This VCSY split really seems like one of the "odder" moves I've seen by an OTC/BB stock -- usually they consider reverse splits to raise the share-price to help qualify for NASDAQ, but in this case it's a 20-1 forward split, which will put the price under a dollar again (it's only a 4-buck-plus stock now). Does the CEO's explanation make sense to anybody else here?...
==============================
Friday January 28, 2:38 pm Eastern Time
Company Press Release
SOURCE: Vertical Computer Systems, Inc.
Vertical Computer Systems Announces Twenty-For-One Forward Stock Split
LOS ANGELES, Jan. 28 /PRNewswire/ -- Vertical Computer Systems, Inc. (OTC Bulletin Board: VCSY - news) announced today that its board of directors has approved a twenty-for-one forward stock split of the Company's common stock. The record day for the split will be February 7, 2000 with the date of distribution set for February 11, 2000. The Company's common stock will be quoted on a post-split basis as of February 14, 2000. The Company advises that shareholders do not need to take action to receive the additional shares. Existing certificates should not be destroyed nor returned to the Company and will continue to represent the number of shares indicated. New certificates will be issued for the balance of shares due. The twenty-for-one stock split will not change the shareholders existing proportionate ownership.
Richard Wade, President, commented, ``As a growing Internet provider, we feel that it is important for us to broaden the marketability and liquidity of our stock to all our shareholders.'
About Vertical Computer Systems
Vertical Computer Systems, Inc. is a multi-lingual portal provider, and e-commerce solutions company, based in the United States. The Company provides a full range of Internet services that: build e-commerce solutions nationally and internationally, distributes content via its multi-lingual portal networks (http://www.TheChinaBridge.com; shoppinginternet.com) and provides proprietary online gaming software (http://www.ccpsoftware.com). Vertical Computer Systems is committed to building communities, allowing the development of the Internet in the Americas, Europe, Asia and Pacific Rim.
Forward-looking statements in this release are made pursuant to the Safe Harbor provision of the Private Securities Litigation Act of 1995. These forward-looking statements are subject to certain risks and uncertainties and actual results could differ from those discussed. This material is information only, and is not an offer or solicitation.
SOURCE: Vertical Computer Systems, Inc. |
