IRVINE, Calif., Dec. 5, 2014 /PRNewswire/-- EP Global Communications, Inc. (OTC-PINK: EPGL) and Pricewaterhouse Coopers Caymans Ltd. (PwC) have entered an Agreement to mutually reduce their outstanding common share count by retiring a significant number of shares managed by PwC and matching shares held by Michael Hayes, Company President. The plan will be executed on January 30, 2015. This action involves no stock split of any kind.
Shareholders of record prior to January 30, 2015, will realize a percentage increase in their equity of EPGL as a result of the retirement of the shares managed by PwC and held by Mr. Hayes. The total number of shares to be retired will be determined in January via negotiation by the parties and the Company will reduce the authorized shares accordingly.
"This is something I have wanted to accomplish for our shareholders for some time now," says Mr. Hayes. "The shareholders made a sacrifice in 2012 to help us restructure the Company and that has been very successful for those shareholders, myself and PwC. Now we will return the favor by beginning to make EPGL shares more scarce. This action along with the development of our technologies by major corporations, will strengthen the emergence of EPGL as a leader in advanced MEMS technology research and development. We are very excited about the future for the valuable new art and intellectual properties that we have invented to date."
A Company Conference Call will be held at 12 Noon EST on Friday, December 5, 2014, to discuss this development as well as a general update to shareholders.
The toll free Dial-In number will be 605-475-4000. Participant Access Code is 475116#
About EP Global Communications, Inc.
EP Global Communications, Inc. is an advanced technology research and development company for both medical devices and consumer electronics devices specializing in microelectronic mechanical systems (MEMS).
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
SOURCE EP Global Communications, Inc.