Stock Market Solutions Inc. Shareholders' Approval of 1-for-10 Reverse Stock Split Paves Way for Consummation of Merger With Texas Prototypes, Inc.
Monday April 3, 9:15 am ET
NEW ORLEANS, LA--(MARKET WIRE)--Apr 3, 2006 -- Stock Market Solutions, Inc. (OTC BB:SMKT.OB - News) today reported that a majority of their shareholders approved a 1-for-10 reverse stock split. The reverse stock split is expected to have an effective date of April 10, 2006.
Richard Smitten, CEO of Stock Market Solutions, Inc., and Michael Shores, CEO of Texas Prototypes, Inc., were both pleased by the results of the voting. Once the reverse split is effective, SMKT will have sufficient authorized and unissued shares to exchange for all of the outstanding shares of TXP and consummate the merger of the two companies, subject to additional closing conditions set forth in the Merger Agreement being satisfied. Stock Market Solutions and Texas Prototypes, Inc. plan to complete the merger during April 2006.
Following the closing of the Merger Agreement, Stock Market Solutions, Inc. will merge with Texas Prototypes, Inc., and change its name to YTXP Corporation.
TXP's Chief Executive Officer, Michael C. Shores, will assume leadership of the Company. The Company will trade on the Over the Counter Bulletin Board (OTCBB) under a new ticker symbol to be determined.
The Merger Agreement also sets forth that, concurrent with the closing of the transaction, the Board of Directors of the Company shall resign and the vacancies created thereby shall be filled with the appointees of the current TXP shareholders and/or officers who shall fill such posts until the next annual election of directors. In addition, all of the current officers of the Company shall resign from their positions with the Company, with new officers to be appointed by the new Board members.
After closing, the Company's primary business model will focus on the pre-manufacturing services segment of the electronics industry supporting original equipment manufacturers, original design manufacturers, contract manufacturers and new technology innovators.
About TXP-Texas Prototypes
TXP-Texas Prototypes, based in Richardson, Texas, is a global provider of Pre-Manufacturing Services for the electronics industry, supporting original equipment manufacturers, original design manufacturers, contract manufacturers and new technology innovators. The Company excels in both design and supply chain solutions services for new product development which include prototyping and quick-turn electronic assembly, new product introduction, pilot production, material supply chain management as well as the transfer of product into production. TXP's core technology focus is on complex printed circuit board assemblies, photonics, optoelectronics, and advanced packaging solutions, while forging profitable business opportunities with well-positioned high speed, digital, analog, and RF technologies and industries that require complementary service requirements. By working closely with its customers and being highly responsive to their requirements throughout the design processes, TXP believes that it can be an integral part of its customers' operations, accelerate their time-to-market and time-to-volume production and reduce their product costs. TXP has three operating divisions that build on its core Design for Manufacturability foundation: TXP-Texas Prototypes, TXP-Photonics, and TXP-Packaging. For more information visit www.texasprototypes.com, or contact Michael C. Shores, Tel: 214.575.9300.
About Stock Market Solutions
Stock Market Solutions was originally founded to assist professional mutual and hedge fund traders and managers, as well as individual investors, to more skillfully trade the stock market.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements which are not historical facts contained in this press release are "forward-looking statements" that involve certain risks and uncertainties including but not limited to risks associated with the uncertainty of future financial results, additional financing requirements, development of new products, government approval processes, the impact of competitive products or pricing, technological changes, the effect of economic conditions and other uncertainties detailed in the company's filings with the Securities and Exchange Commission which may cause actual results, performance and achievements of the company to be materially different from any future results, performance or achievements expressed or implied.
Contact:
Contact:
Stock Market Solutions, Inc.
Richard Smitten
(772) 334-7129
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Source: Stock Market Solutions, Inc. |
