BOCA RATON, Fla., April 28, 2006 (PRIMEZONE) -- E Mobile Information Technologies, Inc. (Pink Sheets:EMTK) announced today a majority vote of shareholders of record on March 23, 2006 approved a reorganization plan that includes a 1:30 reverse split of its common shares. Post reverse split, one (1) common share will be exchanged for thirty (30) current, pre-reverse split, common shares. The reverse split will be effective ten (10) days after this announcement. Additionally, the majority shareholder vote approved a dividend of Series A convertible preferred that should be declared to the shareholders of record on June 30, 2006.
A reverse stock split is a reduction in the number of outstanding shares of a class of a corporation's capital stock, which may be accomplished by the Company, in this case, by reclassifying and converting all outstanding shares of its common stock into a proportionately fewer number of shares of common stock.
The Plan of Reorganization can be reviewed here: http://www.emobile365.com/planofreorg.pdf
Shareholder Instructions for the declaration of dividend can be reviewed here: http://www.emobile365.com/instruct.pdf
About E Mobile
E Mobile Information Technologies, Inc. (EMTK) is a broadband mobile content provider. The company, through its subsidiary CHL Technologies, Inc., provides entertainment and enterprise information management solutions for the wireless content market in the United States and internationally. The Best Rate Travel USA, Inc. subsidiary delivers clients everything they need for researching, planning, purchasing a trip, and post-sale support anytime, anywhere in the world via mobile devices, Internet and traditional brick and mortar offerings. The synergies created by our tight integration with mobile technologies places us in a unique position to take advantage of the opportunities in the largest ecommerce market. In addition, the company, through another subsidiary, RFTune, Inc., operates as a fabless radio frequency integrated circuit manufacturing company offering wireless system, chip design, and integrated circuits for the 802.11/Wi-Fi market.
More information about E Mobile Information Technologies can be found at: http://www.emobile365.com
Safe Harbor Statement
This release includes forward-looking statements, which are based on certain assumptions and reflects management's current expectations. These forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. Some of these factors include: general global economic conditions; general industry and market conditions and growth rates; uncertainty as to whether our strategies and business plans will yield the expected benefits; increasing competition; availability and cost of capital; the ability to identify and develop and achieve commercial success for new products and technologies; the level of expenditures necessary to maintain and improve the quality of products and services; changes in technology; changes in laws and regulations, includes codes and standards, intellectual property rights, and tax matters; the uncertainty of the internet and e-commerce market; including the travel and research and development of technology moving at a pace not anticipated; our ability to secure and maintain strategic relationships and distribution agreements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.