VIRTUAL REALITY ANNOUNCES REVERSE STOCK SPLIT
VIRTUAL REALITY ANNOUNCES REVERSE STOCK SPLIT PLEASANTVILLE, N.Y., March 16 /PRNewswire/ -- Virtual Reality, Inc.
(Electronic Bulletin Board: VRRI) -- a research and engineering company specializing in the development of virtual reality systems for entertainment, medical, industrial and educational design, simulation and training -- today announced a reverse stock split effective Friday, March 13.
The 15 for 1 reverse stock split will enable the company to reduce the number of outstanding Virtual Reality, Inc. common shares from 92,782,593 to 6,185,506. The par value of the common shares will increase from $.001 to $.015 so that the stated capital of the company will remain unchanged. The respective bid and offer prices of the stock will be adjusted to reflect the reverse split. "The stock split fits into our long-term strategy and is more in line with the current investment climate," said company president Nelson Merritt, the former technical director of the Apollo Mission Simulator Program and a pioneer in the virtual display field. "We expect to acquire other companies in the near future that will enable us to broaden our product line in areas such as graphics scenario generation and televirtual reality." Virtual Reality, Inc. creates computer environments with three- dimensional displays, computer graphics and interactive input and output devices. Its products currently include virtual reality simulators, high-resolution display monitors and helmet-mounted displays. -0- 3/16/92 /CONTACT: Valerie Shields of Shields Communications, 312-489-6072, for Virtual Reality/ (VRRI) CO: Virtual Reality Inc. ST: New York IN: CPR SU:
TS -- NY045 -- 8292 03/16/92 11:51 EST
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|Date:||Mar 16, 1992|
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