Conolog Announces Reverse Split
Thursday January 9, 4:46 pm ET
SOMERVILLE, N.J., Jan. 9 /PRNewswire-FirstCall/-- Conolog Corporation (Nasdaq: CNLG - News) announced today that a one-for-ten reverse stock split of its common stock was approved by its shareholders at a special meeting held on Monday, January 6, 2003. The votes were as follows: 4,905,398 for, 147,524 against and 31,494 abstentions. The Company also announced that its directors had set the close of business today as the record date for the one-for-ten reverse stock split. Therefore, the one-for-ten reverse split will be effective as of the open of business tomorrow.
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Conolog's Chairman, Robert Benou, noted that the Company has until February 3, 2003 to regain compliance with NASDAQ's bid price rule. To address its belief that the Company's common stock is undervalued by the market and to comply with NASDAQ's bid price rule, the Company's Board of Directors authorized the reverse stock split to reduce the number of outstanding shares with the expectation that each share will trade at a higher price.
About Conolog Corporation:
Conolog Corporation provides engineering and design services and technical personnel placement, to a variety of industries, government organizations, and public utilities nationwide. The Company's INIVEN division manufactures a line of digital signal processing systems, including transmitters, receivers and multiplexers.
Contact: Conolog Corporation: Robert Benou, Chairman, 908/722-8081; National Financial Network, Geoffrey Eiten, Investor Relations; 781/444-6100, ext. 613 or email geiten@nfnonline.com, or visit www.nfnonline.com/cnlg.
Forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. There is no assurance that the market price of the company's common stock will correspondingly increase by 10 times following the consummation of the reverse split, or even if such price increases by 10 times such post reverse stock split market price will be sustained. Additional information concerning factors that could cause actual results to differ materially from those in the forward looking statements is contained under the heading of risk factors listed from time to time in the company's registration statements filed with the United States Securities and Exchange Commission. We do not assume any obligation to update the forward-looking information.
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Source: Conolog Corporation |
