Avery Communications, Inc. Announces Terms of Going Private Transaction.Business Editors CHICAGO--(BUSINESS WIRE)--Jan. 9, 2003 Avery Communications, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: AVYC AVYC Aliso Viejo Youth Commission ), a provider of outsourced billing and customer care solutions, today announced that its Board of Directors and shareholders holding a majority of shares outstanding have approved a one-for-five thousand reverse stock split. The reverse stock split, which is likely to become effective during the first quarter of 2003, will reduce the number of common shares outstanding from 1.1 million at September 30, 2002 to approximately 100. Through a significant reduction of the number of shareholders, the reverse stock split will accomplish the previously announced intention of bringing the Company private. The Company also announced that it will pay cash for fractional shares Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. , arising as the result of the reverse stock split, at the rate of $1.27 per whole share. The purchase price for fractional shares was approved by the Board of Directors and supported by an independent appraisal. Shareholders will be mailed an informational package containing additional information about the reverse stock split. The record date for the reverse stock split has not yet been finalized. About Avery Communications, Inc. Avery is a technology based service company engaged in outsourced customer care and billing services, principally for the telecommunications industry. Through its wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , HBS HBS Harvard Business School HBs Hepatitis B Surface HBS Heinrich Boell Stiftung (German Political Foundation) HBS Household Budget Survey HBS Hogere Burgerschool HBS Hawaii Biological Survey (Bishop Museum) Billing Services Company and ACI ACI American Concrete Institute ACI Arch Coal Inc ACI Airports Council International (formerly Airport Associations Coordinating Council) ACI Automobile Club d'Italia ACI American Competitiveness Initiative Billing Services, Inc., Avery provides telecommunication billing and collection clearinghouse services for inter-exchange carriers, long-distance resellers and other service providers. The clearinghouse operations maintain billing arrangements with approximately 1,300 telephone companies that provide access lines to, and collect for services from, end-users of telecommunication services. Through its Aelix, Inc. subsidiary, Avery offers message communication services and applications designed to improve customer service functions. Forward Looking Statements Certain statements contained in this document may be deemed to be 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. under federal securities laws. Such forward-looking statements can generally be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "estimate", "anticipate," "plan," "seek," or "believe." Avery intends that such forward-looking statements be subject to the safe-harbor created thereby. Such forward-looking statements include, but are not limited to risks as detailed from time to time in Avery SEC reports, including its Registration Statements on Form SB-2, Quarterly Reports on Form 10-QSB and 10-Q, Current Reports on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. and Annual Reports on Form 10-KSB. |
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