DALLAS, Oct. 17, 2014 /PRNewswire/ -- CVSL Inc.
(OTC QX: CVSL) announced that, in preparation for its
planned uplisting to the NYSE MKT and to conform with NYSE MKT
listing requirements, it is effecting a 1-for-20 reverse stock
split of its common stock, to be effective for trading purposes as
of the commencement of trading today, October 17, 2014. As of this date, each 20
shares of issued and outstanding common stock will be converted
into one share of common stock.
As of the market open today, the common stock is trading under a
new CUSIP number (12665T206), although the Company's ticker symbol,
CVSL, will remain unchanged. However, the company's shares of
common stock will trade on the OTC QX Marketplace under the symbol
"CVSLD," with a "D" added for 20 trading days to signify that the
stock split has occurred.
The number of outstanding common shares is reduced from
487,975,986 to approximately 24,398,800. The number of authorized
shares is proportionately reduced from 5,000,000,000 shares of
common stock to 250,000,000 shares of common stock and the number
of authorized shares of preferred stock is proportionately reduced
from 10,000,000 shares of preferred stock to 500,000 shares of
preferred stock.
The par value per share will remain unchanged. No
fractional shares will be issued in connection with the reverse
stock split. Any fractional shares resulting from the reverse stock
split will be rounded up to the nearest whole share. The
number of shares of common stock underlying the options, warrants,
convertible securities or other rights to acquire shares of common
stock will be adjusted accordingly.
Shareholders may direct any questions concerning the reverse
stock split to their brokers or to CVSL's transfer agent, Fidelity
Stock Transfer Company, by calling (801) 562-1300.
About CVSL
CVSL (www.cvsl.us.com) is a growing group of micro-enterprise
companies that connect social media networks into an ever-expanding
virtual "community" of social commerce. CVSL companies currently
include The Longaberger Company, a 41-year old maker of
hand-crafted baskets and other home decor items; Your
Inspiration At Home, an award-winning maker of hand-crafted
spices and other gourmet food items from around the world;
Project Home (formerly conducting business under the name
Tomboy Tools), a direct seller of tools designed for women
as well as home security systems; Agel Enterprises, a
global seller of nutritional products in gel form as well as a skin
care line sold under the Ageless brand, operating
in 40 countries; Paperly, which offers a line of custom
stationery and other personalized products; My Secret
Kitchen, a U.K.-based seller of gourmet food products; and
Uppercase Living, which offers an extensive line of
customizable vinyl expressions for display on walls in the
home. In addition, CVSL and Golden Girls, a
purchaser of gold and tradable jewelry, have signed a definitive
purchase agreement, which is subject to customary closing
conditions.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. All statements other than
statements of historical fact contained in this press release are
forward-looking statements. We have attempted to identify
forward-looking statements by terminology including "anticipate,"
"believe," "can," "continue," "could," "estimate," "expect,"
"intend," "may," "plan," "potential," "predict," "project,"
"should," or "will" or the negative of these terms or other
comparable terminology. Although we do not make
forward-looking statements unless we believe we have a reasonable
basis for doing so, we cannot guarantee their accuracy. Such
statements include statements regarding our continued growth, and
the benefits of the various steps taken. These statements are
only expectations and involve known and unknown risks,
uncertainties, and other factors including our ability to continue
to grow as anticipated, our ability to effectuate our listing on
the NYSE MKT and the risks outlined under "Risk Factors" in our
Annual Report on Form 10-K for our fiscal year ended December 31, 2013, our Quarterly Reports on Form
10-Q, including the Quarterly Report filed with the Securities and
Exchange Commission for the quarter ended June 30, 2014, and those risks discussed in other
documents we file with the Securities and Exchange Commission,
which may cause our actual results, levels of activity,
performance, or achievements expressed or implied by these
forward-looking statements to differ materially from
expectations. Except as required by law, we undertake no
obligation to update or revise publicly any of the forward-looking
statements after the date of this press release to conform our
statements to actual results or changed expectations.
Contact:
Russell Mack
(rmack@cvsl.us.com)
Investor Relations: (scottp@cvsl.us.com)
SOURCE CVSL Inc.