Blue Industries Effects 1 for 20 Reverse Split.
PRINGY, France--(BUSINESS WIRE)--Oct. 28, 2002
Blue Industries, Inc. (OTCBB:BLII) announced today that it has completed a 1 share for 20 reverse split of its outstanding common stock.
In connection with the reverse split, the Company's trading symbol on the OTC Bulletin Board has been changed from BLUI to BLII.
In connection with the reverse split, the 33,120,920 shares of common stock previously outstanding have been consolidated into approximately 1,656,050 shares of New Common. No fractional shares of New Common will be issued in connection with the reverse split and all reverse split calculations will be rounded to the next whole share.
The Company has also amended its Articles of Incorporation to prohibit the registration of shares of New Common in the name of DTC or any other securities clearinghouse. The Company believes these registration restrictions may force speculators who have previously sold stock in naked short transactions to cover their prior short sales by purchasing stock in the open market.
As a result of the registration restrictions, all shares that are presently held in the name of DTC must be distributed to the brokerage firms that hold the shares in client accounts. When brokerage firms receive physical certificates for the shares that are currently held by DTC and discover that the number of shares in certificate form is less than the number of shares they are supposed to be holding on behalf of customers, those firms are likely to require immediate delivery of physical certificates. If a speculator fails to make a timely delivery, the brokerage firm may elect to cover the shortfall by purchasing shares in the open market and charging the transaction to the account of the speculator.
About Blue Industries
Blue Industries is a global leader in the field of safe drinking water. The company's water treatment products are based on patented technologies that make it possible to offer drinking water processing facilities to an end user at an installed capital cost of less than fifty cents per gallon of daily capacity. Depending on configuration, the company's current products can process between 1,500 and 15,000 gallons per day. The Company currently serves customers in China, Thailand, Cambodia and Middle East, and is conducting on-site demonstrations in Africa. The Company's goal is to provide enabling technologies and products to satisfy the growing global demand for safe water in domestic, industrial, and agricultural applications.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21B of the Securities Exchange Act of 1934. Any statements that express or involve discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, goals, assumptions or future events or performance are not statements of historical fact may be forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated.
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|Date:||Oct 28, 2002|
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