Wasatch Approves Reverse Stock Split; Announces Change in Trading Symbol.Business/Technology Editors
MIDVALE, Utah--(BUSINESS WIRE)--June 20, 2000
Wasatch Pharmaceutical, Inc. (OTC OTC
See over-the-counter market (OTC). BB: WASP), a leader in the research, development and distribution of dermatological dermatological, dermatologic
pertaining to dermatology; of or affecting the skin. treatments for skin disorders, today announced that its Board of Directors approved a 1-for-2 reverse stock split of the Company's common stock. The Company will also change its trading symbol Trading symbol
See: Ticker symbol to WSPH, while continuing to trade on the OTC Bulletin Board OTC Bulletin Board
An electronic quotation listing of the bid and asked prices of OTC stocks that do not meet the requirements to be listed on the NASDAQ stock-listing system. .
The date on which the reverse stock split shares will be reflected on the OTC Bulletin Board is June 21, 2000. The change in trading symbol also takes effect on June 21, 2000.
In conjunction with the split, the Company will offer shareholders warrants in two values, $0.50 and $2.00. Within the next four months, Wasatch will register additional common shares, against the time when it will issue a warrant call.
Wasatch chief executive officer, Gary V. Heesch, commented, "This is a critical time of growth for our Company. As a result, we are experiencing tremendous interest from the investment community and quality institutions who wish to participate in our potential. This stock split and the issuance of warrants will have a positive effect on our stock price that will encourage continued interest, and provide attractive liquidity for our loyal shareholders."
Wasatch Pharmaceutical, Inc. is a leading research and development entity in the field of dermatology. The Company plans to establish a chain of 350 treatment clinics nationwide over the next 60 months. The Company anticipates the treatment clinics, coupled with an innovative Internet Marketing See Internet advertising. Plan, should generate revenues of more than $525 million by fiscal year 2005, the target date for completion of the centers.
Forward-looking statements in this release are made pursuant to the "safe harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the Company's products, increased levels of competition, new products introduced by competitors, changes in the rates of subscriber acquisition and retention, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission.