ADHC Forward Split May 31 10:1
(PR NEWSWIRE) Andros Island Hotel & Casino Announces Corporate Name Change
Andros Island Hotel & Casino Announces Corporate Name Change To Andros Hotels &
Casinos, Inc.; Clarifies Forward Stock Split Details
MELBOURNE, Fla., May 17 /PRNewswire/ -- Andros Island Hotel & Casino, Inc.
(OTC Bulletin Board: ADHC) announced today that it's Board of Directors has
approved a corporate name change to "Andros Hotels & Casinos, Inc." effective
July 31, 1999. The Company said its Board of Directors elected to change the
company's name because its business plan has changed to that of a company's
name should reflect as nearly as it can the business of the Company. The
Company said it wanted the freedom to possibly own more than one hotel and
possibly own more than one casino in the future, therefore the word "Island"
was being removed from the name.
The Company said that it was adding the letter "s" to the word "hotel" to
allow it to possibly own more than one hotel and that the letter "s" was also
being added to the word "casino" to allow the Company to reflect the possible
future ownership of more than one casino. The Company said it is keeping the
word "Andros" because hundreds, if not thousands, of people refer to the
Company now as just "Andros" anyway, and that it was good business to
maintain the name recognition of "Andros" while still allowing for the Company
to possibly expand in the future.
The Company also announced that it plans to forward split its common stock
on a ten-for-one (10-for-1) basis on May 31, 1999 (the forward stock split
effective date, also called the "pay date") to shareholders of record on
May 25, 1999 (the date in which shareholders must own the stock to be eligible
for the forward stock split, also called the "Record Date"). The Company
stated that on May 31, 1999 each one share of common stock will be converted
into ten (10) shares of common stock by the Company's stock transfer agent.
The Company said it wanted to remind those shareholders wanting to
purchase additional shares in the market place to take advantage of the
"forward" stock split that in order to "own the shares on May 25, 1999" that
one would have to actually order the purchase of the stock on or before
Friday, May 21, 1999 (sometimes referred to as the "ex-dividend date").
Usually the day a stock is purchased is referred to as the "trade date" and
that the day a stock is actually "owned" is referred to as the "settlement
date". The "settlement date" is actually three days after the actual "trade
date". The Company said it would recommend that shareholders try to purchase
additional shares prior to Thursday, May 20th just to be safe side as
"mistakes can happen".
The Company said the forward stock split will require a change in CUSIP
numbers (a stock's unique identifying number, like an individual's social
security number) and a change in its trading symbol (the stock symbol which
identifies the Company's common stock on the OTC Electronic Bulletin Board).
The Company said it has not been informed of what the new trading symbol will
be but that it plans to make a news release as soon as it knows the new
symbol.
In addition, the Company said all shareholders holding certificates in
their own names will be required to send the old certificates to Securities
Transfer Corp., 16910 Dallas Parkway, Suite 100, Dallas, Texas 75248,
Telephone 972-447-9890 to be exchanged for new stock certificates bearing the
Company's new name and new number of shares owned. The Company said that it
is mandatory that all old stock certificates be turned in and exchanged for
new stock certificates.
Securities Transfer Corp. will cancel the old stock certificate and issue
the shareholder a new common stock certificate bearing the new name, Andros
Hotels & Casinos, Inc., the new number of shares to be owned, and the new
CUSIP number. The Company further stated that those shareholders owning their
stock in "street name" (certificates are on deposit with a brokerage firm)
will not be required to take any action as the brokerage firm will be
responsible to send in send in the old stock certificates.
The Company said its old stock certificates are blue in color and the new
stock certificates will be red in color to help distinguish the shares after
the forward stock split. The Company added that a "forward stock split"
differs from a "reverse stock split" in that in a "forward" stock split
shareholders receive more shares (in the Company's specific example
shareholders will receive ten (10) new shares for each one (1) old share they
own on May 25, 1999, and surrender to the Company's transfer agent for
exchange, thus ending up with 10 new shares after the forward stock split
rather than just the one share prior to the forward split).
The Company added that in a "reverse stock split" a shareholder might own
ten (10) old shares prior to the reverse stock split and receive only one (1)
new share after the reverse stock split.
The Company said that its previous news releases must not have been clear
as a number of share holders called complaining that they didn't like "stock
splits" or that they did not like it that the Company was "reverse splitting
its stock". The Company said it apologizes for any inconvenience caused and
hopes that this news release might be more definitive.
This press release contains certain forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and Section
21E of the Securities Exchange Act of 1934, which are intended to be covered
by the safe harbors created thereby. Investors are cautioned that all
forward-looking statements involve risks and uncertainties, including, without
limitation, the ability of Andros Island Hotel & Casino, Inc., to accomplish
its stated plan of business. Although Andros Island Hotel & Casino, Inc.
believes that the assumptions underlying the forward-looking statements
contained herein are reasonable, any of the assumptions could be inaccurate
and, therefore, there can be no assurance that the forward-looking statements
included in this press release will prove to be accurate. In light of the
significant uncertainties inherent in the forward-looking statements included
herein, the inclusion of such information should not be regarded as a
representation by Andros Island Hotel & Casino, Inc. or any other person that
the objectives and plans of Andros Island Hotel & Casino, Inc. will be
achieved.
Andros Island Hotel & Casino, Inc. common stock is traded in the
over-the-counter market under the trading symbol "ADHC". This symbol will
change on May 31, 1999 but the Company has not yet been advised of the new
symbol. A news release will be made when the new symbol is known. To receive
a current Corporate Profile and complete due diligence package on the Company,
please call Fifth Avenue Communications at 800-992-6616 or visit their web
site at: www.stocksfifthavenue.com (like "SAKS Fifth Avenue" only its
"stocksfifthavenue" ) or e-mail a request for information to: fifth@juno.com
SOURCE Andros Island Hotel & Casino, Inc.
-0- 05/17/99
/CONTACT: John Trusty, Chief Financial Officer of Andros Island Hotel &
Casino, Inc., 941-670-4322; or Deana Wilson of Fifth Avenue Communications,
800-992-6616/
/Web site: stocksfifthavenue.com
(ADHC)
CO: Andros Island Hotel & Casino, Inc.
ST: Florida
IN: LEI CNO
SU:
*** end of story ***
|
