RICHMOND, Va., July 23, 2018 /PRNewswire/ -- Sitestar Corporation (SYTE) ("Sitestar" or the "Company") announced today that its name change to Enterprise Diversified, Inc., previously approved by the Company's shareholders and board of directors, became effective today. The name change more accurately reflects the culture of the company, as well as its growing and diverse business activities.
Effective immediately, the Company also executed a 1-for-125 reverse stock split of its common stock. Any fractional shares of common stock were rounded up to the next full share.
As a result of the reverse stock split, the Company will trade under the new symbol SYTED for the next 20 days. The "D" will be removed in 20 business days, and the symbol will then revert to SYTE.
Commenting on the matter, Enterprise Diversified CEO Steven Kiel stated, "Since the management change in 2015, our company has undergone a transformation. While our internet subsidiary will retain the Sitestar name, our new corporate name highlights that our future will be different than our past. Our approach is opportunistic and our operations diversified among our asset management, real estate, internet, and home services subsidiaries.
"ENDI represents the hard work and entrepreneurial spirit of our employees and partners. We centralize capital allocation decisions at the corporate level and provide support to our operators at our business units: Asset Management, Real Estate, Home Services and Internet.
"I am grateful for the support of our shareholders over the past two and a half years. Our directors, employees, partners, and I will continue to do everything we can to increase shareholder value over the long term."
About Enterprise Diversified, Inc.
Enterprise Diversified, Inc. and its subsidiaries engage in several diverse business activities in the following industries: asset management, real estate, internet access, and home services. The company's philosophy is to centralize capital allocation decisions at the corporate level and decentralize operational decisions among subsidiary managers. Copies of Enterprise Diversified's press releases and additional information about the company are available at www.enterprisediversified.com.
Matters discussed in this press release may constitute forward-looking statements. The Private Securities Litigation Reform Act of 1995 provides safe harbor protections for forward-looking statements in order to encourage companies to provide prospective information about their business. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. These statements are not guaranties of future performance, and actual results may differ materially from those forecasted.
The Company desires to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and is including this cautionary statement in connection with this safe harbor legislation. The words "believe," "anticipate," "intends," "estimate," "forecast," "project," "plan," "potential," "may," "should," "expect," "pending," and similar expressions identify forward-looking statements. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although we believe that these assumptions were reasonable when made, because these assumptions are inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control, we cannot assure you that we will achieve or accomplish these expectations, beliefs, or projections.