HOUSTON, Dec. 14, 2006 (PRIME NEWSWIRE) -- LipidLabs, Inc. (Pink Sheets:LPLB) announced that it has amended its Articles of Incorporation and, effective December 15, 2006, the Company will decrease the issued and outstanding common stock of the company by four to one (one share for each four shares currently issued). The amendment was a result of continued restructuring efforts and will decrease the current outstanding shares from 57,358,835 to 14,339,708. The reverse split will be effective at the opening of the market on December 14, 2006. The stock symbol will be changed on December 15th to LPDL on the Pink Sheets (Pink Sheets:LPDL).
Transfer Online, Inc., Portland, Ore., will remain the Company's stock transfer agent. As part of a mandatory exchange, the transfer agent will exchange the common stock at no charge to the shareholders for a period of six months. All LipidLabs, Inc. shareholders may contact Transfer Online, Portland, Ore., 503-227-2950, to obtain their new certificates.
"Our efforts in restructuring the company gives us the flexibility to focus on expanding our revenue base and managing our cost structure," said Tom Cloud, Chairman and Chief Executive Officer.
About LipidLabs Inc.
LipidLabs, Inc. is publicly held (Pink Sheets:LPLB), with headquarters north of Houston, Texas in The Woodlands, and is focused on commercialization of technological breakthroughs. Through aggressive investing and commercialization strategies, the company fasttracks the commercialization for the next generation of technologies. It has developed successful strategies for adopting corporations searching for new inventions and technologies. Lipid Labs provides protection of the intellectual property assets for both buyer and seller through licensing and usage contracts paramount to their success.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information 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, including statements that include the words "believes," "expects," "anticipate" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to differ materially from those expressed or implied by such forward-looking statements. In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. This news release speaks as of the date first set forth above and the company assumes no responsibility to update the information included herein for events occurring after the date hereof.