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Fairfield, NJ, Sept. 26, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Bergio International, Inc. (“Bergio”, or the “Company”) (BRGO), a leading designer, manufacturer and retail outlet for the Bergio Brand of designer jewelry, including exquisite collections of rings, necklaces, earrings, and other fine accessories, announced that effective September 27, 2019, the Company has effected a 1:10,000 reverse stock split of Bergio International common stock.
The reverse split will be effective in business 20 days and a “D” will be placed on the ticker symbol for these 20 business days.
The reverse stock split uniformly affects all issued and outstanding shares of the Company’s common stock. The reverse stock split will not alter any stockholder's percentage ownership interest in Bergio, except to the extent that the reverse stock split results in fractional shares. No fractional shares will be issued in connection with the reverse stock split.
The reverse stock split will reduce the number of shares of common stock issued and outstanding from approximately 5.4 billion to approximately 539,000. There is no change to the number of authorized shares under the Company’s Certificate of Incorporation, as amended.
Berge Abajian, Bergio’s President and Chief Executive Officer, stated, “Now that we have a clear direction for the Company, a decision was reached to initiate the reverse to assist Bergio International Inc. to achieve its goals. We are looking at the industry through a different lens than others. We want to capitalize on our Bergio Brand through nationwide network of Bergio Boutiques. Bergio will still continue to sell wholesale through our partnership with Neiman Marcus and other retailers, but our main goal is to expand the Bergio brand through Bergio Boutiques nationwide. Bergio has also expanded its brand to include handbags manufactured in Florence, Italy; Bergio-branded timepieces and our own fashion jewelry line, along with exotic leather wallets and belts paired with Bergio buckles. The new product line has produced great margins that are reflected in our financials. Also, our main goal is to divest ourselves of convertible loans and move toward traditional loans.
"Now that we have a clear vision of our future, we felt comfortable moving forward with the reverse. Despite all of our previous obstacles, we believe that we are on the right path and look forward to a successful future. I would like to thank all my shareholders, both past and present, for their continuing support. My goal at this time and in the future is to reap benefits for all.”
This press release includes statements that are not historical in nature and may be characterized as “forward-looking statements,” including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Company’s outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Company’s products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Company’s previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the “Act”) protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
Bergio International, Inc.