DGAP-News: CerMed International Inc.: CerMed International announces a Shareholder Decision
ID: 452401
CerMed International Inc.: CerMed International announces a
Shareholder Decision
28.07.2011 / 16:02
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FOR IMMEDIATE RELEASE
CONTACT
CerMed International
(831) 920 2275 (0)
info@cermedint.com
www.cermedint.com
CerMed International announces a Shareholder Decision
Monterey, CA - July 26, 2011 - CerMed International, a women's healthcare
medical device company, recently determined that a reverse stock split was
necessary to accelerate the cancelation of shares granted as part of a
March 2011 voided contract. The cancelled shares, in the form of stock
certificates and electronic issuance format, will no longer be tradable in
the market. The stock certificates were previously cancelled, and
cancelation of the electronic shares was requested pursuant to
clearinghouse procedures. The Company was advised that the electronic
shares would take longer to cancel than originally reported.
The most expeditious and effective remedy for elimination of these
electronic shares is a reverse stock split followed by a tax free stock
dividend of new shares to all shareholders of good standing. Therefore,
based on the advice of our financial advisors and legal counsel, the
Company's board of directors unanimously approved the reverse stock split
and stock dividend on July 13, 2011. The shareholders unanimously approved
the reverse stock split at a special meeting held last week.
Shareholders of good standing prior to the reverse split will receive new
shares based on the same number of shares after the split and old cancelled
shares will be replaced with the new dividend shares.
Shareholders that have recently bought shares in CerMed in the market and
who are not on the Company record are requested to contact CerMed if they
wish to receive new dividend shares.
CerMed will take this opportunity to change the stock trading symbol to
reflect the Company's name and corporate identity.
Additional details about the effective implementation date of the Company's
reverse stock split, stock dividend, new stock symbol and other related
data will be announced in due course.
About CerMed International
CerMed International, Inc. is an emerging global medical device company
that develops products and systems that help improve the health of women
worldwide. These lower cost products will aid in reducing the risk of
female reproductive diseases. They will enable women's health initiatives
to be brought to the underserved regions of the world and empower women to
personally take steps to reduce the risk of HIV and other STD's.
Forward Looking Statements Related to CerMed International
This press release contains forward-looking statements. Forward-looking
statements involve risks and uncertainties that could cause actual results
or experience to differ materially from that expressed or implied by the
forward-looking statements. Some of these risks and uncertainties include,
but are not limited to, (1) the economic circumstances surrounding CerMed's
business, including general economic conditions worldwide; (2) competitive
pressures and developments; (3) applicable laws and regulations; (4) the
success or failure of product development programs; (5) actions of
regulatory authorities and the timing thereof; (6)changes in exchange
rates; (7) claims or concerns regarding the safety or efficacy of marketed
products or product candidates in development; and (8) integration
activities with acquired companies.
The forward-looking statements contained in this press release speak only
as of the date of this press release, and CerMed undertakes no obligation
to revise or update any forward-looking statements to reflect new
information, future events or circumstances after the date of the
forward-looking statement. If CerMed does update or correct one or more of
these statements, investors and others should not conclude that CerMed will
make additional updates or corrections
For information: http://www.cermedint.com
Contact: info@cermedint.com
Phone: 831-920-2275
End of Corporate News
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133613 28.07.2011Unternehmensinformation / Kurzprofil:
Datum: 28.07.2011 - 16:02 Uhr
Sprache: Deutsch
News-ID 452401
Anzahl Zeichen: 5306
Kontakt-Informationen:
Kategorie:
Wirtschaft (allg.)
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