SAN CARLOS, Calif., Sept. 9, 2011 (GLOBE NEWSWIRE) -- Sitoa Global Inc. (OTCQB:STOA) (the "Company" or "Sitoa"), an e-commerce facilitator that owns and operates the "Focused Social Marketplace" today announced that its name change to Sitoa Global Inc. and twenty-for-one reverse share split are now effective.
Cal Lai, the Company's President and CEO, commented, "Sitoa operates a business of 'Focused Social Marketplaces' and the official name change is the final step in a three year restructuring and corporate transformation. Our reverse share split enables us to increase the number of shares available for issuance as we move forward and identify potential merger or acquisition candidates and strategic investors. Previously, we were at our limit in terms of shares authorized and given our recent traction on corporate development, we believed that a deeper share base from which to issue, would allow us to pursue much greater strategic business combinations. We intend to only utilize additional share issuances for corporate actions such as mergers and/or acquisitions and financing activities."
Business Updates
In the second and third quarter of this year, Sitoa Global announced a number of corporate developments.
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The Company received investments from ICCP Venture Partners and Bill Porter, the founder of eTrade.
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The development of two international marketplaces which will utilize the 'Focused Social Marketplace' platform, Chunjie365 for China and ShopshipUSA for the Philippines.
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Strategic partnership with Soconison Technology Ventures which will result in licensing fees to Sitoa for Soconison's portfolio companies using the Sitoa Focused Social Marketplace platform.
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A number of customer wins and product partners for Sitoa Global including Buzzstrong Cookies, Fragrancenet.com, eBags, Sonsi.com and others.
- Strategic partnership with SolanaHK Limited to provide a hosted solution for Sitoa Global's Focused Social Marketplace.
George Yu, the Company's CFO, added, "Our recent developments have put the company into a solid position for growth and we continue to seek new strategic partnerships and customer wins. With the name change and reverse split now effective, the old legacy business is officially gone and Sitoa Global will seek to maximize shareholder value."
ABOUT SITOA GLOBAL INC.
Sitoa Global Inc. is an e-commerce facilitator that seeks to enable new advances in e-commerce by building and managing leading online marketplaces that match online sellers with targeted customer groups. The Company's efforts target the growth of e-commerce, online media, and social networking. Its goal is to provide infrastructure for online sellers designed to attract focused customer communities as part of a social marketplace, expanding retail selling channels without the risks of focus dilution, increased capital, and operating costs. As part of its revenue model, the Company shares in revenue generated by the marketplace sites, in addition to charging one-time integration and hosting fees.
Safe Harbor Statement
This release contains certain "forward-looking statements" relating to the business of the Company and its subsidiary companies. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the ability of the Company to receive licensing fees and revenues from its strategic partnerships and marketplaces; the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects" or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.