HooBoy. 25 to 1 Reverse Split it is.
March 09, 2001 18:36
Cashco Management, Inc. Announces Approval of Reverse Stock Split
SALT LAKE CITY, March 9 /PRNewswire/ -- Steven W. Holcomb, newly appointed president of Cashco Management, Inc. (OTC: CSHK) announced today that the Board of Directors had approved a one for twenty-five (1:25) reverse split of the Company's common stock. Mr. Holcomb explained that of the 25 million shares authorized under the articles of incorporation, 24,975,600 shares have been issued and are currently outstanding. Mr. Holcomb explained that the company has no means of raising additional capital in the present situation. He pointed out that given the poor financial situation of the Company it is reasonable to create a means whereby funds can be raised, and debts settled through the issuance of common stock. The reverse split will be effective March 16, 2001. Shareholders need not return shares for issuance of new certificates. The transfer agent of the Company will make adjustments to the shareholder list automatically, and all transfers after March 16, 2001 will reflect the new share amounts after application of the reverse split. Any fractional shares as a result of the reverse split will be rounded up to a full share.
This press release contains forward-looking statements about Cashco Management's business. By their nature forward-looking statements and forecasts involve risk and uncertainties. There are number of important factors that could cause actual results or actual events to differ materially from those indicated by such forward-looking statements. Prospective investors should consult their own advisors in order to understand fully the consequences of and investment in this company.
SOURCE Cashco Management, Inc.
/CONTACT: Steve Holcomb, President of Cashco Management, Inc.,
801-539-7713/
/Web site: cashcointl.com
(CSHK) |
