MISSION VIEJO, Calif., Feb. 12, 2013 (GLOBE NEWSWIRE) -- Embark Holdings, Inc. (OTC:GFMD) received notification that effective February 14, 2013 Financial Industry Regulatory Authority ("FINRA") will complete the process of a 1 for 2000 reverse stock split and a symbol change. This action followed stockholder approval by written consent of the majority of the stockholders taken without a meeting on January 2, 2013 which approval granted authority to the Company's Board of Directors to affect a reverse stock split of the Company's authorized issued common stock, a symbol change and reduce the authorized common stock from 2,000,000,000 (2 Billion) to 500,000,000 (Five Hundred Million).
The company will have a new CUSIP number of 29079E203 starting on February 14, 2013. As part of the reverse stock split, FINRA will append a "D" to the Company's ticker symbol to indicate the completion of the reverse split. After 30 business days following the reverse split, FINRA will remove the "D" from the new symbol.
Additional Information for Shareholders
No shareholder should take any action with respect to the reverse stock split at this time.
Shareholders, who hold their shares in brokerage accounts also, known as holding the shares in "street name", will not be required to take any action after the reverse split becomes effective. The number of their shares of the Company's common stock will be automatically adjusted to reflect the number of shares as adjusted by the reverse stock split.
Shareholders of record who hold physical stock certificates should contact the Company's Transfer Agent, American Registrar and Transfer Company ("American Registrar") to discuss the fractional shares. American Registrar will act as the sole exchange agent for implementing the handling of stock certificates. Shareholders should not send stock certificates to the Company. Shareholders should not destroy any stock certificates and should not submit any stock certificates until requested to do so by American Registrar.
American Registrar and Transfer Company
About Embark Holdings, Inc.
Founded in 1985 and headquartered in Mission Viejo, California, United States, our business model is to research, evaluate, and acquire profitable private firms in the business segments of entertainment, technology, medical, energy, and business services for the benefit of our shareholders.
By providing the financial and human capital necessary to deal with the overwhelming administrative, planning, governance, compliance, and regulatory issues that abound, our partners can focus their energy and flourish.
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FORWARD-LOOKING STATEMENT: This press release contains forward-looking statements, including expected industry patterns and other financial and business results that involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to differ materially from results expressed or implied by this press release. Such risk factors include, among others: the sustainability of recent growth rates in the holding industry; the positioning of Embark Holdings in the market; ability to integrate acquired companies and technology; ability to retain key employees; ability to successfully combine product offerings and customer acceptance of combined products; general market conditions, fluctuations in currency exchange rates, changes to operating systems and product strategy by vendors of operating systems; and whether Embark Holdings can successfully gain market acceptance. Actual results may differ materially from those contained in the forward-looking statements in this press release.
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