Art Cards Completes Reverse Acquisition of uMember.com
Business Editors
DENVER--(BUSINESS WIRE)--March 16, 2000-- Art Cards, Inc.
(OTCBB:ATCD) announced today that shareholders have approved all
resolutions and matters relating to the Company's previously announced
reverse acquisition of uMember.com, and that the transaction has been
finalized.
A shareholder's meeting was held on March 16, 2000, for the
purposes of, among other things, authorizing a name change from Art
Cards, Inc. to uMember.com, Inc., and authorizing a 2050:1 reverse
split of Art Cards common stock.
Effective with the start of trading on Friday morning, March 17,
2000, Art Cards shares will trade under the symbol "UMEM" on the Over-
The-Counter Bulletin Board. Current Art Cards shareholders will
receive instructions in the coming weeks, including letters of
transmittal, from the Company's transfer agent with complete
instructions regarding the exchange of pre-split Art Cards shares for
post-split uMember.com shares.
The Company further announced that approximately seventeen
million uMember.com shares have been issued to existing uMember.com
shareholders, bringing the total uMember.com shares outstanding on a
post-split and post-consolidated basis to approximately twenty
million. |
