BRADENTON, Fla., Dec. 19, 2006 (PRIME NEWSWIRE) -- nFinanSe Inc. (OTCBB:MBEU), which recently changed its name from Morgan Beaumont, Inc., today announced that a one-for-twenty reverse split of its common stock was approved by its Board of Directors pursuant to discretionary authority granted by its stockholders at a special meeting of stockholders held on November 15, 2006.
The reverse stock split will be effective on Tuesday, December 26, 2006. As a result, every twenty shares of nFinanSe Inc. common stock outstanding as of the opening of trading on Tuesday, December 26, 2006, will be combined into one share of nFinanSe Inc. common stock. The reverse stock split affects all shares of common stock including those shares underlying outstanding stock options and warrants. The market capitalization of nFinanSe Inc. will remain the same.
No fractional shares will be issued in connection with the reverse stock split. Cash will be paid in lieu of fractional shares.
About nFinanSe Inc.
nFinanSe Inc. is an innovative financial services company and provider of stored value and prepaid card solutions headquartered in Bradenton, Florida. nFinanSe has developed the nFinanSe Network, a secure, reliable, point of sale (POS) and PC based software platform that connects retail merchants with multiple stored value prepaid card processors and issuing banks. nFinanSe owns and operates the nFinanSe Network as a standardized, national network of stored value and prepaid card cash load stations located throughout the United States.
"Safe Harbor" Statement under Private Securities Litigation Reform Act of 1995
This press release contains certain forward-looking statements based on our current expectations, forecasts and assumptions that involve risks and uncertainties. Forward-looking statements in this release include but are not limited to the planned effective date of the reverse split and are based on information available to us as of the date hereof. Our actual results may differ materially from those stated or implied in such forward-looking statements due to risks and uncertainties associated with our business, which include the risk factors disclosed in our Annual Report on Form 10-K for the year ended September 30, 2005 on file with the Securities and Exchange Commission. Forward-looking statements include statements regarding our expectations, beliefs, intentions or strategies regarding the future and can be identified by forward-looking words such as "anticipate," "believe," "could," "estimate," "expect," "intend," "may," "should," "will," and "would" or similar words. We assume no obligation to update the information included in this press release, whether as a result of new information, future events or otherwise.