http://www.marketwire.com/press-release/...er-Corporation-923341.html
Nov 21, 2008 09:21 ET
SolarBrook Water and Power Corporation Announces Reverse Stock Split and New Trading Symbol
RALEIGH, NC--(Marketwire - November 21, 2008) -
SolarBrook Water and Power Corporation (PINKSHEETS: SLRW), a developer, manufacturer and marketer of water quality and clean power products, has effected a reverse split of the Company's issued and outstanding common stock on the basis of one share for each 50,000 shares. In addition to the reverse of the issued and outstanding common stock, the Company has also reduced the number of shares of the Company that are authorized to 100,000,000.
With the reverse stock split effected, the Company currently has 17,800 shares issued and outstanding. Any fractional shares that result from the split will be rounded-up to the nearest whole number.
The reverse stock split was authorized by majority written consent of shareholders on October 30, 2008. An amendment to the company's Articles of Incorporation providing notice of the changes has been filed with the State of North Carolina, Department of the Secretary of State, Corporations Division.
"The restructure of the Company's authorized, issued and outstanding was absolutely necessary for SolarBrook to remain viable as a public company, as well as to move forward to capture the tremendous opportunities that have been presented to our water quality and clean power products," commented George Moore, CEO of SolarBrook. "Taking this action will provide the opportunity for the Company to deal with its outstanding debts, debentures and other defaulted liabilities, which are currently inhibiting the growth of operations and revenues."
"We now expect to be able to move the Company forward and begin addressing the backlog of orders and agreements that are projected to drive revenues and build value in the coming fiscal quarters," Mr. Moore added.
About SolarBrook Water and Power Corporation
SolarBrook Water and Power Corporation, headquartered in Raleigh, North Carolina, maintains a core focus of seeking out synergistic acquisitions that will provide capital appreciation and income for its portfolio companies. The mission of SolarBrook is to acquire and develop innovative technologies and businesses that will improve the quality of water throughout the world by means of detection, treatment and removal of contaminants. SolarBrook also seeks to provide integrated clean power alternatives for remote and off-grid systems, further expanding market potential.
For more information, please visit www.SolarBrook.com
Forward-Looking Statements
Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
Contact:
Gemini Financial Communications, Inc.
A. Beyer
951-677-8073
abeyer@geminicommunications.us -----------
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