Mega View Digital Entertainment Corp. announces Share Consolidation, Record Date for Annual and Special Meeting, Resignation of Director, Appointment of New Directors, and Loan Transactions

June 20, 2012 4:16 PM EDT | Source: Mega View Digital Entertainment Corp.

Toronto, Ontario--(Newsfile Corp. - June 20, 2012) - Mega View Digital Entertainment Corp. (NEX: MVD.H) (“Mega View” or the “Company”) is pleased to announce that the Company will consolidate its common shares (the “Shares”) on the basis of the range of between one (1) post-consolidation Shares for between three (3) and ten (10) pre-consolidation Shares (the “Consolidation”), subject to the approval of the TSX Venture Exchange and the Company’s shareholders (the “Shareholders”). The Company also advises that it will send materials relating to this year’s annual and special meeting, to be held on August 30, 2012, to securityholders of record as of July 17, 2012.

Implementation of the Consolidation will not materially affect the percentage ownership of the Shareholders and the Consolidation will merely proportionally reduce the number of Shares held by the Shareholders.

As at the date hereof, there are an aggregate of 10,223,928 pre-consolidation Shares are issued and outstanding. It is expected that, upon implementation of the Consolidation, there will be an aggregate of approximately a maximum of 3,407,976 post-Consolidation Shares issued and outstanding assuming a one (1) for three (3) Share exchange ratio or approximately a minimum of 1,022,392 post-Consolidation Shares issued and outstanding assuming a one (1) for ten (10) Share exchange ratio.

In the event the implementation of the Consolidation would otherwise result in the issuance of a fractional Share, no fractional Share will be issued and such fraction will be rounded up or down to the nearest whole number. In addition, the number of Shares issuable upon the exercise of any outstanding incentive stock options or any other convertible securities of Mega View will be proportionally adjusted upon the implementation of the Consolidation. Notwithstanding approval by the Shareholders, the board of directors of Mega View may, in its sole discretion, revoke the special resolution approving the Consolidation at any time prior to its implementation.

It is management’s view that the Consolidation is in the best interests of the Shareholders, as it is anticipated that the post-consolidation market price per Share may facilitate further financing activities. In addition, management believes that the Consolidation will make investing in the Shares more attractive to a broader range of institutional investors and other members of the investing public. Mega View will not be changing its name or its trading symbol in conjunction with the Consolidation.

Resignation of Director

Mr. William Ip, CA, due to personal reasons, has tendered his resignation as a director of Mega View effective June 15, 2012.

Appointment of Directors

By resolutions of the Board of Directors, Mr. Philip Chong and Mr. Paul CK Chan have been appointed as directors of Mega View.

Mr. Chong has nearly 30 years of international business and investment experience. He spent the first 9 years of his career in the banking industry in both Hong Kong and Toronto, with responsibilities in project finance, corporate finance, trade finance, M&A and investment banking at CITIC Ka Wah Bank, Ltd. and Canadian Imperial Bank of Commerce. For the past 20 some years, Philip has been a highly successful entrepreneur. He established and has been managing KNP Group, Inc. in Toronto, a manufacturer and distributor of fashion accessories with offices and facilities in Toronto; Vancouver, BC; Buffalo, NY; Sydney, Australia and Shanghai, China. An active investor, Mr. Chong has made many investments in various industries including real estate, data centers, digital cinema, bio-fuel, sporting goods, organic and life science products, and thermal energy. He has received a Business Administration degree from Concordia University, Montreal, Quebec in 1980.

Paul Chan is a Chartered Accountant holding a public accountant licence in Ontario, Canada. Paul has been in public practice and running his own practice since 2002. Prior to that, Paul has worked in two worldwide firms, Coopers & Lybrand (now PWC) and KPMG LLP in financial reporting and advisory services. He has received a Bachelor of Administrative Studies degree from York University, Toronto, Ontario in 1993.

Loan Transactions

Directors of Mega View have advanced a total of $75,000 to Mega View on an interest-free and unsecured basis to provide working capital. These loans are payable on demand.

ON BEHALF OF THE BOARD OF DIRECTORS

For further information:

Mega View Digital Entertainment Corp.
Si Quan
Chief Executive Officer
Tel: 647.478.8468
Fax: 905.475.9511

CAUTIONARY STATEMENT: Neither the TSX-V nor its Regulation Services Provider (as that term is defined in the policies of the TSX-V) accepts responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain “forward-looking statements”. All statements other than statements of historical fact, included in this release, including, without limitation, future plans and objectives of the Company, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s expectations are the risks detailed herein and from time to time in the filings made by the Company with securities regulators.

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