O2 Secure Wireless, Inc. Announces Completion of 1-for-1000
December 07 2012 - 2:04PM
OTC Markets
O2 Secure Wireless, Inc. Announces Completion of 1-for-1000
Reverse Split of Common Shares Effective
12/10/12
St. Augustine, FL., December 7, 2012/PRNewswire/ -- O2 Secure
Wireless, INC.
(Pink Sheets: OTOW.PK - News) – announces
today that the Company has filed a Supplemental Information
Disclosure Statement with the OTC Markets confirming FINRA’s
approval of the Company’s requested 1 for 1000 reverse stock split.
The approved reverse stock split will be effective upon markets’
opening on December 10, 2012.
The Company's common stock will continue to be traded on the Pink
Sheets under the symbol “OTOW”, with a "D" added, which has been
placed at the end of the trading symbol, and will remain for 20
trading days to indicate the reverse stock split has occurred. The
new CUSIP number it now trades under is: 67107C203.
O2 Secure Wireless’ Supplemental Information Disclosure Statement
is currently posted for review at
http://www.otcmarkets.com/stock/OTOW/filings. See Corporate website
for additional information.
The reverse split consolidated every one
thousand common shares into one common share, no par value per
share. The number of authorized common shares has been reduced to
eighty million but the authorized preferred shares will not be
affected by the reverse split. In respect to the underlying common
shares associated with any derivative securities, such as warrants,
options and convertible notes, the conversion and exercise prices
and number of common shares issued will be adjusted in accordance
to the 1:1000 ratio. A reverse stock split reduces the number of a
corporation's shares in an attempt to increase the value of its
stock or its earnings per share. It is anticipated that this action
will establish a higher market price for the Company's common
shares and reduce per share transaction fees as well as expand the
potential market for investors who were previously hindered by
trading limitations.
As a result of the reverse stock split, the
number of the Company's common shares outstanding will be reduced
from 2,465,939,418to approximately
2,465,939shares,
subject to rounding up of all fractional shares to the nearest
whole share.
We are effectuating this reverse stock split in order
to be able to access
the previously announced drawdown line of credit in an amount of $5,000,000.
On
September 21, 2012, we entered in a Reg A Equity Financing
Agreement (the “Agreement”) with AGS Capital Group, LLC (“AGS”),
whereby AGS shall provide us a $5,000,000 drawdown line of credit
(the “Line of Credit”) under Reg A of the Securities Act of
1933. In order to have
access to the Line of Credit, we must effectuate the reverse stock
split. This is true
because at our current price per share the discount to the closing
price of our common stock we will be selling shares for under the
Liner of Credit would effectively result in the funds we could call
being negligible.
Additionally, pursuant to the Agreement, we must reserve sufficient
shares to cover the amount of the Line of Credit.
The Line of Credit will be used for the Development of its Building
Projects domestically and abroad. The Line of Credit will enable the
Company to access the working capital required to undertake the
projects that will in turn enable the Company to begin generating
substantial revenues, while keeping the stock structure in tack
creating a truly advantageous opportunity for our shareholders to
prosper.
“We are pleased to have completed
this reverse split which was required in order to be able to access
a drawdown line of credit in an amount of $5,000,000.” stated Val
Kazia, President, O2 Secure Wireless, Inc. He continues: "It is our
expectation that the higher split-adjusted stock price will make it
possible for the shares to be traded in many environments where
corporate limitations previously hindered such activity. We expect
this to broaden our potential audience and shareholder base, and
ultimately enhance our shareholder valuation to better reflect the
value of the Company, as we continue to expand our
operation.”
About O2 Secure Wireless: O2 Secure Wireless is responsible for the development
of wireless Internet facilities across the U.S. The company’s
recent merger with Earthcom Service Inc. has triggered a stream of
investment into underserved markets, including flat rate pre-paid
wireless telecom services in developing countries, and the current
O2USA MasterCard facility.
Safe Harbor Act: This release may contain "forward-looking statements"
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E the Securities Exchange Act of 1934, as
amended and such forward-looking statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. "Forward-looking statements" describe future
expectations, plans, results, or strategies and are generally
preceded by words such as "may," "future," "plan" or "planned,"
"will" or "should," "expected," "anticipates," "draft,"
"eventually" or "projected." You are cautioned that such statements
are subject to a multitude of risks and uncertainties that could
cause future circumstances, events, or results to differ materially
from those projected in the forward-looking statements, including
the risks that actual results may differ materially from those
projected in the forward-looking statements as a result of various
factors, and other risks identified in a company's annual
report.
For more information visit our website:
www.o2securewireless.com, or contact
Investor Relations: 855-222-0221
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