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September 13, 1999 15:55
Telesciences, Inc. Announces Board Recommendation for a One-For-Four Reverse Stock Split
MOUNT LAUREL, N.J., Sept. 13 /PRNewswire/ -- Telesciences, Inc. (Nasdaq: TLSI) today announced that the Board of Directors of Telesciences has adopted a resolution recommending to the Company's stockholders for their approval, a one-for-four reverse split of the Company's common stock. The Board of Directors has fixed the close of business on September 20, 1999, as the record date for determination of the stockholders entitled to vote on this recommendation at a Special Meeting currently scheduled to be held on October 6, 1999. It is currently expected that the effective date of the reverse stock split will be on or shortly after the date of the Special Meeting.
The Board of Directors is recommending the reverse stock split in order for the Company to be in compliance with Nasdaq minimum bid price requirements.
Andrew Maunder, Telesciences President and CEO, stated, "Our continued Nasdaq listing is important to the Company and its shareholders in supporting the many commercial and strategic initiatives currently underway. We have successfully repositioned the Company's cost structure for improved financial performance, and, as previously announced, we are continuing an intensive effort to pursue various strategic alternatives, including a possible business combination. A continued Nasdaq listing offers important support to us in our pursuit of all these goals."
Serving telecommunications and information service providers worldwide for 30 years, Telesciences, Inc. is an ISO 9001 Certified company. Telesciences is recognized as a leader in the provision of real-time billing data collection and processing, fraud management and traffic management systems. Additional information on Telesciences can be found on its home page at telesciences.com.
This release contains forward-looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, the volatility of international markets, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
SOURCE Telesciences, Inc.
/CONTACT: Jef Morrow of Telesciences, Inc., 609-866-1000; or Glenn Wiener
of Edelman Financial, 212-704-8174, for Telesciences, Inc./
/Web site: telesciences.com
(TLSI) |
