NEW YORK, August 2, 2016 /PRNewswire/ --
DirectView Holdings, Inc. (OTC:DIRV) ("DirectView" or the "Company"), a company focused on ownership and management of leading video and security technology companies, announced today the Company will effect a reverse split of its common stock at a ratio of 1:35, commencing at the open of trading today, August 2, 2016.
The Company's ticker symbol will be DIRVD for 20 trading days to designate that it is trading on a post-reverse split basis. DirectView's post-split common stock will trade under the new CUSIP Number 25457N302. As a result of the reverse stock split, each 35 pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the respective holders, and the number of outstanding common shares will be reduced from approximately 804 million shares to approximately 23 million shares. The reverse stock split will also apply to common stock issuable upon the conversion of outstanding notes payable and convertible preferred stock, and upon the exercise of outstanding warrants and stock options.
The Company's transfer agent, Standard Registrar and Transfer Co., Inc., will provide instructions to stockholders regarding the process for exchanging shares. No fractional shares will be issued as a result of the reverse stock split, and stockholders who otherwise would be entitled to a fractional share will receive, in lieu thereof, a cash payment which will equal the product obtained by multiplying (a) the fraction to which the stockholder would otherwise be entitled; by (b) the per share closing sales price of the Company's common stock on the effective date of the reverse stock split.
"As we continue to build our security and body camera businesses for the future, we believe effecting this reverse stock split was a necessary step for maximizing the long term value of DirectView for our stockholders," said Roger Ralston, Chairman and CEO of DirectView. "We intend to work methodically on increasing organic revenue in our core businesses while examining tactical initiatives such as strategic partnerships or other accretive opportunities to accelerate our overall growth. With a reduced number of shares now outstanding, we believe we are better positioned to capitalize on these efforts and look forward to expanding our business for the benefit of our stockholders."
About DirectView Holdings, Inc.
DirectView Holdings, Inc., together with its subsidiaries, provides video surveillance solutions and teleconferencing products and services to businesses and organizations. The company operates in two divisions, Security (Video Surveillance) and Video Conferencing. The Security division offers technologies in surveillance systems providing onsite and remote video and audio surveillance, digital video recording, and services. It also sells and installs surveillance systems; and sells maintenance agreements. The company sells its products and services in the United States and internationally through direct sales force, referrals, and its Websites. The Video Conferencing division offers teleconferencing products and services that enable clients to conduct remote meetings by linking participants in geographically dispersed locations. It is involved in the sale of conferencing services based upon usage, the sale and installation of video equipment, and the sale of maintenance agreements. This division primarily provides conferencing products and services to numerous organizations ranging from law firms, banks, high tech companies and government organizations. For more information visit our website at http://www.DirectView.com and connect with us on Twitter, LinkedIn, Facebook, and Google+.
Cautionary Statement Regarding Forward Looking Statements
Forward Looking Statements: This press release contains forward-looking statements that involve a number of risks and uncertainties, including statements regarding the outlook of the Company's business and results of operations. By nature, these risks and uncertainties could cause actual results to differ materially from those indicated. Generally speaking, any statements using terms such as "will," "expect," "anticipate," or "may," or which otherwise predict or address future results or events, are likely to contain forward-looking statements. It is important to note that actual results may differ materially from what is indicated in any forward-looking statement. Readers should consider any forward-looking statements in light of factors that could cause actual results to vary. These factors are described in our filings with the SEC, and readers should refer to those filings, including Risk Factors described in those filings, in connection with any forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE DirectView Holdings, Inc.