Cerplex Announces Reverse Stock Split.TUSTIN, Calif.--(BUSINESS WIRE)--Aug. 25, 1998--The Cerplex Group Inc. (OTC/BB:CPLX) Tuesday announced that it has filed with the Securities and Exchange Commission a preliminary proxy statement Proxy Statement A document containing the information that a company is required by the SEC to provide to shareholders so they can make informed decisions about matters that will be brought up at an annual stockholder meeting. requesting stockholder approval for a one-for-ten reverse stock split and a new stock option plan for employees, among other proposals. If approved, the reverse stock split would reduce the number of outstanding shares of Cerplex common stock from approximately 72 million shares to approximately 7.2 million shares. The proposed reverse split would take effect shortly after stockholder approval, which is anticipated to occur on Oct. 5, 1998. A related proposal would request stockholder approval of a charter amendment that would reduce Cerplex's authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. of common stock from 300 million to 75 million. The company announced that the purpose of the reverse split is to increase interest in Cerplex stock and create a broader trading market in the company's securities by raising the price level of Cerplex's common stock. Cerplex common stock has been trading below $1.00 per share. The preliminary proxy also requests stockholder approval of the company's 1998 Stock Plan. The new stock plan reserves approximately 28 million shares (pre-reverse split) of common stock for grant in the form of stock options or restricted stock awards to selected employees, officers and directors of the company. The shares reserved under the 1998 Stock Plan represent approximately 15 percent of Cerplex's common stock on a fully-diluted basis. The Cerplex Group provides service outsourcing (1) Contracting with outside consultants, software houses or service bureaus to perform systems analysis, programming and datacenter operations. Contrast with insourcing. See netsourcing, ASP, SSP and facilities management. to the information technology, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. and office automation industries. The company's capabilities include repair, build to order and contract assembly, logistics, asset reutilization and spare parts Spare parts, also referred to as Service Parts is a term used to indicate extra parts available and in proximity to the mechanical item, such as a automobile, boat, engine, for which they might be used. Spare parts are also called “spares. services. The company now employs nearly 1,500 people worldwide. With headquarters in Tustin, the company's U.S. facilities are in Marina Marina “a piece of virtue.” [Br. Lit.: Pericles] See : Virtuousness Del Rey Del Rey may refer to:
The Cerplex Group is located at 1382 Bell Ave., Tustin, Calif. 92780. Phone: 714/258-5300. Fax: 714/258-0730.
CONTACT: The Cerplex Group Inc., Tustin
Steven L. Korby, 714/258-5300
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