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); 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.
Racino Royale, Inc. is a development stage company that is quoted on the
NASD Over-the-Counter-Bulletin-Board and trades under the symbol RCNR. The
company recently entered into a non-binding Letter of Intent to acquire
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 further information:
For further information: John G. Simmonds, Eiger Technology, Inc.,
Telephone: (416) 477-5656, Ext. 301