NEW YORK, Feb. 05, 2018 (GLOBE NEWSWIRE) -- Advanced Defense Technologies, Inc. (OTC PINK:ADCF) (OTC PINK:ADCFD) announces that FINRA approved its corporate actions application for a corporate name change to Star Jets International, Inc., a new stock symbol-JETR representing its business as the premier private jet charter company, and a 1-for-100 reverse stock split; all to be effective as of February 12, 2018. An intermediary symbol, ADCFD (a “D” added to the old symbol) becomes effective on the approved FINRA date, which notifies the “STREET” of these corporate actions. The Company’s new stock symbol, JETR, goes active approximately 20 business days from the corporate action date.
CUSIP assigned the Company a new number 855140109 associated with JETR’s new name, symbol, and recapitalization.
The 1-for-100 reverse stock split automatically converts one hundred current shares of ADCF common stock into one new share of common stock, with fractional shares rounded up to the next full share.
“These corporate actions represent an important next step in moving our Company forward toward becoming a fully reporting, OTCQB company,” said Ricky Sitomer, CEO of Star Jets. “We plan to take additional steps in the near future to audit our financial statements and then start filing our financial statements with the SEC, and apply to the OTCQB for trading. We hope to have that process done in the next few months. We are very excited for our name change, our symbol change, and our reverse split. We look forward to executing our plan for Star Jets International.”
About Advanced Defense Technologies, Inc.:
Advanced Defense Technologies, Inc. acquired Star Jets International, LLC in September 2017 by reverse merger. Star Jets International offers its customers all the advantages of owning a corporate jet, without the burdens associated with ownership. This includes unprecedented flexibility through access to over 5,000 private jets domestically and 15,000 private jets worldwide. Star Jets executives have over 18 years of experience in aviation and marketing, www.starjetsinternational.com.
For further information, please contact Ricky Sitomer, Star Jets International: 917.331.5152.
Forward-Looking Statements:
This release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. All forward-looking statements are inherently uncertain as they are based on current expectations and assumptions concerning future events or future performance of the company. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. In evaluating such statements, prospective investors should review carefully various risks and uncertainties identified in this release and matters disclosed at www.otcmarkets.com. These risks and uncertainties could cause the company's actual results to differ materially from those indicated in the forward-looking statements. The company assumes no obligation to update these forward-looking statements.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/98dd9f14-42dc-4882-9c76-a2158994da20