Ubiquity Broadcasting Corporation Announces Forward Stock Split To Be Effective Upon Completion of M
Ubiquity Broadcasting Corporation Announces Forward Stock Split To Be Effective Upon Completion of Merger
- Initiatives Designed to Drive Shareholder Value and Attract Further Investment
IRVINE, Calif.--(BUSINESS WIRE)-- Ubiquity Broadcasting Corporation (OTCQB:UBIQ) (the "Company") today announced that its Board of Directors has approved a four-for-one forward stock split of its issued and outstanding common stock (the "Forward Split"), pending filing and approval of the Forward Split with the Financial Industry Regulatory Authority ("FINRA").
The Company intends to notify FINRA of the Forward Split prior to the closing of the proposed merger so as to take effect simultaneously with the closing of the merger previously disclosed on the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on March 6, 2013.
In addition, the Company's Chief Executive Officer, Chris Carmichael, and Brenden Garrison, have entered into a share cancellation agreement with the Company wherein they will immediately return 3,822,223 and 177,777 shares, respectively, to the Company's treasury.
Christopher Carmichael said that "Ubiquity is entering a strong growth phase, and we believe this is the right time to take these steps to improving our equity structure, which combined with our efforts operationally, should benefit our shareholders. When a company executes a forward stock split from a position of strength, we believe it can have positive results, including increasing investor interest, improving stock performance and liquidity. We believe that the implementation of this stock split will place our stock price in a more attractive trading range for a broader-base of long-term, growth-oriented investors and have a positive impact on our ability to drive the future growth of our business."
For more information about the transactions contemplated herein, please see the Company's latest 8-K filing with the Securities and Exchange Commission.
About Ubiquity Broadcasting Corporation:
Ubiquity Broadcasting Corporation (the "Company") is a publicly-held Nevada corporation. On March 6, 2013, the Company entered into a merger agreement with Ubiquity Broadcasting Corporation, a privately-held Delaware corporation (the "Private Company"). Upon satisfaction of all closing conditions, the Private Company will become a wholly-owned subsidiary of the Company (the "Proposed Transaction"). As of the date of this release, the proposed merger has not been completed. Although the Company anticipates that the merger will be completed, there is no guarantee that the closing conditions will be satisfied, nor that the merger will be completed.
The Private Company is focused on the intersection of cloud based cross platform applications synchronized across all screens for enhancing the digital lifestyle. With its corporate office in Irvine, CA, and its own studio operations, Ubiquity is developing ubiquitous digital applications and digital content in connection with its intellectual property. Ubiquity's technology is seamless, simplistic, and extremely intuitive. www.ubiquitycorp.com
Certain matters discussed within this press release are forward-looking statements. Although the Company believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be attained. The Company does not undertake any duty to update any statements contained herein (including any forward-looking statements), except as required by law.
Marty Appel Public Relations
Marty Appel, 212-245-1772
KEYWORDS: United States North America California
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