TITUSVILLE, Fla., March 30, 2007 (PRIME NEWSWIRE) -- E' Prime Aerospace Corporation (Pink Sheets:EPEA) announced that the EPAC Board of Directors has approved a reverse stock split and established a ratio of 1-for-20. This move followed a vote March 20, 2007 to effect the reverse split. EPEA common stock will begin trading on a reverse-split basis on March 30, 2007. As a result of the reverse stock split, every 20 shares of EPEA common stock will be combined into one share of EPEA common stock. The number of shares of EPEA common stock currently outstanding is 826,595,392.
"The decision made by E' Prime's Board of Directors to complete the planned reverse stock split is necessary," said James D. Oldham, III, E' Prime's President and Chairman of the Board. "It paves the way for planned financing and it enables us to attract new investors. In addition, the aerospace industry is moving into a new growth phase and I am convinced this decision, combined with the new E' Prime Aerospace Corporation management team, will guide the company into becoming a viable launch service based on its dependable technology."
Computershare Trust Company, Inc. has been retained to manage the exchange of stock certificates.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the federal securities laws, including, without limitation, statements regarding the following: the reverse stock split and the impact and effects of the reverse stock split; planned financing; E' Prime's new management team; and E' Prime's dependable technology. Such statements are based on current expectations and involve a number of known and unknown risk and uncertainties that could cause E' Prime's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. Important factors that could cause or contribute to such differences include: combination of additional debt and primarily equity financing and to successful complete the remaining research and development of its launch technology, determine and implement its overall marketing strategy and establish a viable schedule for the testing and ultimate launchings of commercial payloads, as well as other factors that are discussed in E' Prime's filings with the U.S. Securities and Exchange Commission. Forward-looking statements speak only as of the date on which they are made, and E' Prime undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of new information, future developments or otherwise.