NEW YORK, Feb. 23, 2001 (PRIMEZONE) -- MonsterDaata, Inc. (OTCBB:MDDC), an information infrastructure utility company, announced today its intention to implement a 1 for 5 reverse stock split, effective as of the close of business today.
Shareholders of MonsterDaata's issued and outstanding Common Stock on the Record Date ("Old Common Stock") will receive one new share of Common Stock ("New Common Stock") for each 5 shares of Old Common Stock held as of the close of business today. Fractional shares of New Common Stock will not be issued. Rather, holders entitled to receive fractional shares of New Common Stock will receive one whole share of New Common Stock in lieu of each such fractional share. Except for the number of shares to be outstanding after the reverse stock split, the Old Common Stock and New Common Stock are identical.
"Management is of the opinion that the reverse stock split is in the best interests of the company and its stockholders, as it will provide the company with an improved capital structure," said Harold S. Blue, Vice Chairman of MonsterDaata. "The reverse stock split is also a vital step in allowing the company's Common Stock to be treated as a non-designated security and help facilitate our goal of an ultimate listing with Nasdaq or other major stock exchange, which we anticipate should have a positive effect on the liquidity of the market for MonsterDaata's Common Stock."
MonsterDaata continues to be recognized as the leading provider of the most up-to-date, detailed information and data to individuals and commercial users in a variety of different markets and industries. The company has grown significantly over the past year, adding new data for both the industries it has traditionally served, as well as generating new data sets for other industries. MonsterDaata has also developed new customization and delivery methods and launched several new product and service lines. These developments have helped the company attract a continuing stream of clients and partners, particularly in the real estate services and lending markets.
About MonsterDaata
MonsterDaata, Inc., www.monsterdaata.com, has developed advanced data compilation, transformation and delivery technology designed to transform and distribute significant amounts of information from disparate sources for a number of business verticals and professionals. The company distributes content and applications solutions in a highly customizable, flexible manner. These products are designed to enable businesses to easily aggregate, analyze and distribute customized, industry-specific content in order to better drive their sales and marketing programs, increase revenue and traffic and reduce transaction costs.
The statements contained in this release which are not historical facts contain forward-looking statements with respect to events, the occurrence of which involve risks and uncertainties, including, without limitation, the risks and uncertainties detailed in MonsterDaata's Securities and Exchange Commission public filings.