Press Release |
Zevotek Announces Reverse Stock Split
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NEW YORK, Oct. 31, 2011 (GLOBE NEWSWIRE) -- Zevotek, Inc., (OTCBB:ZVTKD.OB), a worldwide direct marketer and distributor of consumer products, today announced that the Company expects its common stock will begin trading now on a split-adjusted basis following approval last week by The Depository Trust & Clearing Corporation (DTC) of Zevotek's shares for book-entry delivery and depository services that are a key factor for swift processing of trades in Zevotek shares. Trading in Zevotek shares will reflect the 1-for-5,000 reverse split of its common stock following confirmation by FINRA, which advised the Company that in keeping with standard procedure for reverse stock splits, Zevotek's ticker symbol will be "ZVTKD" for 20 business days starting on October 27, 2011. The Company believes that the increase in the Company's stock price as a result of the reverse stock split will generate increased investor interest, enhance the Company's prospects with customers and vendors and assist in attracting and retaining employees. Rob Babkie, Chief Executive Officer of Zevotek, said that, "We believe the higher split-adjusted stock price will be in the best interest of our shareholders by making it easier to effect transactions in our stock, broaden our audience and shareholder base and ultimately enhance our valuation as we move forward and grow the Company. While the reverse stock split did not change the market capitalization of Zevotek, the higher share price is designed to make it easier for shareholders to hold Zevotek stock in their brokerage accounts and to appeal to major retail customers that can look at our share price when deciding to add us as a new vendor. Zevotek's board of directors, by unanimous decision, have allowed for any fractional shares resulting from the reverse split to be rounded up to the nearest whole post-split share as an added benefit to all of our Zevotek shareholders." Additional Information for Shareholders: Zevotek shareholders who hold shares in brokerage accounts, also known as holding the shares in "street name", will note that the number of Zevotek shares are automatically adjusted to reflect the number of shares as adjusted by the reverse stock split. Shareholders of record who hold physical stock certificates should call Island Stock Transfer and Trust Company, Zevotek's Transfer Agent, at 727.280.0010 to exchange their old stock certificates for new stock certificates reflecting the adjusted number of shares as a result of the reverse stock split. About the Company: Zevotek, Inc. markets and sells a range of innovative personal and home care items. Zevotek has a license to sell the Ionic Bulb, a patented air purifier that silently emits negative ions using a microchip placed inside a 10,000-hour energy saving compact fluorescent light bulb (CFL). One Ionic Bulb is an eco-easy maintenance-free inexpensive alternative that cleans the air in a 100 square foot area. Outfitting lamps and ceiling lights with the Ionic Bulb rids a living room, kitchen, bedroom, children's playroom, workout area and office space of unpleasant odors and indoor air pollutants that you breathe. Zevotek sells the Ionic Bulb through specialty retail shops, TV commercials, Amazon.com and newionicbulb.com, and markets the Ionic Bulb to major U.S. retail stores. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Forward-looking statements in this release with respect to the Zevotek, Inc.'s business, financial condition and results of operations, as well as matters of timing and effectiveness of acquiring and selling new consumer products are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond Zevotek, Inc.'s control with respect to identifying suitable new products, coming to acceptable terms to acquire their product or rights to sell their products, market acceptance of their products, to their ability to maintain the existing Company infrastructure and the suitability of that infrastructure for their new products, and whether financing will be available, as well as certain other risk factors which are and may be detailed from time to time in Zevotek, Inc.'s filings with the Securities and Exchange Commission. This press release contains forward-looking statements. The words or phrases 'may,' 'intends,' 'expects,' 'estimate,' 'indicate,' 'plans,' 'anticipates,' 'could,' 'if,' 'will,' 'should' or similar expressions are intended to identify 'forward-looking statements.' Actual results could differ materially from those projected in forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Zevotek, Inc. cautions readers not to place undue reliance on such statements. Unless otherwise required by applicable law, Zevotek, Inc. does not undertake, and Zevotek, Inc. specifically disclaims any obligation to update any forward- looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement. CONTACT: Investor Relations email@example.com