DGAP-News: CerMed International Inc. / Key word(s): Miscellaneous
CerMed International Inc.: CerMed International announces a Shareholder Decision
28.07.2011 / 16:02
FOR IMMEDIATE RELEASE
(831) 920 2275 (0)
CerMed International announces a Shareholder Decision
Monterey, CA - July 26, 2011 - CerMed International, a women's healthcare medical device company, recently determined that a reverse stock split was necessary to accelerate the cancelation of shares granted as part of a March 2011 voided contract. The cancelled shares, in the form of stock certificates and electronic issuance format, will no longer be tradable in the market. The stock certificates were previously cancelled, and cancelation of the electronic shares was requested pursuant to clearinghouse procedures. The Company was advised that the electronic shares would take longer to cancel than originally reported.
The most expeditious and effective remedy for elimination of these electronic shares is a reverse stock split followed by a tax free stock dividend of new shares to all shareholders of good standing. Therefore, based on the advice of our financial advisors and legal counsel, the Company's board of directors unanimously approved the reverse stock split and stock dividend on July 13, 2011. The shareholders unanimously approved the reverse stock split at a special meeting held last week.
Shareholders of good standing prior to the reverse split will receive new shares based on the same number of shares after the split and old cancelled shares will be replaced with the new dividend shares.
Shareholders that have recently bought shares in CerMed in the market and who are not on the Company record are requested to contact CerMed if they wish to receive new dividend shares.
CerMed will take this opportunity to change the stock trading symbol to reflect the Company's name and corporate identity.
Additional details about the effective implementation date of the Company's reverse stock split, stock dividend, new stock symbol and other related data will be announced in due course.
About CerMed International
CerMed International, Inc. is an emerging global medical device company that develops products and systems that help improve the health of women worldwide. These lower cost products will aid in reducing the risk of female reproductive diseases. They will enable women's health initiatives to be brought to the underserved regions of the world and empower women to personally take steps to reduce the risk of HIV and other STD's.
Forward Looking Statements Related to CerMed International
This press release contains forward-looking statements. Forward-looking statements involve risks and uncertainties that could cause actual results or experience to differ materially from that expressed or implied by the forward-looking statements. Some of these risks and uncertainties include, but are not limited to, (1) the economic circumstances surrounding CerMed's business, including general economic conditions worldwide; (2) competitive pressures and developments; (3) applicable laws and regulations; (4) the success or failure of product development programs; (5) actions of regulatory authorities and the timing thereof; (6) changes in exchange rates; (7) claims or concerns regarding the safety or efficacy of marketed products or product candidates in development; and (8) integration activities with acquired companies.
The forward-looking statements contained in this press release speak only as of the date of this press release, and CerMed undertakes no obligation to revise or update any forward-looking statements to reflect new information, future events or circumstances after the date of the forward-looking statement. If CerMed does update or correct one or more of these statements, investors and others should not conclude that CerMed will make additional updates or corrections
For information: http://www.cermedint.com