SPO Announces Name Change to SPO Global Inc. and Completes Reverse Stock Split
NEW YORK, October 7, 2013 /PRNewswire/ --
SPO Global Inc. (SPOM), formerly known as SPO Medical Inc., a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices, announced today that its previously announced corporate name change and 1 for 20 reverse stock split became effective on October 4, 2013, at 11:59 p.m.
Due to the corporate name change and reverse stock split, SPO's common stock will trade under a new CUSIP number, 78468T107, and will temporarily trade under the symbol "SPOMD" for 20 trading days commencing October 7, 2013, after which time the symbol will revert to "SPOM". More information on the corporate name change and reverse stock split is available in the Company's information statement filed with the Securities and Exchange Commission on September 13, 2013.
The Company changed its corporate name to SPO Global Inc. to better reflect the nature of its products and current business focus.
With respect to the reverse split, every twenty shares of the Company's issued and outstanding common stock have been converted into one issued and outstanding share of common stock. The par value remains unchanged at $ 0.01 per share, as has the number of shares of common stock authorized, which remains at 100,000,000. The number of shares of the Company's issued and outstanding common stock has been reduced to approximately 5,000,000. Any fractional shares have been rounded up to the next whole share. In addition, the reverse stock split will effect a proportionate adjustment to the per share exercise price and the number of shares issuable upon the exercise of all outstanding stock options and warrants to purchase or acquire shares of the Company's common stock.
As part of this restructuring, SPO Global will now apply its proprietary technology through several vertical marketing divisions - SPO Wellness, SPO Baby, SPO Security and via its licensee SPO Medical. The IP portfolio of 12 issued patents enables the Company to manufacture its products in addition to licensing its technologies to appropriate client corporations for commercialization and distribution. More details can be found on our web site at http://www.spoglobal.com.
About SPO Global
SPO Global is a leading developer of biosensor and microprocessor technologies for use in portable monitoring devices to capture life-enhancing information within four key markets: sports, wellness, homecare monitoring and security. Its patented technology uses information gathered from the reflectance of light on the human body, in a noninvasive manner, to monitor key vital signs. The company manufactures its products in addition to licensing its technologies to appropriate client corporations for commercialization and distribution. For more information, visit http://www.spoglobal.com.
Forward Looking Statements
This press release contains forward-looking statements that involve substantial uncertainties and risks. These forward-looking statements are based upon our current expectations, estimates and projections about our business and our industry, and that reflect our beliefs and assumptions based upon information available to us at the date of this release. We caution readers that forward looking statements are predictions based on our current expectations about future events. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions that are difficult to predict. Our actual results, performance or achievements could differ materially from those expressed or implied by the forward-looking statements as a result of a number of factors, including but not limited to, expectations regarding the successful expansion of our product base, profitability, market acceptance of our products and new product applications, timing of new product launches, product performance, size of prospective markets, marketing strategies, success of our restructured operations and plans, our ability to generate fees or raise capital to support our business operations and plan, the sufficiency and availability of working capital, changes in economic conditions generally and in more specifically, the introduction of competing products, changes in our operating strategy or development plans, patent protection for our products and technologies, changes in economic conditions generally and in more specifically, in the markets we operate, changes in technology, legislative or regulatory changes that affect us and the risks and uncertainties discussed under the heading "Risk Factors" in Item 1 of our Annual Report on Form 10-K for the fiscal year ended December 31, 2012. We undertake no obligation to revise or update any forward-looking statement for any reason.
Contact regarding this release: SPO Global, email@example.com, +1-866-991-7766