IRVINE, Calif.--()--Probe Manufacturing, Inc., (OTC QB: PMFI), a global electronics design & manufacturing services company, (the "Company"), today announced that the planned one-for-ten reverse stock split of the Company's issued and outstanding shares of common stock, par value $0.001 per share (the "Common Stock"), will become effective and will commence trading on a split-adjusted basis on the OTC Market QB upon the open of trading on January 22, 2013. Per FINRA guidelines a “D” will be placed on the ticker symbol for 20 business days. After 20 business days, the symbol will revert back to the original symbol PMFI but will trade under a new CUSIP number, 74266S 20 1.
The reverse stock split was previously approved by the Company's board of directors and by shareholders at the 2012 Annual General Meeting of Shareholders held on November 28, 2012.
Upon effectiveness of the reverse stock split, each ten (10) shares of the Company's issued and outstanding Common Stock will be automatically and without any action on the part of the respective holders thereof combined and converted into one (1) issued and outstanding share of Common Stock. This reduced the number of issued and outstanding shares of the Company's Common Stock from approximately 200 million to approximately 20 million. The reverse stock split will affect all issued and outstanding shares of the Company's Common Stock, as well as Common Stock underlying stock options outstanding immediately prior to the effectiveness of the reverse stock split. The number of authorized shares of the Company's Common Stock will not be affected by the reverse split.
No fractional shares will be issued in connection with the reverse stock split. In order to avoid the expense and inconvenience of issuing and transferring fractional shares of the Company’s Common Stock to shareholders who would otherwise be entitled to receive fractional shares of Common Stock following the reverse stock split, any fractional shares which result from the reverse stock split will be rounded up to the next whole share.
Shareholders holding physical share certificates should exchange such certificates through the Company’s transfer agent, Integrity Stock Transfer, prior to depositing the currently held shares certificates in a brokerage account. Shareholders with shares held in book-entry form or through a bank, broker, or other nominee are not required to take any action and will see the impact of the reverse stock split reflected in their accounts after January 21, 2013. Beneficial holders may contact their bank, broker, or nominee for more information.
About Probe Manufacturing, Inc.
Probe Manufacturing is a global electronics design & manufacturing services company providing innovators with business services through our factory in California as well as factories Worldwide. Headquartered in Irvine, California, Probe has been serving industrial, instrumentation, medical, aerospace, defense, and automotive industries since 1994. Probe’s common stock is traded on the OTC Market QB under the symbol PMFI. Further information is available on Probe’s website: www.probeglobal.com.
This release contains certain forward-looking statements (under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: uncertainties relating to changes in general economic and market conditions; uncertainties regarding changes in the EMS industry; the uncertainties relating to the implementation of our global business strategy; and other risk factors as outlined in the company’s periodic reports, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.