Amedia Networks Approves 10 to 1 Forward Stock Split.Stock Split Intended to Improve Trading Liquidity and to Broaden Shareholder Base EATONTOWN, N.J. -- Amedia Networks, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AANI;AANIE), a provider of next generation media gateways to distribute and manage ultra-broadband triple-play services in the home, today announced that the Board of Directors has approved a forward split of the Company's common stock. The forward stock split will require an increase in authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. that is expressly subject to the approval by Amedia's stockholders at the upcoming 2007 annual stockholders meeting. While Amedia has not yet fixed a date for the 2007 annual stockholders meeting, management anticipates that such meeting will take place next month. Following approval for the increase in authorized shares, Amedia will fix the record date for the forward split. Shareholders of record as of such date will receive 10 (ten) shares of Common Stock for every 1 (one) share of Common Stock held. There will be no change in the par value of the shares. The forward stock split will become effective once the record date has been fixed and the requisite notice has been given to the NASD NASD See: National Association of Securities Dealers NASD See National Association of Securities Dealers (NASD). . Of course no assurance can be provided that the stockholders will in fact approve an increase to the authorized Common Stock and that the forward split will in fact be affected. The Board deemed it advisable to take this step as Amedia continues to embark on aggressive efforts to execute its strategic development and growth initiatives. "Over the past months, we have achieved several product development breakthroughs while at the same time continuing to build strong relationships with new and existing partners, and are pleased to share this success with our shareholders," said Amedia President, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , and Director Frank Galuppo. "In addition to supporting ongoing company growth, this forward stock split is intended to improve trading liquidity, broaden ownership, and enhance overall shareholder value." About Amedia Networks Amedia Networks, Inc. (OTC BB: AANI) provides next generation residential media gateways to distribute and manage high-quality voice, high-definition video This article is about high-definition video technology. For television systems, see High-definition television. For the tape format, see HDV. For compression and prerecorded media, see High-definition pre-recorded media and compression. , and high-speed data services throughout the networked home. The Amedia residential gateway offers a single, compact, configurable device with the collective functionality of a modem, wireless access point, router, VoIP adapter, and family firewall - all in one. In addition, it features external media storage and a built-in operating system operating system (OS) Software that controls the operation of a computer, directs the input and output of data, keeps track of files, and controls the processing of computer programs. for carriers to continuously develop and deliver new, ultra-broadband applications to the home. The company is led by an executive team with a long and proven history in the voice, data, and telecom industries, and its core technologies have been co-developed by Lucent Technologies, Inc.'s renowned Bell Laboratories unit. For more information, visit www.amedia.com. All company names, brand names, and product names herein are trademarks of their respective holder(s). This press release may contain "forward-looking" statements as that term is defined in 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. A number of factors could cause Amedia's actual results to differ from anticipated results expressed in such 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. . Such factors are addressed in Amedia's filings with the Securities and Exchange Commission (available at www.sec.gov) and include, but are not limited to, the success and market acceptance of Amedia's triple play solution, the sufficiency of cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. to meet operating and other requirements, the relatively fast pace of obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. in the broadband communications equipment market, and the competitive environment in the economy generally and in the telecommunications specifically. Amedia assumes no obligation to update any forward-looking statements. |
|
||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion