SANTA BARBARA, CA, Dec. 05, 2016 (GLOBE NEWSWIRE) -- StreamTrack, Inc. (STTK) ("StreamTrack" or the "Company"), announced today that a 1-for-800 reverse stock split will be effective, and reflected in the price of its common stock, when trading opens on December 6, 2016. The Company is simultaneously changing its name to Total Sports Media, Inc.
The reverse stock split applies to all of the outstanding shares of StreamTrack's common stock, reducing the number of current outstanding shares from 4,190,055,213 to approximately 5,237,569 shares.
The Company's common stock will trade under the symbol "STTKD" for a period of 20 trading days as a result of the reverse stock split. The "D" will be removed in 20 business days and the symbol will then be changed to TSMI. Common shares will also trade under a new CUSIP number 89156W104.
"The name change to Total Sports Media reflects the Company's transition into the sports and entertainment verticals, along with the adoption of a broader growth strategy in fantasy sports," said Michael Hill, the Company's Chief Executive Officer. Mr. Hill further stated, "The purpose of this reverse stock split is to better position the Company to become listed once again on OTCQB exchange, subject to our ability to satisfy the requirements, which should allow the company access to a much larger group of investors that will only invest in companies that are fully reported and listed on the OTCQB, as well as enhanced liquidity to our shareholders.”
In connection with the name change and reverse stock split, the Company also fixed the number of authorized shares of stock after the reverse stock split at 45,000,000 as follows; 40,000,000 shares of common stock and 5,000,000 shares of preferred stock, $0.0001 par value per share.
About StreamTrack, Inc. StreamTrack, Inc. (the "Company") is a sports and entertainment media company. The Company through fantify.com and ampedfantasy.com has entered the rapidly growing daily fantasy sports industry. Through sportsalert.com the Company owns a subscriber based alert system for various sports with over 100,000 registered users. The Company also provides streaming and advertising services through its RadioLoyalty(TM) Platform (the "Platform") to over 5,000 internet and terrestrial radio stations as well as other broadcast content providers. The Platform consists of a web-based and mobile player that manages streaming audio and video content, social media engagement, display and video ad serving within the web player and is also capable of replacing audio ads with video ads within the web player in a live or on-demand environment. For more information visit: http://www.streamtrack.com
Forward-Looking Statements
Certain statements contained herein constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on current expectations, estimates and projections about StreamTrack's industry, management's beliefs and certain assumptions made by management. Readers are cautioned that any such forward-looking statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Because such statements involve risks and uncertainties, the actual results and performance of the Company may differ materially from the results expressed or implied by such forward-looking statements. Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. Unless otherwise required by law, the Company also disclaims any obligation to update its view of any such risks or uncertainties or to announce publicly the result of any revisions to the forward-looking statements made here. Readers should review carefully reports or documents the Company files periodically with the Securities and Exchange Commission.