Ecolab Seeks Stockholder Approval to Increase Authorized Shares Stock Split Under Consideration.ST. PAUL St. Paul as a missionary he fearlessly confronts the “perils of waters, of robbers, in the city, in the wilderness.” [N.T.: II Cor. 11:26] See : Bravery , Minn.--(BUSINESS WIRE)--Aug. 15, 1997-- Ecolab Inc.'s Board of Directors announced today that it has called a Special Meeting of the Ecolab stockholders for October 22, 1997. The meeting is for the purpose of increasing the authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: common shares from 100 million to 200 million. The meeting will be held at Ecolab's St. Paul headquarters. Ecolab is considering a stock split to increase the number of outstanding shares, thereby broadening the trading market for its stock. While no final decision has been made regarding a stock split, Ecolab's Board is requesting stockholder approval to increase the number of authorized shares Authorized shares Number of shares authorized for issuance by a firm's corporate charter. because the current number of authorized common shares is not sufficient to accommodate a split. The record date for stockholders entitled to vote at the October 22 Special Meeting has been set for September 2, 1997. The company's 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. will be mailed to stockholders on approximately September 19. Ecolab is the leading global developer and marketer of premium cleaning, sanitizing, maintenance and pest elimination products and services for the hospitality, institutional and industrial markets. For the year ended December 31, 1996, Ecolab reported sales of $1.5 billion; including European joint venture sales of $0.9 billion, Ecolab's global sales coverage was $2.4 billion. Ecolab shares are traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. and the Pacific Exchange under the symbol ECL (Emitter-Coupled Logic) A digital circuit composed of bipolar transistors in which the emitter ends are wired together. ECL gates switch faster than TTL gates, but consume more power. See TTL, I2L and bipolar. 1. . Ecolab news releases and other investor information are available on the Internet at www.ecolab.com; and by telephone at 1-800-FACT-ECL. CONTACT: Michael J. Monahan 612-293-2809 (Tel) 612-225-3123 (Fax) |
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