CANTON, Mass., Jan. 20 /PRNewswire-FirstCall/ -- Avitar, Inc. -- (“Avitar” or the “Company”) announced today that the annual meeting of the shareholders was held on January 18, 2006 and a one-for-fifty (1 for 50) reverse stock split was approved.
When the reverse stock split becomes effective, each outstanding fifty shares of common stock will be combined into and become one share of common stock. The Company intends to announce next week the effective date and time of the reverse stock split.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who otherwise would be entitled to receive fractional shares will be entitled, upon surrender to the exchange agent of certificate(s) representing such shares, to one full share in lieu of any such fractional share.
Our transfer agent, Continental Stock Transfer & Trust Company, will act as exchange agent for purposes of implementing the exchange of stock certificates, and is referred to as the “exchange agent.” As soon as practicable after the effective time, a letter of transmittal will be sent to stockholders of record as of the effective time for purposes of surrendering to the exchange agent certificates representing pre-reverse stock split shares in exchange for certificates representing post-reverse stock split shares in accordance with the procedures set forth in the letter of transmittal. No new certificates will be issued to a stockholder until such stockholder has surrendered such stockholder’s outstanding certificate(s), together with the properly completed and executed letter of transmittal, to the exchange agent. From and after the effective time, any certificates formerly representing pre- reverse stock split shares which are submitted for transfer, whether pursuant to a sale, other disposition or otherwise, will be exchanged for certificates representing post-reverse stock split shares. Stockholders who do not have stock certificates for surrender and exchange will have their accounts automatically adjusted in order to reflect the number of shares of common stock they hold as a consequence of the reverse stock split. STOCKHOLDERS SHOULD NOT DESTROY ANY STOCK CERTIFICATE(S) AND SHOULD NOT SUBMIT ANY CERTIFICATE(S) UNTIL REQUESTED TO DO SO.
About Avitar
Avitar, Inc. develops, manufactures and markets innovative and proprietary products. Their field includes the oral fluid diagnostic market, the disease and clinical testing market, and customized polyurethane applications used in the wound dressing industry. Avitar manufactures ORALscreen(R), the world’s first non-invasive, rapid, onsite oral fluid test for drugs-of-abuse, as well as HYDRASORB(R), an absorbent topical dressing for moderate to heavy exudating wounds. Avitar is also developing diagnostic strategies for disease and clinical testing in the estimated $25 billion in-vitro diagnostics market. Conditions targeted include influenza, diabetes, and pregnancy. For more information, see Avitar’s website at http://www.avitarinc.com.
Safe Harbor Statement. This release contains forward looking statements that are subject to risks and uncertainties including the development and marketing of new applications and other risks that are detailed from time to time in the Company’s filings with the Securities and Exchange Commission. In view of such risks and uncertainties, the Company’s actual results could differ materially from those anticipated in such forward looking statements.
Company Contact: Jay C. Leatherman Avitar Inc. 781-821-2440 jleatherman@avitarinc.comhttp://www.avitarinc.com
Avitar, Inc.
CONTACT: Jay C. Leatherman of Avitar Inc., +1-781-821-2440,jleatherman@avitarinc.com
Web site: http://www.avitarinc.com/
