Earthworks Entertainment, Inc. (Pink Sheets:EWKE), announced today that the Company is in the process of negotiating a recapitalization agreement with its senior lender and has hired a new management team.
Earthworks board member Paul Ghera (who is stepping down as CEO) made the announcement today and said, “Earthworks is in the process of re-negotiating its capital structure with our senior lender as well as acquiring alternative financing for the Company. Additionally, the board has elected new officers of the Company. Steven Humphries has been named CEO and Dave Wange has been named CFO effective immediately.”
Steven Humphries, who was named Chief Executive Officer is the CEO of Humphries Marketing Group, LLC (HMG) and CEO of DealerAdvance, Inc. Humphries is a 30-year broadcasting industry veteran and considered a pioneer in the Spanish Broadcasting Industry. Humphries held executive positions with Spanish Broadcasting System and Heftel Broadcasting Corp. and Caballero Television. In 1998 he co-founded MasMusica TeVe, the first Spanish Music Video Network in the USA, which was sold to Viacom.
Dave Wange, who was named Chief Financial Officer, is the CFO of DealerAdvance, Inc. Prior to DealerAdvance, Wange was in the financial consulting industry where he advised clients on Finance and Accounting, and Internal Audit and Sarbanes-Oxley compliance since 2003 through his own company and others.
Effective with the Management change the corporate offices will now be located in Texas. The new address of the Company is: 16801 Addison Road, Suite 310, Addison, TX 75001.
The statements contained in this press release that are not historical facts are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934 (“the Securities Act”), as amended and the Private Securities Litigation Reform Act of 1995. Such forward-looking statements may be identified by, among other things, the use of forward-looking terminology such as “believes,” “expects,” “may,” “will,” “should,” or “anticipates” or the negative thereof or other variations thereon or comparable terminology, or by discussions of strategy that involve risks and uncertainties. In particular, the statements regarding the anticipated growth in the markets for the technologies, the continued development of our products, the approval of our Patent Applications, the successful implementation of our sales and marketing strategies, the anticipated longer term growth of our business, and the timing of the projects and trends in future operating performance are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of revenues due to the uncertainty of market acceptance and the timing and completion of pilot project analysis, and other factors, including general economic conditions, not within our control. The factors discussed herein and expressed from time to time in our filings with the Securities and Exchange Commission could cause actual results to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this filing and we undertake no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
Earthworks Entertainment, Inc.
Steve Humphries, 214-866-0606 Ext.
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