LOUISVILLE, Colo., Sept. 29, 2016 /PRNewswire/ -- Eldorado Artesian Springs, Inc. (OTCBB: ELDO)("Company") today announced that the Board of Directors of the Company has scheduled a special meeting ("Meeting") of the shareholders to be held at their corporate headquarters located at 1783 Dogwood Street, Louisville, CO on October 24, 2016 at 10:00 am.
The record date for the Company's shareholders to be entitled to vote is September 8, 2016. Matters on which action will be taken at the meeting include approval of a reverse stock split and an accompanying amendment to the Company's Articles of Incorporation ("Articles") to reduce the Company's authorized common stock as a result of the reverse stock split, approval of an amendment to the Articles to permit shareholder approval to be given by shareholders holding not less than two-thirds of the outstanding shares of common stock acting by written consent in lieu of a meeting, approval of an amendment to the Articles to grant co-sale rights and impose transfer restrictions and voting obligations on the Company's common stock and such other business as may properly come before the meeting or any adjournment or postponement thereof. Additionally, accompanying this proxy statement is an offer to repurchase shares that the Company has extended to all shareholders who may desire to sell their shares, subject to the reverse stock split being approved and effected. The share repurchase price being offered is $1.25.
The Company also announced financial results for its first fiscal quarter ended June 30, 2016. Total sales for the three months ended June 30, 2016 increased 12.2% to $3,893,032 from $3,468,907 for the same period ended June 30, 2015. Net income increased to $144,636 for the three months ended June 30, 2016 compared to $124,281 for the same period ended June 30, 2015.
Additional information can be found at www.eldoradosprings.com/2016shareholdermeeting.
About Eldorado Artesian Springs, Inc.: Eldorado Artesian Springs, Inc. engages in the bottling, marketing, and distribution of natural spring water beverages in the Rocky Mountain region of the U.S. More information about Eldorado can be found at http://www.eldoradosprings.com.
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SOURCE Eldorado Artesian Springs, Inc.