HENDERSON, NV--(Marketwire - October 23, 2009) - Cardio Infrared Technologies, Inc. (PINKSHEETS: CDOI) (www.cardio-cor.com) today announced that its Board of Directors has authorized a reduction of the authorized shares from 5,000,000,000 to 1,500,000,000.
"The Board took the action to reduce the amount of authorized stock to more accurately reflect the capitalization of the company. This lower authorized is a one third reduction in the authorized shares for the company. The board believes that this reduction in authorized shares will facilitate the company's ability to attract companies for acquisition and expansions. The company currently has 47,181,495 shares issued with 4,714,172 free trading shares currently issued and outstanding," said Wayne Bailey, Chief Executive Officer of Cardio Infrared Technologies, Inc. "We continue to pursue our acquisition and growth plan and believe this 1/3 drop in authorized shares will facilitate our financial plans for the company."
About Cardio Infrared Technologies, Inc.
Cardio Infrared Technologies, Inc. is a technology and marketing company, which is focused on developing the revolutionary and evolutionary process of combining exercise equipment with medical benefits that go far beyond the normal benefits of standard exercise equipment. Cardio Infrared Technologies, Inc. is committed to continuing to market this equipment to the exercise and medical markets and to aggressively expand the market to every country around the world. The equipment has already been featured on "Good Morning America" and "The View." Cardio Infrared Technologies, Inc. also has an aggressive growth plan that includes acquisitions and development of innovative new equipment and programs in the exercise and medical industries.
This news release contains forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. The words or phrases
"would be," "would allow," "intends to," "will likely result," "are
expected to," "will continue," "anticipate," "expect," "estimate,"
"project," "indicate," "could," "potentially," "should," "believe,"
"considers," or similar expressions are intended to identify
"forward-looking statements." Actual results could differ materially from
those projected in the forward-looking statements as a result of a number
of risks and uncertainties. These include the company's historic lack of
profitability, end user customer acceptance and actual demand, which may
differ significantly from expectations, the need for the company to manage
its growth, the need to raise funds for operations and other risks within
the regulation of the industry. Statements made herein are as of the date
of this press release and should not be relied upon as of any subsequent
date. The Company's past performance is not necessarily indicative of its
future performance. The Company does not undertake, and the Company
specifically disclaims any obligation, to update any forward-looking
statements to reflect occurrences, developments, events or circumstances
after the date of such statement.
