SUN VALLEY, Calif., Sept. 17, 2007 (PRIME NEWSWIRE) -- Summus Works, Inc. (Pink Sheets:SMMW) announced the Company has announced a corporate restructure to include a name change, symbol change, and a reverse split of the Company stock, Common and Preferred. The Company issued the following statement:
"As we move the Company forward, it is imperative to have a share structure that will allow us to seek acquisitions as well as targeting an up listing to OTCBB, AMEX, or NASDAQ Small Cap Market within the next year. We will be doing a reverse split at the ratio of 8334 to 1. This adjustment in share structure is intended to decrease our outstanding Common to a more industry standard palatable to future investors, fund managers, our primary Market Makers and for up listing qualifications. Our targeted revenue projections of $60 Million for 2008 and $110 Million in 2009 will insure our current and future shareholders will continue to have value in their investment in the Company. Upon receipt of the confirmation from NASD, we will issue a statement informing the public as to our new symbol," stated Mr. Paul D. Lisenby, Chairman and CEO of Summus. "In addition, the Company will change its name to XTend Medical Corporation to better reflect our position as a major player in the healthcare sector. XTend Medical has been working on several contracts with regional and national health care providers to deliver cutting-edge technologies to insure their patients are monitored and given the best in medical care. The company's main focus is secure long term contracts that will insure the positive growth of the company now and in the future."
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