SHAREHOLDER MEETING DATE SET;
12/15/98 11:45
Vote to Approve Reverse Stock Split Scheduled for February 25, 1999
FREDERICK, Md., Dec. 15 /PRNewswire/ -- Frederick Brewing Co.
(Nasdaq: BLUE) has scheduled a special meeting of shareholders to be held at
the Company's brewery in Frederick, Maryland at 10:00 a.m., Thursday, February
25, 1999.
In response to a September 15, 1998 notification from NASDAQ that the
Company's shares would be de-listed from the exchange unless the closing bid
price reached $1 per share for 10 consecutive trading days by December 14,
1998, Frederick Brewing Co. shareholders will be asked to vote to approve a
1:5 reverse split of its outstanding common stock. If approved, the reverse
split will be effective as of the meeting date. Proxy materials are being
prepared and, after approval by the Securities and Exchange Commission (SEC),
will be distributed to all shareholders of record as of January 12, 1998.
Separately, Frederick Brewing Co. announced that it has replaced its
former auditor and accountants and has retained BDO Seidman LLP, which will
service that Company from its Washington, DC office. Neither the Company nor
its former auditors, Pricewaterhouse Coopers LLP, expressed any disagreements
of policy differences in the SEC filings announcing the change.
SOURCE Frederick Brewing Co.
-0- 12/15/98
/CONTACT: Kym Cheseldine of Frederick Brewing Co., 301-694-7899; or I.
Miller or L. Fortune of I.W. Miller Group, 949-833-9001, for Frederick Brewing
Co./
/Web site: fredbrew.com
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