Systems America, Inc. Announces 5 for 1 Forward Stock Split, Approval Received From FINRA
SAN RAMON, Calif., Aug. 9, 2012 (GLOBE NEWSWIRE) -- Systems America, Inc. (OTC: SYAI) ("Systems America" or the "Company"), a premier provider of cloud computing and information technology solutions, announced today that its Board of Directors has approved a 5 for 1 forward split of its common stock. The Company has received confirmation from FINRA regarding the effective date of its proposed five-for-one forward split of its common shares.
At the market opening on August 20, 2012, the Company's common stock will begin trading on a post-split adjusted basis under the new CUSIP number 871877304. The Company's ticker symbol of "SYAI" will remain unchanged as a result of the forward split, although a "D" will be appended ("SYAID") for approximately 20 business days to indicate to investors of the recent reorganization.
As the result of the forward stock split, each shareholder is entitled to exchange their existing shares for five times the amount in new post-split shares, payable upon surrender. The Company expects that shareholders holding common shares at registered brokerage firms will have this forward split transaction processed automatically in their accounts over the next few days. Shareholders holding physical certificates representing their shares are NOT required to submit their certificates for exchange to receive full credit for forward split shares. Physical certificate holders may contact the Company's transfer agent, OTC Stock Transfer Inc., at (801) 272-7272 to facilitate the exchange of their old certificates for post-split shares should they wish to.
"Systems America is entering into a strong growth phase and has identified multiple revenue opportunities ready to launch in the near future," said Adesh Tyagi, Chairman & Chief Executive Officer of Systems America. "When a company executes a forward stock split from a position of strength, it can have very positive results, including increased investor interest, improved stock liquidity, and reduced administration costs. We believe it is the right time to take this additional step in improving our equity structure, which, together with the successful changes we have already made, should benefit our stockholders." Adesh Tyagi further added "We expect that the implementation of this stock split strategy will place our stock price in a more attractive trading range for a wider-range of long-term investors and have a positive impact on our ability to fuel the future growth of the Company."
About Systems America
Systems America is a premier provider of diversified cloud computing and information technology solutions to commercial and government clients worldwide. We are ranked one of the fastest growing companies with multiple locations around the world. Systems America delivers superior cloud computing, information technology consulting services, and systems and integration services to hundreds of clients worldwide. Building on a core competency of efficient technology infrastructure outsourcing, the company is headquartered in San Ramon, California, United States. For additional information about Systems America, please visit http://www.systemsamerica.com.
Forward-Looking Statements and Safe Harbor Statement:
The information provided herein may include forward-looking statements. These forward-looking statements may be identified by the use of terms and phrases such as "anticipates," "believes," "can," "could," "estimates," "expects," "forecasts," "intends," "anticipates", "may," "plans," "projects," "targets," "will," and similar expressions or variations of these terms and similar phrases. These forward-looking statements are largely based on our current expectations and projections about future events and financial trends affecting the financial condition of our business. Such forward-looking statements include, without limitation, projections about our possible future results, statements about our plans, strategies, business prospects, changes and trends in our business and the markets in which we operate. Additionally, statements concerning future matters such as new business models, new products, product enhancements, new technologies, sales levels, expense levels and other statements regarding matters that are not historical are forward-looking statements. Management cautions that these forward-looking statements relate to future events or our future financial performance and are subject to business, economic, regulatory and other risks and uncertainties, both known and unknown, that may cause actual results, levels of activity, performance or achievements of our business or our industry to be materially different from those expressed or implied by any forward-looking statements. There is no certainty or assurance that any prospective events referenced as forward-looking statements will be achieved. The Company undertakes no duty to provide updates with respect to matters disclosed in this press release.
CONTACT: Press Contact: Systems America, Inc. Investor.Relations@systemsamerica.com