NEW YORK--(BUSINESS WIRE)--Dec. 15, 2003--Organetix, Inc. (www.organetixinc.com; OTCBB: OGTX - News) announced today that its Board of Directors has declared a 11 for 10 stock split in the form of a stock dividend. The stock dividend will be paid on February 6, 2004 to shareholders of record at the close of business on January 30, 2004. This is effectively a 10% common stock dividend, which is being awarded to all common shareholders of record on the above date.
Organetix CEO and President, Brad Clarke, stated "We believe that the increased number of shares will enable us to reward our shareholders, increase our shareholder base and improve the liquidity for our shares. Limited trading in our company's stock can be attributed to our relatively small float. Over 80% of our shares are held by the company principals."
As the majority shareholder, Amma Corporation, has approved the stock split, shareholders will not be required to take any further action. After the payment date, shareholders are encouraged to verify that the shares held in their brokerage accounts are adjusted to reflect the stock dividend. After the payment date, shareholders as of the record date will receive a new certificate for their pro-rata additional shares.
About Organetix, Inc.
Organetix, Inc. is a biotechnology company that is in the process of treating patients with a unique nutraceutical that appears to relieve symptoms of Hepatitis C without any known side effects. Organetix has the exclusive worldwide rights for this liver product. Hepatitis C is a life threatening, blood borne, liver disease that is caused by a virus. It is estimated that millions of individuals worldwide are infected with Hepatitis C; thereby, making it one of the greatest public health threats faced in recent years.
Statements contained in this press release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based largely on the Company's expectations and are subject to a number of risks and uncertainties beyond the Company's control, including but not limited to economic, competitive and other factors affecting the Company's operations, management team effectiveness, expansion strategies, available financing, market prices and recovery costs, government regulations involving the Company, facts and events not known at the time of this release, and other factors discussed in the Company's filings with the Securities and Exchange Commission.
These statements are not guarantees of future performance and readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this release. The Company undertakes no obligation to update publicly any forward-looking statements.
J.R. Axelrod & Company David Pomerantz, 516/791-0000 ext. 102.
Source: Organetix, Inc.