MIAMI, Dec. 18, 2007 (PRIME NEWSWIRE) -- Titan Global Entertainment, Inc. (Pink Sheets:TGLI) announces that the Board of Directors has completed its restructure of the company which was started in November 2006. As part of the restructure, the Board of Directors has accepted the resignation of its Chairman and CEO, Jim Pugh. Mr. Pugh guided the restructure process and has completed his commitment to the Company. Mike Manocchio has worked as Chief Operating Officer for the last four years and has been appointed as Chairman and President of the Company.
The restructure plan announced in November 2006 included four strategic points approved by the Board of Directors.
1. Increase the size of the Board membership to seven members.
The Board of Directors is interviewing potential Board of Director
candidates.
2. A change in business structure creating three business units
providing management support in meeting the Company's business
objectives. These three business units include the Artist Record
Distribution, a technology unit focusing on Virtual Distribution
and a licensing unit focusing on the private label of the
Virtual Distribution system.
3. Hiring of key executives to fill the leadership positions
of the newly created business units. New management personnel
were hired throughout 2007.
4. A recapitalization plan that includes both short and long
term financing objectives. The Company recently completed a
reverse stock split of 1 to 600 in support of its
recapitalization efforts.
"We are excited about completing the restructure and what these changes will mean to the shareholders of the Company. We want to publicly thank those who have worked with us behind the scenes to get us to this point. This is an extremely significant event in the growth of the Company. We also want to thank Mr. Pugh for his dedication to the Company and wish him well in his new endeavors," said Mike Manocchio, President of Titan Global Entertainment, Inc.
Titan Global Entertainment, Inc. is a multi-faceted entertainment company that specializes in audio and video digital distribution through its state of the art web portal -- TitanTunes.com, the design, production and sale of four multi-media players (The Omni), traditional record production and marketing through Universal Music Group distribution, television, publishing and artist management. Titan is dedicated to supplying new emerging technologies for music to talented artists of various backgrounds on the worldwide web. www.ecomm3.com
Safe Harbor -- This press release includes forward-looking statements that involve risks and uncertainties, including, but not limited to, product delivery, the management of growth, market acceptance of certain products and other risks. These forward-looking statements are made in reliance on the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. For further information about these factors that could affect Titan Global Entertainment, Inc. future results, please contact the Company directly. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially from management expectations.