Vacation Ownership Marketing - Announces Reverse Stock Split.Business Editors WEST PALM BEACH, Fla.--(BUSINESS WIRE)--June 29, 2001 VACATION OWNERSHIP MARKETING, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :VAOW) today announced its intention to effect a one-for-twenty reverse split of its common stock, with a record date of July 9, 2001 and an increase in the total number of 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 and preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. . The aggragate number of shares which the corporation has authority to issue presently consists of 15,000,000 shares of Common Stock having a $.001 par value, and 1,000,000 shares of Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. having a $.001 per value. The Board of Directors of VACATION OWNERSHIP MARKETING, INC. shall increase the number of authorized common shares from 15,000,000 to 50,000,000 and the number of authorized preferred shares from 1,000,000 to 10,000,000. Under the terms of the reverse split, each twenty shares of common stock outstanding prior to the effective date will be reclassified as, and exchanged for, one share of newly issued common stock. The reverse split will not materially affect a stockholder's 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. or proportionate equity interest in the Company. It will, however, decrease the number of shares issued and outstanding VACATION OWNERSHIP MARKETING, INC. common stock from approximately 15,000,000 to 750,000. The reverse split has already been approved by the board of directors. This press release may contain foward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Company's actual results could differ materially from those set forth in the foward-looking statements. |
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