Leatt Corp Announces 1-for-25 Reverse Stock Split
CAPE TOWN, South Africa, Oct. 2, 2012 /PRNewswire/ -- Leatt Corporation (OTCQB: LEAT), a global designer, marketer and distributor of personal protective equipment for sports and lifestyle activities, based on the Leatt-Brace® patented neck protection system, has announced a 1-for-25 reverse split of its issued and outstanding common shares, effective as of September 20, 2012, and a proportional reduction of its authorized common stock. As a result of the stock split, the Company has 28,000,000 shares of common stock authorized, of which 5,200,386 shares are issued and outstanding, and 1,120,000 shares of preferred stock authorized, of which 120,000 shares are issued and outstanding. The new CUSIP number for the Company's common stock is 522132 20 8.
Trading of the LEAT common stock on a reverse split basis was approved by the Financial Industry Regulatory Authority (FINRA), effective as of October 1, 2012, and in connection therewith, the Company's OTCQB trading symbol has been temporarily changed from "LEAT" to "LEATD" for the next 20 business days through October 26, 2012.
Chief Executive Officer Sean Macdonald commented, "We believe that the reverse split is an important step to increasing stockholder value and liquidity and establishing our visibility in the marketplace."
About Leatt Corporation
Leatt Corporation develops, distributes and markets personal protective equipment and ancillary products for all forms of sports, especially extreme motor sports. The Leatt-Brace® is an award-winning neck brace system considered the gold standard for neck protection for anyone wearing a crash helmet as a form of protection. It was designed for participants in extreme sports or riding motorcycles, bicycles, mountain bicycles, all-terrain vehicles, snowmobiles and other vehicles.
This press release may contain forward-looking statements regarding Leatt Corporation (the "Company") within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact included herein are "forward-looking statements" including statements regarding: the general ability of the Company to achieve its commercial objectives, including the Company's hope to increase stockholder value and liquidity; the business strategy, plans and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipates," "seeks," "should," "could," "intends," or "projects" or similar expressions, involve known and unknown risks and uncertainties. These statements are based upon the Company's current expectations and speak only as of the date hereof. Any indication of the merits of a claim does not necessarily mean the claim will prevail at trial or otherwise. Financial performance in one fiscal period does not necessarily mean continued or better performance in the future. The Company's actual results in any endeavor may differ materially and adversely from those expressed in any forward-looking statements as a result of various factors and uncertainties, which factors or uncertainties may be beyond our ability to foresee or control. Other risk factors include the status of the Company's common stock as a "penny stock" and those listed in the Company's filings with the SEC available at www.sec.gov.
Chief Executive Officer
+ (27) 21 557 7257
Allen & Caron, Inc.
Rudy Barrio (Investors)
SOURCE Leatt Corporation