GEOSENTRIC OYJ STOCK EXCHANGE RELEASE November 23, 2011 at 11.35
IMPLEMENTATION OF REVERSE STOCK SPLIT DELAYED UNTIL LISTING OF NEW SHARES
As previously announced, the Company has recently concluded a directed share offering (“GSOY Offering”) to its largest shareholders by issuing 2,565,590,000 new shares at €0.0004 per share thereby raising €1,026,236, in order to participate in the second tranche of the share offering of GeoSolutions Holdings NV (“GHNV”) its previously wholly owned subsidiary (now 24% owned associate company) for the total amount of €1 million.
The Company estimates that the new shares issued in the GSOY Offering will be registered in the trade register by end of November. The Company further intends, as soon as possible, to prepare and publish a formal Prospectus and apply to get the new shares listed and eligible for trading. This process can take several months.
The Company had previously announced that it intended to call an Extraordinary General Meeting (“EGM”) as soon as the new shares issued in the GSOY Offering have been registered in the Trade Register to be held by the end of December 2011, to decide on a proposed reverse stock split in the ratio of approximately ten to one to improve the marketability and liquidity of the Company’s shares. It has now appeared, that due to technical reasons not attributable to the Company, the planned reverse stock split cannot be affected until the new shares issued in the GSOY Offering have been listed following the publication of the Prospectus. As noted above this process can take several months and accordingly the Company must wait until this has been completed before implementing the planned reverse stock split
GEOSENTRIC OYJ
Board of Directors
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