LAS VEGAS, May 5, 2009 (GLOBE NEWSWIRE) -- Cardio Infrared Technologies, Inc. (Pink Sheets:CDOI) www.cardio-cor.com today announced that its Board of Directors has effected a 5000-for-1 reverse stock split. The split became effective on May 5, 2009 following its unanimous approval by the Board of Directors on January 23, 2009.
As a result of the reverse stock split, every 5000 shares of Cardio Infrared Technologies, Inc. common stock will be combined into one share of Cardio Infrared common stock. The reverse stock split affects all shares of common stock, stock options, and warrants of Cardio Infrared Technologies, Inc. outstanding as of immediately prior to the effective time of the reverse stock split. Following the split, Cardio Infrared Technologies, Inc. will have approximately Nine hundred Eighty Nine thousand shares outstanding. Cardio Infrared, which formerly traded under the symbol CIRT, began trading under its new symbol CDOI on the Pink Sheet Board today.
"The Board took this action to create more visibility and awareness of the Company's shares amongst potential investors," said Wayne K. Bailey, Chief Executive Officer of Cardio Infrared Technologies, Inc. "We continue to pursue our acquisition and growth plan and believe this reverse split will enable a wider audience of potential investors. Realigning our share base is a step in our strategy to deliver long-term stockholder value."
Action Stock Transfer Corp. is acting as exchange agent for the reverse split.
About Cardio Infrared Technologies, Inc.
Cardio Infrared Technologies, Inc. is a technology and marketing company, which is focused on developing the revolutionary and evolutionary process of combining exercise equipment with medical benefits that go far beyond the normal benefits of standard exercise equipment. Cardio Infrared Technologies, Inc is committed to continue to market this equipment to the exercise and medical markets and to aggressively expand the market to every country around the world. The equipment has already been featured on Good Morning America and The View. Cardio Infrared Technologies, Inc. also has an aggressive growth plan that includes acquisitions and development of innovate new equipment and programs in the exercise and medical industries.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words or phrases "would be," "would allow," "intends to," "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.