SAN ANTONIO, TX, Aug. 23, 2011 /PRNewswire/ - SmartCard Marketing Systems Inc. (OTC: SMKG) Management announced today "The company has opened the discussion with its largest shareholders to reverse split the capital stock of the company on a basis of 1 new for 10 old which would result in a new authorized structure of 20m Shares and to increase simultaneously the authorized stock to 30m with the outstanding remaining at 18.9m shares. The decision to do so was primarily to restructure the capital stock of the company and search for a merger partner or acquire assets in the couponing industry to accelerate the market growth of the company in the near future."
CEO Massimo Barone stated "We are currently in a great position technology wise to be part of the couponing solutions offering because of our Card Data and Payment Management platform and recently announced partner solutions. Furthermore the company will be requesting a name change to better market itself globally as the shift to mobile applications is inevitable because of current outstanding demand. Our intent is to complete the reverse split and new name registration prior December 31st 2011. We will be hosting a conference call by latest the 2nd week of September with full details."
We seek safe harbor
SOURCE Smart Card Marketing Systems Inc (SMKG)