Re: shareholder vote on a split
in response to
by
posted on
May 01, 2008 07:22AM
CARLSBAD, Calif.--(BUSINESS WIRE)--April 4, 2008--Sub Surface Waste Management of Delaware, Inc. (Pink Sheets: SSWM - News), announced today that the date for a five-for-one reverse stock split of its issued and outstanding common stock and a name and trading symbol change will be market effective at the opening of business on April 15, 2008.
As previously announced, a 100 for 1 reverse stock split was approved by the Board of Directors of the Company and a majority of holders of the Company’s common stock. However the Board has determined that business conditions have changed and a 5 for 1 reverse split will give enhanced liquidity to shareholders and still provide equity shares for future growth. The reverse stock split will reduce the number of shares of the Company’s issued and outstanding common stock from approximately 300 million to approximately 60 million.
As a result of the reverse stock split, every five shares of the Company’s common stock will be combined into one share of common stock. All fractional shares will be dropped. All of the Company’s common stock, and common stock options that are outstanding immediately prior to the reverse stock split will be proportionately adjusted.
The Company has received a new CUSIP identification number 39312N 100 for its post-reverse split of its common stock. SSWM has retained its transfer agent, Fidelity Transfer Company, to serve as its exchange agent and to manage the exchange of older, pre-reverse stock split certificates. Stockholders of record at the opening of business on April 15, 2008, should contact our transfer agent for instructions on exchanging their certificates. Stockholders should not destroy any stock certificates. For further information, shareholders and securities brokers should contact the transfer agent at (801) 562-1300 or email them at info@fidelitytransfer.com.
Stockholders with shares held in street name with a brokerage firm will have their accounts adjusted by their respective brokers.
The new name for the company will be Green Mountain Development Corp and a new stock symbol will be announced on or near the effective date.
http://www.bugsatwork.com/pr080404.htm
Be well