Patient Portal Technologies, Inc. Announces Reverse Stock Split
11 Oktober 2010 - 5:19PM
Patient Portal Technologies, Inc. (OTCBB:PPRG) (Patient Portal)
announced today that is has filed a Certificate of Amendment to its
Certificate of Incorporation to reflect a 1 for 10 reverse stock
split, effective October 8, 2010.
The reverse split was approved by the shareholders at the Annual
Meeting, held on October 7, 2010. As a result of the reverse stock
split, each ten shares of the Common Stock that were issued and
outstanding or held in treasury at the Effective Time were
automatically combined into one share. No fractional shares
will be issued in connection with the reverse stock split.
Stockholders who are entitled to fractional shares will receive a
cash payment in lieu of receiving fractional shares equal to the
fractional share interest multiplied by $0.10 (the per share
closing price of the Company's common stock as last reported on the
OTC:BB on September 9, 2010.)
The reverse stock split affects all of the Registrant's common
stock, stock options and warrants outstanding immediately prior to
the effective date of the reverse stock split. The reverse split
will reduce the number of shares of the Registrant's common stock
outstanding from 50,522,153 shares to approximately 5,052,000
shares. The number of authorized shares of common stock will remain
at 100,000,000 shares.
The Company's transfer agent and exchange agent for purposes of
the reverse stock split, Continental Stock Transfer & Trust
Company, will send instructions to stockholders of record who hold
stock certificates regarding the exchange of old stock certificates
for new stock certificates.
The shareholder vote supporting the reverse stock split will
result in significantly less shareholders and allow the Company to
proceed with deregistering its stock. After the deregistration, the
Company's shares will also no longer be traded on the OTC:BB. The
decision to deregister was a result of determining that the costs
of maintaining a public entity exceed the benefits associated with
remaining a registered security.
Patient Portal Technologies, Inc. is a Total Satisfaction
company, assisting hospitals to improve the patient's experience
before, during and after their hospital stay. The company provides
its products and solutions to hospitals and healthcare facilities
throughout the entire United States
To view the website and obtain Company information, go to
http://www.patientportal.com.
CONTACT: Patient Portal Technologies, Inc.
Investor Relations
Vanessa Loysen
(315) 638-6708
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