CARSON CITY, Nev., Feb. 25, 2009 (GLOBE NEWSWIRE) -- Home Shopping Latino Inc. (HSL Inc.) (Pink Sheets:HSPG), formerly (Pink Sheets:HSPL) announced today that a 1-for-150 reverse stock split of Home Shopping Latino Inc. Class Common Stock will become effective as of market opening, Eastern Standard Time, on February 25th, 2009 (the "Effective Time").
HSL Inc. implemented the reverse stock split after filing a charter amendment with the Delaware Secretary of State. The reverse stock split was approved by the Company's Board of Directors and majority stockholder pursuant to Sections 228 and 242 of the Delaware General Corporation Law.
HSL Inc.'s Common Stock will begin trading on the OTC on a split-adjusted basis when the market opens today, under a new CUSIP number, 43735R102 and a new common stock symbol HSPG.
As a result of the reverse stock split, each one hundred and fifty (150) shares of HSL Inc.'s Common Stock issued and outstanding immediately prior to the Effective Time will be automatically combined into one (1) share of Common Stock and respectively, subject to rounding up for fractional shares, as described below.
Since the same 1-for-150 reverse stock split ratio will be used to effect the reverse stock split of HSL Inc. Common Stock, all stockholders will be affected proportionately. The reverse stock split reduced the Company's issued and outstanding shares of common stock from approximately 44,470,667 shares of Common Stock to approximately 296,471 shares, respectively.
HSL Inc. has replaced its transfer agent from Computershare to First American Stock Transfer (FAST), 4747 N. 7th Street, Suite 170 Phoenix, AZ 85014, 602-485-1346, 602-485-4091 (fax), contact Katherine Price, www.firstamericanstock.com to act as Transfer agent for the reverse stock split. FAST will manage the exchange of old pre-reverse stock split shares for new post-split shares. Stockholders who hold their shares in "street name" will be contacted by their banks or brokers with any instructions. For further information, stockholders and securities brokers should contact FAST at 1-602-485-1346. In lieu of issuing fractional shares, HSL Inc. will round up a fractional share to one whole share in the event the stockholder would be entitled to receive less than one whole share of Common Stock as a result of the reverse stock split.
Upon the Effective Time, each certificate representing shares of HSL Inc. Common Stock immediately prior to the reverse stock split will be deemed to represent the number of full shares of Common Stock resulting from the reverse stock split.
ABOUT HOME SHOPPING LATINO
Home Shopping Latino Inc., a Delaware corporation dba Viva TeleCompras, is an all Spanish Language Television Channel and Online Shopping web site. Expecting to tap into the considerable spending power of the growing U.S. Hispanic population, Viva TeleCompras and its accompanying web sites, www.vivatelecompras.com or www.homeshoppinglatino.com , are being developed by Home Shopping Latino, Inc. and will fill a niche required by over 13 million Hispanic homes. Home Shopping Latino, Inc. is headquartered in Carson City, Nevada. For more information about Home Shopping Latino, Inc., please visit www.vivatelecompras.com
FORWARD LOOKING/SAFE HARBOR STATEMENTS: To the extent that this release discusses any expectations concerning future plans, financial results or performance, such statements are forward looking with the meaning of Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities and Exchange Act of 1934, as amended, and are subject to substantial risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof and reflect only management's belief and expectations based upon presently available information. These statement and other forward-looking statements are not guarantees of future performance and involve risks and uncertainties.