Consolidation Services Announces Reverse Stock Split
LAS VEGAS, Dec. 28, 2012 /PRNewswire/ -- Consolidation Services Inc. (the "Company") (OTCBB: CNSV) today announced a 1-for-4 reverse stock split of the Company's common stock.
Consolidation Services anticipates the reverse stock split will be effective upon the opening of trading on December 31, 2012. When the reverse stock split becomes effective, every four shares of issued and outstanding common stock of the Company will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share. This will reduce the number of outstanding shares of the Company's common stock from 50,269,289 to 12,567,323. Consolidation Service's common stock will initially trade under the symbol "CNSVD" and will trade under a new CUSIP number. The "D" will be removed in 20 business days.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of the Consolidation Service's common stock will receive a cash payment from the Company in lieu of such fractional share. Additional information on the treatment of fractional shares and other effects of the reverse split can be found in the Consolidation Service's definitive proxy statement filed with the Securities and Exchange Commission on October 24, 2012.
About Consolidation Services:
Founded in 2007 and based in Las Vegas, Nevada, Consolidation Services is engaged in the acquisition, operation and development of natural resources. Since formation and until 2010, the Company had primarily focused on its mining operations in Tennessee, which were subsequently spun off to its shareholders as a dividend. The Company currently operates oil and gas wells and owns oil and gas mineral rights on approximately 13,500 acres in eastern Kentucky and Tennessee. Consolidation Services is attempting to build shareholder value through further acquisitions and development of natural resources, internationally.
For more information, please visit: http://consolidation-services.com
Forward Looking Statement:
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and under the 'safe harbor' provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts included in this press release are forward-looking statements. Without limiting the foregoing, the words "believe," "anticipate," "plan," "expect," "seek," "potential", "estimate" and similar expressions are intended to identify forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements.
Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
SOURCE Consolidation Services Inc.