Eiger unveils restructuring - Acquires Tradename "GameCorp"
TORONTO, Feb. 19 /CNW/ - Eiger Technology Inc. (TSX: AXA, OTCBB: ETIFF) ("Eiger" or the "Company") announces that it intends to seek shareholder approval to change its name from Eiger Technology Inc. to GameCorp Inc. Additionally, the Company will seek shareholder approval at its upcoming AGM to carry out a one for twenty consolidation of its common shares.
The Company's annual shareholder meeting (the "AGM") is scheduled for 10:00am on Tuesday, March 26, 2008 and will be held at 144 Front Street West, Suite 700, Toronto, Ontario.
The Company has recently acquired from TrackPower, Inc. (OTCBB: TPWR - News); 1) the tradename "GameCorp" and, 2) 200,000,000 common shares, in exchange for $200,000; $100,000 of which was paid on January 31, 2008 and the remaining $100,000 to be paid on March 15, 2008. TrackPower is a public company involved in the gaming industry and is considered a related party due to having certain officers in common with Eiger. The abovementioned transactions are subject to regulatory approvals as are the proposed share consolidation and name change.
Additionally, Eiger's Board of Directors announces that it plans to proceed with a rights offering to shareholders in order to generate additional investment capital for the Company. Management intends to circulate details of the planned rights offering along with the necessary legal documentation after regulatory approval has been granted. At this time, the rights offering terms have not been determined.
Mr. John Simmonds, CEO of Eiger stated, "Since year-end we've taken several steps to reorganize the Company's business affairs. The name change will better reflect the future direction of the organization. We believe there are several attractive gaming related opportunities available that should generate significant returns for our shareholders. The share consolidation and rights offering is intended to position the Company to attract the additional capital required to build shareholder wealth through planned investments in the gaming industry."
Eiger Technology, Inc., headquartered in Toronto, Ontario, is a management company that trades under the symbol AXA on the TSX Exchange and under the symbol ETIFF on the NASD Over-the-Counter-Bulletin-Board. For more information please call (416) 477-5656 or refer to www.sedar.com.
About TrackPower Inc.
To date, TrackPower has focused on acquiring interest in horseracing and gaming facilities. It holds approximately a 5.4% membership interest in American Racing and Entertainment, LLC, which operates in the horseracing, resort, and gaming industry in New York. The company was founded in 1987 and is currently based in New York, New York.
This release includes projections of future results and "forward-looking statements" as that term is defined in Sections 27A of the Securities Act of 1933 as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934 as amended (the "Exchange Act"). All statements that are included in this release, other than statements of historical fact, are forward-looking statements. Although management believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Important factors that could cause actual results to differ materially from the expectations are disclosed in this release, including, without limitation, in conjunction with those forward-looking statements contained in this release.
The management of the company, who take full responsibility for its content, prepared this press release. The Toronto Stock Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This press release contains forward-looking statements relating to future events and results that are based on Eiger's current expectations. These statements involve risks and uncertainties including, without limitation, Eiger's ability to successfully develop and market its products, consumer acceptance of such products, competitive pressures relating to price reductions, new product introductions by third parties, technological innovations, and overall market conditions. Consequently, actual events and results in future periods may differ materially from those currently expected.
For more information, please contact:
TrackPower Inc.
John Simmonds
Chairman and CEO
(905) 833-9845 ext. 223
(905) 844-9847 (FAX)
jgs@trackpower.com
or
Michael Connell
Director
(416) 463-8913 ext. 230
Email: info@trackpower.com