CARY, N.C., July 29, 2005 (PRIMEZONE) -- Mobile Reach International, Inc. (OTCBB:MOBR) today announced its board of directors voted to effect the reverse split of Mobile Reach's common stock at a ratio of one-for-eighty. Today's action follows approval of a reverse split by Mobile Reach stockholders on June 13, 2005 more fully described in the Information Statement filed with the Securities and Exchange Commission on June 27, 2005.
The reverse stock split is effective after the close of business on Thursday, June 28, 2005. Mobile Reach's common stock will now be traded under the new symbol, adjusted for the reverse stock split on Friday July 29, 2005. The Over the Counter Bulletin Board (OTCBB) quotation system will make available the automatic updates to the quotation database.
As of most recent quarterly filing for the period ending April 30, 2005, there were 48,451,881 million shares of Mobile Reach common stock outstanding. After the effect of the reverse stock split, authorized common stock will total 500 million shares of common stock, of which approximately five million will be outstanding and 495 million shares available for future issuance.
About Mobile Reach International
Mobile Reach International (OTCBB:MOBR) (http://www.mobilereach.com) is a product and services company focused on providing mobile business solutions throughout the United States and Europe. The wide range of service offerings includes a myriad of support functions including the definition, selection, implementation, and utilization of mobile business solutions.
This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "intends," "believes" and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the companies' respective filings with the Securities and Exchange Commission. The actual results that the companies achieve may differ materially from any forward-looking statement due to such risks and uncertainties. The companies undertake no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
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