Caribbean Motor Works USA, Inc. Announces Reverse Stock Split


HOUSTON, Aug. 15, 2002 (PRIMEZONE) -- Caribbean Motor Works USA, Inc. (Pink Sheets:CMWU) announced today that its shareholders approved a 1-for-20 reverse split of the Company's common stock, effective as of August 23, 2002. The Shareholders voted on the proposal at the annual meeting of shareholders in Houston on August 13, 2002. It is anticipated that the Company's common stock will begin trading on a post-reverse stock split basis at the opening of trading on August 26, 2002 under its current symbol "CMWU." Directors Robert Russell and Martin Rogowsky were also elected to serve additional terms.

Fractional shares of stock will not be issued as a result of the reverse split. Fractional shares will be rounded up to the nearest whole number. Shareholders may exchange their share certificates for new certificates reflecting the reverse split by mailing their certificate(s), along with a return envelope to the Company's transfer agent: Signature Stock Transfer, 14675 Midway Rd., Suite 221 Addison, TX, 75001.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created thereby.



            

Contact Data