AMEN Properties Announces Shareholder Approval of a 1-for-4 Reverse Stock Split - Symbol to AMECD.Business Editors MIDLAND, Texas--(BUSINESS WIRE)--Jan. 31, 2003 AMEN Properties Inc.'s (Nasdaq:AMENC) shareholders approved a 1-for-4 reverse stock split in a special meeting held Jan. 30, 2003. The Company amended the articles of incorporation The document that must be filed with an appropriate government agency, commonly the office of the Secretary of State, if the owners of a business want it to be given legal recognition as a corporation. to effectuate ef·fec·tu·ate tr.v. ef·fec·tu·at·ed, ef·fec·tu·at·ing, ef·fec·tu·ates To bring about; effect. [Medieval Latin effectu the reverse split earlier this morning, and Monday, Feb. 3, 2003, will be the first day of trading under the new symbol, AMECD AMECD Association for Measurement and Evaluation in Counseling and Development . After 20 trading days In Business, the trading day is the time span that a particular stock exchange is open. For example, the New York Stock Exchange is, as of 2006, open from 09:30AM to 4:00PM. Trading days never take place on weekends. , on March 4, 2003, the symbol will revert back to AMENC, and will continue trading under this symbol for the duration of the exception period granted by the Nasdaq Listing Panel. The "C" will be removed from the symbol when the Nasdaq Listing Panel has confirmed compliance with the terms of the exception and all other criteria necessary for continued listing. As previously disclosed, the Company received Nasdaq Staff Determinations of non-compliance with the $1.00 minimum bid and shareholders equity requirements on Oct. 9, 2002, and Nov. 20, 2002, respectively. The Company was granted a temporary exception from these standards subject to AMEN meeting certain conditions. The company met two of these requirements on Dec. 31, 2002, by completing public filings evidencing over $2.5 million in shareholders equity and our intent to seek approval for a reverse split. In order to continue to be listed, AMEN's stock must continue trading above $1.00 for 10 consecutive trading days after the split. In addition, on or before March 31, 2003, the Company must file a Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for 2002, evidencing continued compliance with the minimum shareholders equity requirement. The Company believes it can meet these conditions, however, there can be no assurance that it will do so. If at some future date the Company's securities should cease to be listed on The Nasdaq SmallCap Market, they may continue to be listed in the OTC-Bulletin Board. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. - This press release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve risks and uncertainties, including, but not limited to, ability to meet the required conditions under the exceptions. In spite of management's efforts, there can be no assurance that the Company will meet the conditions for continued listing on The Nasdaq SmallCap Market. These forward-looking statements are made in reliance on the "Safe Harbor" provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Prospective investors are cautioned that forward-looking statements are not guarantees of performance. Actual results may differ materially from management expectations. Copies of Company filings with the Securities and Exchange Commission are available upon request from the Company. |
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