LOS GATOS, Calif., Sept. 22, 2008 (GLOBE NEWSWIRE) -- Semotus Solutions, Inc. (OTCBB:SMOA), an innovative leader of software solutions for enterprise mobility, announced today the results of its 2008 Annual Meeting of Shareholders (the "Meeting") held in Los Gatos, California on September 17, 2008.
At the Meeting, the shareholders of the Company re-elected as members of the Board of Directors, Anthony LaPine, Robert Lanz, Mark Williams and Laurence Murray. Because the acquisition transaction with Flint Telecom, Inc. (the "Flint Transaction") has not yet closed, the alternative slate of directors was not elected at this time. The membership of the Board will change upon the closing of the Flint Transaction.
The shareholders of the Company also approved all the other proposals presented at the Meeting, including:
* A Company name change from Semotus Solutions, Inc. to Flint
Telecom Group, Inc. if and when the Flint Transaction closes;
* An increase in the number of total authorized shares of common
stock from 50 million to 100 million;
* An increase in the number of shares issuable under the 2005 Stock
Option Plan from 1,150,000 to 2,150,000; and
* A reverse stock split in a ratio ranging from one-for-two to
one-for-five, should it be deemed appropriate by the Board of
Directors at some point over the next 12 months.
Finally, the shareholders of the Company ratified the appointment of L.L. Bradford & Co. as the Company's independent auditors for the fiscal year ending March 31, 2009.
The board of directors wishes to thank the shareholders for participating and voting at this annual shareholders' meeting.
The Company's Board of Directors will determine, in its sole discretion, if and when another reverse stock split would be in the best interests of the Company's stockholders. A number of factors will be evaluated prior to the board of directors authorizing and implementing another reverse stock split. These factors include, but are not limited to, the ability to meet the initial listing requirements of a national stock exchange, and the ability to close an equity investment or other strategic transaction.
The Company is moving aggressively towards closing the Flint Transaction, which is currently expected to close no later than October 1, 2008.
About Semotus Solutions
Founded in 1993, Semotus Solutions (OTCBB:SMOA) is a leading provider of software for the mobile enterprise, connecting employees to critical business systems, information, and processes. Semotus has a Fortune 1000-installed customer base, including Lockheed Martin, Blue Cross Blue Shield, Coca-Cola, Hewlett Packard, Nextel Communications, JP Morgan Chase, and The United Nations. Semotus Solutions' software provides mobility, convenience, efficiency, and profitability in the areas of workforce automation, finance, health care, and m-commerce. For more information on the Company, please visit the following web sites: www.semotus.com; www.hiplinkwireless.com.
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 "expects," "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 closing of the Flint transaction, 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 Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes 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.