Steel City Products, Inc. Announces Reverse Split.Business Editors WILMINGTON, Del.--(BUSINESS WIRE)--Oct. 28, 2003 Steel City Products, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :STCP STCP Sociedade de Transportes Colectivos do Porto STCP Sustainable Tree Crops Program (Africa) STCP Stimulated T Cell Chemotactic Protein STCP Serviço de Transportes Colectivos do Porto (Portuguese: Porto Bus Service) ) ("Steel City" or the "Company") and its majority shareholder, Sterling Construction Company, Inc. (OTCBB:STCS STCS SVM (Service Module) Thermal Control Subsystem STCS Signalling and Train Control System (railways) STCS Self-Tuning Control System STCS Senior Chief Sonar Technician (Naval Rating) ) ("Sterling") today announced that the Board of Directors of the Company has approved a 1 for 300,000 share reverse split of the Company's common stock. Sterling, which owns 87% of the voting rights Voting rights The right to vote on matters that are put to a vote of security holders. For example the right to vote for directors. voting rights The type of voting and the amount of control held by the owners of a class of stock. of the Company, has also approved the reverse split. 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. resulting from the reverse split will not be issued but will be paid in cash at the rate of $0.0168 per share. After the reverse split, which is expected to become effective in November 2003, Sterling will remain the Company's only stockholder. Reducing the number of common stockholders of the Company below 300 will allow the Company to deregister its common stock and take the Company private. Thereafter the Company will be a wholly-owned subsidiary of Sterling. In connection with the reverse split, the Company has filed an Information Statement and a Schedule 13E-3 with the Securities and Exchange Commission. Shareholders of record on October 23, 2003 will be sent an Information Statement in November 2003. |
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