SymPowerco Board Approves Common Share Consolidation
August 05 2010 - 8:25AM
Marketwired
SymPowerco Corporation (PINKSHEETS: SYMW) CEO John Davenport today
announced that the company's Board of Directors has approved a
consolidation of its common shares, effective August 20, 2010, on
the basis of one (1) new common share for every one hundred
thousand (100,000) of the old common shares. To this effect, the
company has filed a Certificate of Amendment to its Articles of
Incorporation with the Secretary of State of Nevada. Under the
terms of the consolidation, all partial shares will be rounded
upwards to the nearest whole share and no shareholder shall receive
fewer than 100 shares, post-consolidation.
SymPowerco also announces the cancellation of the Licensing
Agreement with Hybrid Energy Technologies ("HET") regarding Direct
Methanol Fuel Cells ("DMFC") and certain related technologies.
SymPowerco recently announced Phase II of its DMFC and Hybrid Power
Systems projects and will continue to advance these projects. The
cancellation of the HET license will allow SymPowerco to retain
100% control of all Intellectual Property developed within its own
projects.
SymPowerco Corporation develops advanced power delivery systems
for the rapidly growing personal transportation and portable power
system markets.
Except for historical information contained herein, the matters
set forth above may be forward-looking statements that involve
certain risks and uncertainties that could cause actual results to
differ from those in the forward-looking statements. Words such as
"anticipate," "believe," "estimate," "expect," "intend" and similar
expressions, as they relate to the Company or its management,
identify forward-looking statements. Such forward-looking
statements are based on the current beliefs of management, as well
as assumptions made by and information currently available to
management. Actual results could differ materially from those
contemplated by the forward-looking statements as a result of
certain factors such as the level of business and consumer
spending, the amount of sales of the Company's products, the
competitive environment within the industry, the ability of the
Company to continue to expand its operations, the level of costs
incurred in connection with the Company's expansion efforts,
economic conditions in the industry and the financial strength of
the Company's customers and suppliers. The Company does not
undertake any obligation to update such forward-looking statements.
Investors are also directed to consider all other risks and
uncertainties.
Contact: Investor Relations: 775-636-8486 Email: Email
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