Greystone Announces Rescission of Reverse Stock Split
05 Febrero 2014 - 4:57PM
Marketwired
Greystone Announces Rescission of Reverse Stock Split
TULSA, OK--(Marketwired - Feb 5, 2014) - Greystone Logistics,
Inc. (OTCBB: GLGI) (OTCQB: GLGI),(the "Company") announced today
that it will not proceed with the proposed one for ten thousand
(1-10,000) reverse stock split of the Company's Common Stock and a
cash payment per share for resulting fractional shares equal to
$0.50. The Company had previously filed a Preliminary Proxy
Statement on Schedule 14A with the United States Securities and
Exchange Commission relating to a Special Meeting of Shareholders
of the Company to vote on an amendment to the Company's Certificate
of Incorporation that would authorize the proposed reverse stock
split. The Company also announced today that the Special
Meeting of Shareholders of the Company relating to the proposed
reverse stock split will not be held. The primary purpose of
the proposed reverse stock split was to reduce the number of
holders of record of the Company's Common Stock to fewer than 300,
in order for the Company to be able to terminate the registration
of its Common Stock under the Securities Exchange Act of 1934, as
amended. Bill Rahhal, the Company's Chief Financial Officer,
said that the cost associated with the proposed reverse stock split
was the primary reason for the decision of the Company's Board of
Directors to not proceed with the proposed reverse stock split, as
the estimated cost of effecting the proposed reverse stock split
has increased substantially since the Preliminary Proxy Statement
was filed.
Contact: Warren F. Kruger President/CEO Corporate Office 1613
East 15th Street Tulsa, Oklahoma 74120 (918) 583-7441 (918)
583-7442 (FAX) http://www.greystonelogistics.com
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