WESTLAKE VILLAGE, Calif., July 1, 2015 /PRNewswire/ -- The Board of Directors of Empire Film Group, Inc. (OTC Pink Sheets: EFGU) announced that it has undertaken a series of significant corporate actions.

On January 20, 2015, Empire Film Group ("EFGU" or "Company") announced the establishment of a new corporate identity program in order to begin effectuating a series of significant changes to the Company. Thereafter, on January 21, 2015, Empire Film Group announced a new management team, which began taking steps to implement the corporate identity program. This included, but was not limited to certain significant changes: (1) change of the name of the Company, (2) change in the capital structure, (3) change in the financial condition of the Company. Additionally, the management also began to seek funding partners for the growth of the Company, identify and negotiate with valuable acquisition targets and strategic partners and engage new professional services groups in accounting and legal in an effort to increase shareholder value.

On June 3, 2015, the Company filed with the Florida Secretary of State Articles of Amendment to the Articles of Incorporation  (1) designating a class of Series A Convertible Preferred Stock, and (2) effecting a reverse split of all outstanding shares of common stock of the Company at an exchange ratio of one-for-ten-thousand (1:10,000). Each share of Preferred Stock has voting rights equal to three hundred and fifty (350) shares of common stock and is convertible into seven (7) shares of common stock commencing three years after issuance. In conjunction with these filings, on June 9, 2015, the Company filed a Corporate Action Notification with FINRA with respect to these matters.

Management of the Company has formally changed the name of the Company to Tarsin Mobile, Inc., effective June 2, 2015, to more accurately describe the business of the Company. The Company plans to file a registration statement with the SEC on Form S-1 in order to conduct a public offering of its common stock.  As part of the S-1 filing the Company will register a rights offering for shareholders of record to receive an opportunity to purchase common stock on a post-reverse split basis.

On June 10, 2015, the Company received formally executed waiver and release agreements from its former executive management team which effectively released and waived any claims that were previously reported between 2010 and present for Executive Salary Deferrals in the aggregate amount of $2,052,955, and as stated in the Empire Film Group, Inc. Consolidated Financial Statement, dated December 31, 2014.

On June 5, 2015 the Board of Directors nominated David Propis, the Managing Director of Agile Opportunity Fund, LLC, the largest creditor of the Company, as a Director of the Company.

On June 5, 2015 the Board of Directors authorized the issuance of 500,000 shares of Series A Convertible Preferred Stock to Joseph Cellura, the CEO and Managing Director of the Company.

Since March 2015 the Company, as Tarsin Mobile, has been engaged in negotiations to finance its wholly owned private subsidiary NAMWS, Inc. with multiple casino groups in the development of a mobile footprint model and a mobile wagering and payment solution program for an emerging marketplace.

SAFE HARBOR STATEMENT

This press release may contain certain forward-looking statements within the meaning of Sections 27A & 21E of the amended Securities and Exchange Acts of 1933-34, which are intended to be covered by the safe harbors created thereby. Although the company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, there can be no assurance that these statements included in this press release will prove accurate.

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SOURCE Empire Film Group, Inc.