iBasis Shareholders Authorize Board of Directors to Consider Reverse Split
BURLINGTON, Mass. Feb. 18, 2004--Potential Reverse Stock Split Viewed as Possible Step TowardsNASDAQ Relisting
iBasis, Inc. (OTCBB: IBAS), the leader in Internet-based voice communications, today announced that its shareholders have voted to give the iBasis board of directors authority to effect a reverse split of the Company's common stock.The affirmative vote by shareholders permits the iBasis board of directors to choose to effect a reverse stock split of the Company's common stock at a ratio of between one-and-a-half for one (1.5:1) and five for one (5:1). Alternatively, the board may choose not to effect such a split. On a pre-split basis, iBasis currently has 44.8 million common shares outstanding.In a presentation made after the conclusion of the formal business of the meeting Mr. Gneezy highlighted the company's recent results, the growth drivers for wholesale telecommunications and iBasis in particular, the strategic benefits of VoIP, and the advantages that iBasis enjoys in the wholesale international telecommunications market as well as in the retail prepaid calling card market, which the company recently entered.
The presentation is posted in the investor relations section of the iBasis web site (www.ibasis.com). |
