NEW CANAAN, Conn., Feb. 6, 2008 (PRIME NEWSWIRE) -- NetSky Holdings, Inc. (Pink Sheets:NSKY) is pleased to announce that the Company has successfully completed a 1 for 1,000 reverse split which was undertaken to make the Company more viable. The reverse split reduces the total number of outstanding common shares from approximately 1,356,172,428 to approximately 1,433,000 at the present time.
The Company's post-reverse split shares are trading under the new symbol NSKY.
Robert W. Thayer, CEO of NetSky Holdings, Inc., said, "We believe this reverse split was necessary to increase our book value per share and improve the marketability of our common stock. Our goals for 2008 are to expand our revenue base through acquisitions as well as through the launch of new Internet services and Web sites. This change should not only open the door to a more diversified and serious investment interest, but will also ensure a better position for NetSky to make successful acquisitions that will further fuel our growth and development."
Thayer continued, "The timing of this restructuring coincides with the final beta testing of a new Internet service that we will officially release to the public in the near future. I am very excited about the future of our company, and look forward to making additional important announcements in the coming weeks and months."
REVERSE SPLIT INFORMATION FOR SHAREHOLDERS
Registered shareholders with possession of their stock certificate
Registered shareholders who have possession of their stock certificates will receive via mail instructions from the Company's transfer agent. Registered shareholders will have two options.
The first option is to exchange their certificate for a new certificate reflecting the adjusted number of shares. The second option is to retain their existing certificate. Those selecting the second option are encouraged to attach a note to their certificate indicating that their actual share holdings have been reduced on a 1-for-1,000 basis.
Shareholders holding stock in "street name" with a brokerage firm
Shareholders who have their stock held in street name by a brokerage firm are not required to take any action. The brokerage firm will adjust their share holdings in their account.
Fractional shares
No fractional shares of new stock certificates will be issued as a result of the reverse split. If the conversion of any shares of old stock results in a fraction, the number of shares to be issued to that shareholder will be rounded up to the nearest whole share.
About NetSky Holdings, Inc.:
NetSky Holdings is an Internet consolidation company acquiring ISPs, Web hosting companies and revenue generating Web sites. When acquiring ISPs and Web hosting companies, NetSky quickly consolidates their operations to reduce costs and overhead to achieve favorable economies of scale. NetSky management has years of experience in working with ISPs and its operational partners. NetSky provides its ISP subscribers acceleration software, 24/7 toll-free tech support, anti-virus and anti-spam filters, as well as improved access networks. NetSky has also launched, and is developing, value-added content Web sites. Some Web sites developed or acquired by NetSky are www.petsplaces.com, www.rocktag.us, www.netskyweb.com, www.easyhelpinfo.com, www.netskycell.com, www.pictureflex.com, www.netskytraffic.com, www.netskytravel.com, and www.netskysms.com. The purpose of these Web sites is to generate product sales and advertising revenue from its subscribers, as well as the general public.
This press release contains certain forward-looking statements, which are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. Statements of future goals or expectations, containing words such as "expect," "believe," "should," "anticipate," "intend," "plan," "may," "will" or similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks, uncertainties and assumptions that are difficult to predict and that could cause actual results to differ materially from those currently anticipated. Factors that could cause or contribute to such differences include, but are not limited to, the successful completion of acquisitions and the integration of such businesses with those of the Company, competition, technological changes, the ability to obtain financing and other factors. The Company undertakes no obligations to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this press release.