SAN FRANCISCO, Oct. 21, 2013 /PRNewswire/ -- Standard Drilling Inc. (OTCBB:STDR) (the "Company"), a niche social network for entrepreneurs, announced today its corporate name change to EFactor Group Corp.
Due to the corporate name change and the pending 1 for 40 reverse stock split, EFactor's common stock will trade under CUSIP number, 28201T104, and will continue to trade under the symbol "STDR", until the Company's anticipated new ticker, "EFCT", is approved by FINRA. More information on the corporate name change and the pending reverse stock split is available in the Company's filings with the Securities and Exchange Commission.
When the reverse stock split becomes effective, every 40 shares of the Company's issued and outstanding common stock will be automatically combined into one issued and outstanding share of common stock. This will reduce the number of outstanding shares of the Company's common stock from approximately 93,458,880 to approximately 2,336,472 shares. The Company has also increased the number of its authorized shares of preferred stock from 10,000,000 to 20,000,000 and increased the number of its authorized shares of common stock from 100,000,000 to 175,000,000.
"We are making progress with the corporate actions we have promised shareholders of EFactor and Standard Drilling as part of our merger agreement," said Marion Freijsen, COO of EFactor. "We are working diligently with our transfer agent to finalize this process and will continue to communicate to our shareholders regarding developments."
About EFactor Group Corp.
EFactor Group Corp., a niche social network for entrepreneurs, provides its members with the people, tools, marketing and expertise to succeed and make real, trustworthy and lasting connections. At the core of EFactor is a strong algorithm that allows members to not only connect with a lot of people, but with the right people. In addition, EFactor provides knowledge, facilitates preparing for funding and resources to reduce business costs, delivered through a mix of online social networking and offline domestic and international events.
EFactor has over one million members in 222 territories across 240 industries. It is incorporated in Nevada and headquartered in San Francisco.
EFactor Corp. also has various subsidiary service organizations including a UK communications and public relations agency and a company that delivers matching software for mentors to find the best mentees. For more information, visit http://www.efactor.com.
The EFactor Value
EFactor is a social network designed to support you as your business grows, along every step of your journey. We'll be there to congratulate you every time you win and will coach and inspire you whenever you feel frustrated by setbacks. You can count on us to connect you with the right people for you and your company and offer you the resources and talent that will help you succeed. We are highly motivated everyday people who genuinely care about our team and customers. We cheer each other on and have each other's back. We get to see our ideas come to life every single day. We're entrepreneurs, contributing our expertise to the community.
Any statements in this release that are not historical facts are forward-looking statements. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements involve risks and uncertainties, including but not limited to those discussed from time to time in our Securities and Exchange Commission filings. We undertake no obligation to update or revise any forward-looking statement for events or circumstances after the date on which such statement is made except as required by law.
Investor Relations Contact:
John Mattio, Sr. Vice-President
MZ North America
Direct: (212) 301-7131
SOURCE EFactor Group Corp.