WOODLAND HILLS, Calif., Dec. 31, 2013 /PRNewswire/ -- PeopleString Corp. (OTCQB: PLPE) (the "Company"), a company transitioning into a holding company functioning within the legal cannabis concentrate industry, announced today that in accordance with its prior announcement of its intent to seek a 1-for-40 reverse stock split of its common stock, the Company has filed for FINRA approval and anticipates the reverse stock split will be effective at the opening of trading on January 6, 2014. The Board and a majority of the Company's shareholders approved the reverse stock split at a ratio of 1-for-40, along with a name change to Vape Holdings, Inc. and a corresponding ticker symbol change earlier this month pursuant to written consents effective on December 24, 2013. Following the reverse stock split, the company expects to have approximately 6.5 million shares of common stock outstanding.
As a result of the reverse stock split, every forty shares of the Company's common stock that were issued and outstanding immediately prior to the opening of trading on January 6, 2014, will automatically be combined into one issued and outstanding share without any change in the par value of such shares.
The Company's new name will be Vape Holdings, Inc. when the market opens on January 6, 2014. For twenty business days beginning on January 6, 2014, the Company's ticker symbol will be PLPED. After that twenty day period, the D, which signifies that the reverse stock split occurred, will be removed and the Company's new ticker symbol will be effective. The reverse stock split, name change and symbol change are all pending FINRA approval.
For more information on PeopleString/VAPE Holdings, please visit: www.VapeHoldings.com
Cautionary Language Concerning Forward-Looking Statements
This release contains "forward-looking statements" that include information relating to future events and future financial and operating performance. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results, and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management's good faith belief as of that time with respect to future events, and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for PeopleString's products, the introduction of new products, the Company's ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company's liquidity and financial strength to support its growth, and other information that may be detailed from time-to-time in PeopleString's filings with the United States Securities and Exchange Commission. Examples of such forward-looking statements in this release include statements regarding future sales, costs and market acceptance of products as well as regulatory actions at the State or Federal level. For a more detailed description of the risk factors and uncertainties affecting PeopleString please refer to the Company's Securities and Exchange Commission filings, which are available at www.sec.gov. PeopleString undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE PeopleString Corp.