NorMexSteel, Inc. Announces Reverse Stock Split and Signing of Letter of Intent
September 07 2005 - 11:07AM
Business Wire
NorMexSteel, Inc. (OTCBB:NXSI) announced that it held a Special
Meeting of the Board of Directors on September 1, 2005. The Board
of Directors voted to effectuate a reverse stock split of the
Company's common stock of 500 to 1. The net effect of the reverse
stock split will reduce the Company's outstanding shares of common
stock post split to 561,900 shares. The stock split is effective as
of September 1, 2005. Shareholders of record will be notified by
the Company's transfer agent to exchange their old shares of common
stock for new shares of common stock post reverse. The Company is
negotiating to acquire an interest in ten (10) stand alone sports
and recreation facilities valued at $300 million. The Seller of the
sports and recreation facilities is Jamieson Enterprises, Inc.
Under the terms of the proposed Agreement, Jamieson Enterprises,
Inc. will provide financing and management for operations of these
world class facilities, which will be built in various cities
throughout the United States and Canada. The Letter of Intent is
subject to a 90 day due diligence period. The Company will announce
further details of the proposed acquisition at a later date after
the completion of the due diligence. This Press Release contains
certain forward-looking statements that are based on management's
expectations, estimates, projections and assumptions. Words such as
"expects," "anticipates," "plans," "believes," "scheduled,"
"estimates," and variations of these words and similar expressions
are intended to identify forward-looking statements, which include
but are not limited to projections of revenues, earnings, segment
performance, cash flows, contract awards, and stability.
Forward-looking statements are made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995,
as amended. These statements are not guarantees of future
performance and involve certain risks and uncertainties, which are
difficult to predict. Therefore, actual future results and trends
may differ materially from what is forecast in forward-looking
statements due to a variety of factors beyond the control of
management. All forward-looking statements speak only as of the
date of this release, or, in the case of any documents incorporated
by reference, the date of that document. All subsequent written and
oral forward-looking statements attributable to the company or any
person acting on the company's behalf are qualified by the
cautionary statements in this section. The company does not
undertake any obligation to update or publicly release any
revisions to forward-looking statements to reflect events,
circumstances or changes in expectations after the date of this
report.
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