Agenzia Mediterraneo Islands Begins Trading on VSTEX, Replaces Mediterraneo OC

The lengthy affair of Mediterraneo OC(MED : VSTEX) has come to a conclusion, with Agenzia Mediterraneo Islands (AIM: VSTEX) becoming the newly renamed firm.

MED(VSTEX) was halted for financial non-compliance on November 3rd, and CEO Wladjmir Panacek proposed a "going forward" plan after numberous attempts to arouse his attention.

"Agenzia Mediterraneo Islands (AMI) is the result of a reverse merger involving our issuer Mediterraneo OC (MED)," VSTEX Communications and Public Relations Director Samantha Goldflake stated in the official press release, "The new company replaces MED to all extents. MED shareholders, getting a 1:1 shares conversion, approved the reverse merger and decided to trade under the new name. In about 24 hours since their vote, AMI is set up and running on our exchange. Once again our staff provided a fast response and allowed for a smooth transition from the old company to the new one."

"Agenzia Mediterraneo Islands isn't in any way related to a company listed on the WSE and trading under the same symbol," Goldflake added.

How exactly AMI(VSTEX) will differ from it's previous incarnation is not completely clear, as Wladjmir Panacek is still CEO, but RL firm HSO Slr--which is a constructor of unique real life statues in marble and emidrate chalks--is the AMI(VSTEX) "sponsor" until September 30th, 2009, and may provide a dividend backstop should AMI(VSTEX)'s sl real estate business hits an unprofitable stretch.

AMI(VSTEX) aims to increase its visibility into second life and to increase the real and sl companies that make publicity from its land, increase renters and merchants and to become a reference company in the entertainment fields, sale and advertising.

AMI(VSTEX) reportedly has a Net Asset Value of L$2.53 and is opening trading on the VSTEX at L$1.70 a share.