SSCP 15-1 split
By: webster $$$
Reply To: None Friday, 15 Sep 2000 at 1:46 PM EDT
Post # of 7879
stereoscape.com Announces 15 for 1 Stock Split
FREEHOLD, N.J.--(BUSINESS WIRE)--July 26, 2000--stereoscape.com, inc. (OTC-BB:SSCP - news) today announced that on July 24, 2000 its Board of Directors approved a 15 for 1 stock split of its common shares. The board believes that the proposed split of shares is desirable to enhance the Company's flexibility in connection with possible future actions, such as stock dividends, corporate mergers, acquisitions of property, the funding of its business, or other corporate purposes.
Additionally, On July 24, 2000, the Board of Directors of the Company unanimously adopted a resolution proposing that the Company's Certificate of Incorporation be amended to increase the authorized capital stock of the Company to 200,000,000 shares, all of which will be common stock. The Board directed that the proposed amendment be submitted to a vote of the shareholders of the Company. If the amendment is approved by the holders of a majority of the Company's outstanding shares represented in person or by proxy at the Company's Annual Meeting, the Company's Certificate of Incorporation will be amended to provide that the Company is authorized to issue 200,000,000 shares of common stock.
The Company's Annual meeting is scheduled for August 25, 2000, at which time the above proposal will be voted upon. The aforementioned stock split is pending approval of this proposal by the Company's shareholders. If approved the number of authorized shares will be increased to 200,000,000. The Company plans to effect its 15 for 1 stock split within 10 days of approval by the shareholders.
stereoscape.com through its subsidiaries, Alpha Sound and Vision, Inc. and American Buyers Club International, Inc. sells high-end audio, video and home theatre equipment through the Internet and its retail outlet in Freehold, New Jersey.
This release contains forward-looking statements that involve risks and uncertainties. The Company's actual results may differ materially from the results discussed in the forward-looking statements. Factors that might cause such a difference include, among others, general economic and business conditions; industry trends; the loss of major customers; changes in demand for the Company's product; the timing of orders received from customers; dependence on third party sources of supply; the loss of licenses; availability of management; availability, terms and deployment of capital; and changes in state or federal governmental regulations of telecommunications services.
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Contact:
Alpha Sound
Mario Bassani
800-354-1324 |
