LOS ANGELES, CA--(Marketwired - December 11, 2013) - MediSwipe Inc. (MWIPD), (www.MediSwipe.com), a Company specializing in Compassionate Care Technology Solutions for the medicinal marijuana industry, announced today that in accordance with its prior announcement to effect a 1-for-10 reverse stock split of its common stock, that such reverse stock split will become effective at the opening of trading on December 11, 2013. The Board approved the reverse stock split at a ratio of 1-for-10 pursuant to authorization by shareholders at a special meeting of shareholders on October 22, 2013.
When the reverse stock split becomes effective, every ten (10) shares of common stock outstanding will automatically combine into one (1) new share of common stock with no change in par value per share. This will reduce the number of shares outstanding from approximately 450 million to 45 million. The Company's common stock will continue to trade on the Over the Counter Bulletin Board under the symbol "MWIPD" for the next twenty business days. The new CUSIP number for the common stock following the reverse stock split will be 58500H204.
No fractional shares of Common Stock will be issued as the result of the Reverse Split. Instead, the Company will issue to the stockholders one additional share of Common Stock for each fractional share. In conjunction with this corporate action, the majority shareholders have also authorized the Board of Directors to decrease the Company's authorized Common Stock from 500,000,000 shares to 250,000,000 shares.
The Company believes that these corporate actions could increase the profile of the Company for private investment, acquisitions and other future opportunities that may become available. At this time, there are no agreements or arrangements to engage in any corporate transactions that would require the issuance of additional securities made available pursuant to this proposal.
Holders of shares of common stock held in book-entry form or through a bank, broker or other nominee do not need to take any action in connection with the reverse split, and will see the impact of the reverse split automatically reflected in their accounts. Beneficial holders may contact their bank, broker or nominee for more information.
For those shareholders who hold physical stock certificates, you may contact either now or at a later date contact the Company's transfer agent Interwest Transfer Co. to receive instructions for exchanging those certificates for new certificates representing the post-split number of shares. Interwest Transfer Co. can be reached at 801-272-9294.
About MediSwipe Inc.
MediSwipe Inc. (www.MediSwipe.com) specializes in Compassionate Care Technology Solutions for the medicinal marijuana industry and wellness products including beverages Chillo and C+Swiss.
"Safe Harbor" Statement: The statements in the press release that relate to the company's expectations with regard to the future impact on the company's results from new products in development and any other statements not constituting historical facts are "forward-looking statements," within the meaning of and subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995. Since this information may contain statements that involve risk and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. This document may contain forward-looking statements concerning the Company's operations, current and future performance and financial condition. These items involve risks, contingencies and uncertainties such as product demand, market and customer acceptance, the effect of economic conditions, competition, pricing, the ability to consummate and integrate acquisitions, and other risks, contingencies and uncertainties detailed in the Company's SEC filings, which could cause the company's actual operating results, performance or business plans or prospects to differ materially from those expressed in, or implied by these statements. The Company undertakes no obligation to revise any of these statements to reflect the future circumstances or the occurrence of unanticipated events.