JACKSONVILLE, Fla., June 11, 2007 (PRIME NEWSWIRE) -- Mariner's Choice International Inc. (Pink Sheets:MCII) announced today that the Company and its investor relations firm have received a number of emails and telephone calls regarding the consolidation of Status Wines of Tuscany (Other OTC:SWNE) common stock convertible into Mariner's Choice International, Inc.
Be advised, as previously stated, that the shareholders of SWNE ratified by majority approval at its annual shareholders meeting held May 7, 2007, the reverse split ratio of 500:1 of SWNE issued and outstanding common shares held as of March 19, 2007.
This result in as follows:
For every five hundred (500) shares of SWNE held pre-split, the beneficial holder now is entitled to one (1) post-split new share, however, the minimum number of shares that a pre-split shareholder will receive is rounded up to 500 shares, such that no shareholder shall receive a fractional share less then one share. In other words, all shareholders shall receive, at the minimum, one (1) post-split share. For example, a shareholder holding 250 pre-split shares would, without this formula, receive 1/2 share of Mariner's Choice International, Inc. common stock. Under this formula, this shareholder would receive one (1) share of Mariner's Choice International, Inc. common stock.
Only shareholders of SWNE holding SWNE pre-split shares of record, as of March 19, 2007, are entitled to the round up of fractional shares. Individual shareholders or broker-dealer participants acting on behalf of beneficial NOBO holders of SWNE who are entitled to receive the roundup of fractional shares must submit their old shares of SWNE in exchange to receive the new shares of Mariner's. The tender in exchange of pre-split SWNE shares to receive the post-split new shares of Mariner's is mandatory.
In addition to the consolidation of the SWNE shares, a majority shareholders ratified the action of directors approving the merger between Status Wines and Mariner's Choice, and the election of new management and board of directors.
Safe Harbor:
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding of discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intent to" and similar conditional expressions are intended to identity forward-looking statements within the meaning of the Act and are subject to the safe harbour created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks in the company's SEC reports and filings.