MWW Automotive Group Announces Reverse Stock Split To Improve Share Price And Market Exposure
HOWELL, Mich., July 11, 2012 /PRNewswire/ -- MWW Automotive Group (OTCQB: MWWC), a global design, engineering, and manufacturing firm serving some of the world's leading automotive and industrial manufacturers, announced today plans to implement a 300 to 1 reverse split of its common stock (the "Reverse Stock Split"). The Company's common stock will begin trading on a split-adjusted basis on July 12, 2012. The reverse split will not change the value of the shareholder investment, but there can be no assurance that the opening bid price can be maintained over time. As a result of the Reverse Split, the Company's outstanding shares have been reduced to less than Four Million shares.
Due to the Reverse Stock Split, MWWC's common stock will now trade under a new CUSIP number 57061T 201 and trade under the symbol "MWWCD" following the reverse split on the Over The Counter (OTCQB:MWWC). The symbol will revert back to its original symbol "MWWC" after twenty (20) business days. The Reverse Split was approved by the Board of Directors of the Company and the Company's shareholders entitled to vote a majority of the shares of common stock pursuant to Delaware General Corporation Law.
As a result of the Reverse Stock Split, each outstanding share of MWW common stock was automatically changed into one-three-hundreds of a share of common stock. The number of authorized shares of MWWC common stock will remain at 5,100,000,000 on a post-split basis, as earlier announced. Continental Stock Transfer & Trust Company is the exchange agent for the Reverse Stock Split and will distribute a letter of transmittal to record holders with instructions for the surrender and exchange of old stock certificates. Stockholders who hold their shares in "street name" will be contacted by their banks or brokers with any instructions. For more information on the Reverse Stock Split, please refer to MWW's filings with the Delaware Secretary of State which can also be accessed through MWW's website at www.mwwautomotive.com
Michael Winzkowski, Chairman of the Board for MWW Automotive Group states: "After careful consideration by the Company's Board of Directors and in consultation with the management team, the Board agreed to execute a 300/1 reverse split in order to increase the share price and expose the stock to additonal new investors and ease stock transactions for MWW's existing shareholders. While we fully understand the concerns about Reverse Splits in general, the MWW Board strongly believes that the Company's business development requires and justifies this step and that it will be to the benefit of all shareholders in the mid and long term".
Chuck Pinkerton adds: "To improve information flow to the investment community and to re-earn the trust of our shareholder basis, we have also decided to soon publish information about the current state of the Company, especially in regards to production and newly awarded projects within the limitations of the confidentiality agreements with our large clients. The overview will be made available within the next two weeks and will also include financial guidance for the next two (2) years, as an increased effort to aid investors in their investment decision":
About MWW Automotive Group (MWW)
MWW's is headquartered in Howell, Michigan, with a "Class A" painting-assembly-logistics facility in Baroda, Michigan for the production of high quality OE automotive and industrial products. The MWW Automotive Group (OTCQB: MWWC) delivers its in-house designed accessory products and "Class A" painting, assembly and logistics services directly to major global automobile manufacturers' Vehicle Processing Centers (VPC), Tier-1 Partners and/or assembly lines in the United States, Canada and Europe. MWW's industrial products are delivered directly to the manufacturers for installation in their facilities. Noted for its adherence to the highest quality standards and its advanced logistics capabilities, MWW products and services consistently meet and exceed customers' expectations and requirements. MWW provides substantial added value to the sale of vehicles and industrial products for leading international automobile and industrial manufacturers such as Toyota, BMW, Chevrolet, Hyundai, Kia Motors, GM, Ford, ROUSH Performance, Deere and Whirlpool. For more information please visit www.mwwautomotive.com or e-mail email@example.com.
Safe Harbor Statement: Certain statements in this press release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements, involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors discussed in the Company's periodic filings with the Securities and Exchange Commission, which are available for review at www.sec.gov under "Search for Company Filings."
SOURCE MWW Automotive GroupBack to top