American Scientific Resources Announces 1-For-100 Reverse Stock Split
NEW PALTZ, N.Y., April 15 /PRNewswire-FirstCall/ -- American Scientific Resources (PNK: ASFX) today announced that it has executed a reverse stock split at a ratio of 1-for-100 on Friday, April 15, 2005. American Scientific common stock has begun trading on a reverse-split basis effective Friday, April 15, 2005.
As a result of the reverse split, each 100 shares of ASRO stock have been combined into 1 ordinary share. The number of post-split shares currently outstanding is approximately 5.3 million. The reverse split affects all shares of common stock outstanding.
Shares of American Scientific Resources common stock will trade on the Pink Sheets under the symbol ASFX for 20 trading days after the reverse split goes into effect. After that period, trading will resume under the symbol ASRO.
Walter Lambert, Chief Executive Officer of American Scientific Resources, said. "The completion of our reverse stock split significantly improves our capitalization structure and facilitates the execution of our growth strategy. This reverse split will attract new investors and increase visibility for American Scientific, and ultimately enhance shareholder value."
Common stockholders are not required to take any action regarding the reverse stock split at this time. Stockholders of record will receive from the Company's transfer agent, Stalt, Inc., letters of transmittal and related instructions for exchanging their existing stock certificates to new stock certificates. Stockholders who hold their shares in street name with a brokerage firm will have their accounts adjusted by their respective brokers.
About American Scientific Resources
American Scientific Resources, Inc. is an emerging holding company based in upstate New York that provides a broad range of healthcare and medical products distributed primarily by surgical supply dealers and retail drug chains. The company is comprised of three core operating subsidiaries: 1) Heart Smart System, Inc., the company's flagship product offering focused on the successful prevention of cardiovascular disease using its patented CoQ10 supplement 2) Kidz-Med, Inc., a leading brand of safe and innovative pediatric products, and 3) Ulster Scientific, Inc., a manufacturer and distributor of unique medical products and laboratory diagnostic equipment founded in 1974. American Scientific Resources' growing, national customer base includes Walgreens, CVS, Cardinal Health and Fisher Scientific.
Safe Harbor for Forward-Looking Statements: Except for historical information contained herein, the statements in this release are forward- looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties, which may cause a company's actual results in the future periods to differ materially from forecasted results. These risks and uncertainties include, among other things, product price volatility, product demand, market competition and risk inherent in the company's operations. You can identify these statements by the fact that they do not relate strictly to historical or current facts. They use words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "feel," "think," "hear," "guess," "believe," and other words and terms of similar meaning in connection with any discussion of future operating or financial performance.
American Scientific Resources, Inc.CONTACT: Michael Cimini, +1-212-896-1233, mcimini@kcsa.com, or JessicaWolpert, +1-212-896-1289, jwolpert@kcsa.com, both of KCSA Worldwide forAmerican Scientific Resources