Lecere Announces 1 for 10,000 Reverse Split
29 November 2010 - 3:01PM
Lecere Corporation (Pink Sheets:LCRE) announced today that it will
execute a 1 for 10,000 reverse split of its capital stock,
effective December 13, 2010. After the reverse split there will be
7,500,000 common shares authorized, 300,000 preferred shares
authorized, 1,274,962 common shares outstanding, and 80,000
preferred shares outstanding. The float will be 1,269,409 shares.
All outstanding preferred shares are owned by management and are
restricted from sale until at least September of 2011.
Jim Morris, CEO of Lecere, said, "FIRMS is now in service at
twelve restaurants. Each of these restaurant customers is
generating revenue. Our customers have given rave reviews of our
FIRMS product and the support we provide. Non-affiliated Lecere
shareholders have visited these customers and verified
independently that FIRMS has indeed been well-received and enables
our customers to serve more, spend less. In the relatively short
time since we rolled out our automated website signup, we have seen
a total of more than 60 trial signups in our website queue. In the
time span of just about one year, Lecere has already established
itself as the leader in cloud computing for mobile, hand-held
devices in the POS industry."
"We have achieved these remarkable results to date with almost
no marketing or customer support personnel and essentially no sales
personnel at all, due entirely to a continual lack of stable,
sufficient sources of operating capital. This lack of reliable
funding has plagued us from the very beginning and has now reached
a point where it leaves us devoid of the means to grow our customer
base and revenues."
"Lecere is transitioning from a development-stage startup
company to the next stage of a technology company: increased focus
on the sales, marketing, and customer support that will allow us to
reach profitability, expand into new markets, and achieve ever more
growth. To achieve these goals, we need to invest in promotion,
brand awareness, and especially in hiring inside sales personnel
who will guide trial signups through the sales funnel more rapidly,
resulting in more customers. And we need to invest in deploying our
product in Western Europe, where we've generated substantial
interest. To support the large number of new customers that we
expect in the coming months, we will need a capable support
staff."
"From the day the company began operations in August, 2009,
Lecere has been funding the development of its FIRMS product by
selling free-trading common stock under Rule 504. We can no longer
depend on this unpredictable, unreliable source of funding to
generate the operating cash we will need to achieve profitability.
We must turn for our investment needs to institutional investors
who have the deep pockets and patience to ensure a stable,
sufficient supply of operating capital. This dictates a reverse
split of our capital stock, because the investors we will need
going forward will not invest in companies with sub-penny stock
prices and billions of shares of stock outstanding and
authorized."
About LecereTM Corporation
Lecere Corporation (Pink Sheets:LCRE) of Portland, Oregon
develops and markets Lecere FIRMSTM, an integrated, Web-based suite
of interactive restaurant management software that runs on handheld
wireless devices. FIRMS helps restaurants reduce their
operational costs while enhancing their customers' experiences for
increased revenues and profits. Visit our website
www.lecere.com
Lecere and FIRMS are trademarks of Lecere Corporation. All
other legal marks are the property of their respective owners.
CONTACT: Lecere Corporation
Jim Morris
503-894-8947
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