|Sungold and its’ subsidiary Horsepower Broadcasting Network (HBN) International Ltd. (“HBN”) are proud to jointly announce the appointment of Melvin Reeves to the Sungold Board of Directors and to HBN as Chief Operating Officer.|
Mr. Reeves has been a member of the Law Society of British Columbia and the Canadian Bar Association for over twenty-two years. Combined with his Bachelor of Commerce degree in finance and his Masters Degree in International Business, he brings over thirty years’ business experience to Sungold, including CEO, COO, CSO, CFO and General Counsel experience. Mr. Reeves is sensitive to regulatory, governmental and online technology issues and is a past member of the Canadian Governor General’s Canadian Study conference on the Impact of Changing Technology on Canadians. Mr. Reeves has been a principal and operator in three RE/MAX franchises in North America representing the interests of franchisors and realtors for over twelve years. As Chairman & CEO of Impark Services Ltd., Canada’s largest parking services group with over 70% of the Canadian market, he successfully executed an operating strategy that significantly increased revenues and profitability.
Mr. Reeves is noted for his clear vision, development, execution of strategic operational plans, and leading exceptional executive teams with decision-making responsibility for growth oriented international firms seeking to optimize profitability and market share. Mr. Reeves will report directly to Mr. Hart, CEO and President of HBN.
Mr. Reeves B. Comm., M. Sc., LLb., age 50 is married for fourteen years with two children, is a past President of the University of British Columbia Alumni Association and a member of the University of British Columbia Westbrook Society.
In welcoming Mr. Reeves to the Board of Directors and as Chief Operating Officer of Horsepower Broadcasting Network (HBN) International Ltd., Mr. Hart, Chief Executive Officer & President, stated, “We have found the perfect candidate with the extensive legal, finance and successful international business operating experience to execute our Horsepower World Pool global expansion plan”.
Mr. Reeves has been granted 750,000 incentive stock options in Sungold, exercisable at $0.10 USD per share for five (5) years on or before January 24, 2008.
PRIVATE PLACEMENT COMPLETED
Mr. Melvin R. Reeves has invested $200,000. USD in a Private Placement of 2,000,000 units, each unit is comprised of one common share of Sungold Entertainment Corp. and a warrant to purchase an additional share at an exercise price of $0.10 USD per share until January 24, 2006. The offer and sale was not registered under the Securities Act of 1933 and no securities may be offered or sold absent an applicable exemption from the registration requirements of the Securities Act of 1933.
HBN is a wholly owned subsidiary of Sungold trading as SGGNF (OTCBB). www.horsepowerworldpool.com is a real time, pari-mutuel world jackpot pool designed primarily for racetracks of all breeds. Horsepower World Pool is based on a completely random, equal chance, virtual horserace, run online every 90 seconds. Horsepower World Pool has been tested to international lottery standards. The HBN corporate mission is to establish www.horsepowerworldpool.com as the leading jackpot pool worldwide.
This news release may contain forward-looking statements. Forward-looking statements address future events and conditions based on the opinions and estimates of management and, therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. The reader is cautioned not to place undue reliance on forward-looking statements.
CONTACT: Sungold Entertainment Corp.
Investor Relations, 888/669-9580