft XBOX, Microsoft Home Media Center, Microsoft Windows XP, and Microsoft's Home of the Future.
Stereo Vision Entertainment Inc. – (http://stereovision.com) Founded in 1999, Stereo Vision is a publicly traded company whose business is driven by the acquisition, development, and production of cutting edge 3D media assets. Responding to the exponential growth of demand for 3D software and hardware, Stereo Vision is developing and marketing a wide variety of 3D content and the associated technologies for these rapidly expanding markets. (http://Facebook.com/TeamS3D)
Safe Harbor Statement: Except for historical information, this news release may contain "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, as amended.
Contact: Jack Honour 818-326-6018 firstname.lastname@example.org
SOURCE Stereo Vision Entertainment Inc.