HARBIN, China, Jan. 13 /PRNewswire-FirstCall/ - Eline Entertainment Group Inc. (EEGI, www.elineentertainment.com) and the incoming CEO Ms. Hong Wei would like to address several issues regarding the company's new and exciting business model and updates on company's Pink Sheets', administrative and financial standing.
The new CEO to Eline Entertainment Group Inc., Ms. Hong Wei, said, "As first order of business, we are happy to welcome and introduce our new subsidiary Innovation Investment Group (Inn Group). The company operates high-profile educational Training Centers across China. The Training Centers meet international educational standards and are in high demand on China's Educational market. The company plans to grow tenfold by 2012, and Eline couldn't find a better candidate to rise from the ashes.
As part of our internal restructuring, EEGI commenced the process of appointing new officers and directors, including the appointment of Ms. Hong Wei as the new CEO, and CFO. See Pink Sheets' filings.
Regarding our new subsidiary, we are happy to announce that we launched a new Inn Group website, http://www.elineentertainment.com/, and we invite all investors, present and potential, to review our solid business model and future plans for our enterprise.
Further, regarding company's administrative, Pink Sheets' and financial standing, we have filed our Adequate Disclosure with Pink Sheets to remove the Caveat Emptor, 'Skull and Bones', symbol, and raise the company's rating. The files are currently under the review and we don't expect any setbacks in accomplishing this. We expect to trade our security without any warning signs restrictions as soon as we've also completed all the required filings to achieve full transparency with Pink Sheets.
Moreover, we have arranged for financial assistance with several accredited investors and the new management has received satisfactory court order that raised the company from its 'Issuer in Distress' standing. Court order was filed with Pink Sheets.
Lastly we also negotiated the settlement for all debts accumulated by previous managements. Eline Entertainment intends to settle these debts in good time and arranged non-toxic financing to clear these matters. The company has entered a new era of growth and wishes to keep its shield clean".
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Information in this news release may contain statements about future expectations, plans, prospects or performance of Eline Entertainment Group Inc. that constitute forward-looking statements for purposes of the Safe Harbor Provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be", "expects", "may affect", "believed", "estimate", "project" and similar words and phrases are intended to identify such forward-looking statements. Eline Entertainment Group Inc. cautions you that any forward-looking information provided by or on behalf of Eline Entertainment Group Inc. is not a guarantee of future performance. None of the information in this press release constitutes or is intended as an offer to sell securities or investment advice of any kind. Eline Entertainment Group Inc.'s actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond Eline Entertainment Group Inc.'s control. In addition to those discussed in Eline Entertainment Group Inc.'s press releases, public filings, and statements by Eline Entertainment Group Inc.'s management, including, but not limited to, Eline Entertainment Group Inc.'s estimate of the sufficiency of its existing capital resources, Eline Entertainment Group Inc.'s ability to raise additional capital to fund future operations, Eline Entertainment Group Inc.'s ability to repay its existing indebtedness, the uncertainties involved in estimating market opportunities, and in identifying contracts which match Eline Entertainment Group Inc.'s capability to be awarded contracts. All such forward-looking statements are current only as of the date on which such statements were made. Eline Entertainment Group Inc. does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.
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SOURCE Eline Entertainment Group Inc.