Wasatch Approves Reverse Stock Split
Tuesday June 20, 2:16 pm Eastern Time
Company Press Release
Wasatch Approves Reverse Stock Split
Announces Change in Trading Symbol
MIDVALE, Utah--(BUSINESS WIRE)--June 20, 2000--Wasatch Pharmaceutical, Inc. (OTC BB: WASP - news), a leader in the research, development and distribution of dermatological treatments for skin disorders, today announced that its Board of Directors approved a 1-for-2 reverse stock split of the Company's common stock. The Company will also change its trading symbol to WSPH, while continuing to trade on the OTC Bulletin Board.
The date on which the reverse stock split shares will be reflected on the OTC Bulletin Board is June 21, 2000. The change in trading symbol also takes effect on June 21, 2000.
In conjunction with the split, the Company will offer shareholders warrants in two values, $0.50 and $2.00. Within the next four months, Wasatch will register additional common shares, against the time when it will issue a warrant call.
Wasatch chief executive officer, Gary V. Heesch, commented, ``This is a critical time of growth for our Company. As a result, we are experiencing tremendous interest from the investment community and quality institutions who wish to participate in our potential. This stock split and the issuance of warrants will have a positive effect on our stock price that will encourage continued interest, and provide attractive liquidity for our loyal shareholders.''
Wasatch Pharmaceutical, Inc. is a leading research and development entity in the field of dermatology. The Company plans to establish a chain of 350 treatment clinics nationwide over the next 60 months. The Company anticipates the treatment clinics, coupled with an innovative Internet Marketing Plan, should generate revenues of more than $525 million by fiscal year 2005, the target date for completion of the centers.
Forward-looking statements in this release are made pursuant to the ``safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products introduced by competitors, changes in the rates of subscriber acquisition and retention, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. |
