MIDDLEBORO, Ky., Jan. 19 /PRNewswire-FirstCall/ -- Heartland, Inc. (OTC Bulletin Board: HTLJ), a diversified company with businesses in steel warehousing and fabrication and petroleum retail and wholesale operations, announced that the reverse stock split of 2 to 1 approved by the Board of Directors on December 23, 2009 becomes effective today.
For a twenty day period following the implementation of the reverse split, Heartland's ticker symbol will be "HTLJD." Following that period, the symbol will revert to "HTLJ."
Terry Lee, Chairman and CEO of Heartland said, "Our business plan continues on track, and we have taken this first step toward our ultimate goal of achieving an exchange listing. Our portfolio companies continue to produce solid results and as overall economic conditions improve, we should benefit substantially from the strong foundation we have put in place for Heartland."
On December 23, 2009, Heartland, Inc. (the "Company") filed Articles of Amendment with the State of Maryland to reverse split the issued and outstanding common stock on a basis of one for two shares of common stock resulting in a decrease in the number of issued and outstanding shares at the ratio of two for one. No fractional shares shall be issued. In lieu of issuing fractional shares, the Company will issue to any shareholder who otherwise would have been entitled to receive a fractional share as a result of the reverse split an additional full share of its common stock. The above transactions were approved by the Board of Directors of the Company. As provided by Maryland General Corporations Law Section 2-309(a) and (e), shareholder approval is not required. The effective date of the reverse split is January 15, 2010. As a result of the reverse split, the Company will have approximately 22,333,779 shares issued and outstanding. The authorized shares of common stock will not be impacted by the reverse split.
About Heartland, Inc.
Heartland, Inc. is a diversified company with businesses in steel warehousing and fabrication and petroleum retail and wholesale operations. Mound Technologies is a full service structural and miscellaneous steel fabricator located in Springboro, Ohio. Lee Oil Company services and sells over 40 million gallons of petroleum product annually through a combination of retail and wholesale operations. Heartland Steel, Inc. is a new venture which operates a structural steel service center in Washington Court House, Ohio.
Statements contained in this news release, which are not historical facts, are forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995. Amounts herein could vary as a result of market and other factors. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time.
SOURCE Heartland, Inc.