SBID forward split news:
Sunday July 13, 03:54 PM Eastern time
Company Press Release
SOURCE:SBI Communications, Inc.
SBI Communications, Inc. Considers Stock Liquidity
Issue
GLENDALE, Calif., July 13 /PRNewswire/ -- Ron Foster, chairman, president and chief executive officer of SBI Communications, Inc. (OTC Bulletin Board: SBID) announced today that the company's board of directors is considering several scenarios in response to shareholder concerns relating to liquidity of the company's common stock, including but not limited to, a forward split of the company's stock. SBI, which currently has approximately 6 million shares of common stock outstanding, has approximately 1,500,000 shares in the public float and approximately 750,000 that are traded.
"We are very concerned with shareholders' ability to participate in the value we are creating in the SBI family of companies, and we are considering various alternatives to address shareholders' often expressed concerns about liquidity of the company's stock," said Foster.
Foster indicated that the board of directors will be evaluating various alternatives, including a forward split of the Company's stock, and expects to make its determination within the next 7 to 14 days. "While we want to be responsive to the immediate concerns of our shareholders, we remain keenly focused on preserving a capital structure that will be in the best long-term interest of the company," Foster said. SBI Communications, Inc., is a marketing, Internet Media, and Entertainment company focused on building, operating and managing business-to-business companies. SBI seeks to acquire majority or controlling interests in companies engaged in entertainment, e-commerce, e-communication, and e-business services, which will allow the company to actively participate in management, operations and finances of these target companies. SBI's network of affiliated companies is designed to encourage maximum leverage of information technology, operational excellence, industry expertise and synergistic business opportunities. SBI is committed to building shareholder value by positioning affiliated companies as independent business entities in which SBI shareholders enjoy equity participation. The shareholder of record date for the forward split and the number of shares will announced in the foreseeable future.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Actual results
could differ materially from those projected in the forward-looking statements as a result of
various factors including the ability of the company to successfully commercialize its new
technologies as well as risk factors set forth under "Factors Affecting Future Operating Results" in
the company's annual report on Form 10-K and such other risks detailed from time to time in the
company's reports filed with the Securities and Exchange Commission. The company undertakes
no obligation to publicly release the result of any revisions to these forward-looking statements,
which may be made to reflect events or circumstances after the date hereof or to reflect the
occurrence of unanticipated events.
Contact:
Ron Foster of SBI Communications, Inc., 818-550-6181 |
