NEW YORK, Oct. 18, 2011 /PRNewswire/ -- NIS Holdings Corp. (Pinksheets: NISC) announced today that it is in the process of making arrangements for effectuating a 1 for 100 reverse split of the Company's all issued and outstanding common shares. The Company's Board of Directors set October 20th, 2011 as the effective date for the reverse stock split. However, the effective date is still subject to FINRA's approval. The Company will make a new announcement as soon as it receives confirmation from FINRA.
After the reverse stock split becomes effective, every one hundred shares of the pre-split issued and outstanding NIS Holdings common shares, par value 0.00025 per share, will automatically be converted into one post-split common share without any change in the par value of the shares. All fractional shares will be rounded up on a per certificate basis only. In addition, NIS Holdings' common shares will continue to trade on the OTC Market under the symbol "NISC", but with the letter "D" added to the end of the trading symbol for a period of approximately 20 trading days as an indication that a reverse stock split has occurred.
NIS Holdings' transfer agent, Holladay Stock Transfer Inc., will act as exchange agent for the reverse stock split. Holladay Stock Transfer will provide shareholders of record as of the effective date of the reverse stock split with further instructions on the exchange of their current certificates. Stockholders who hold their shares through a brokerage account will be contacted by the banks or brokers with any relevant instructions.
President of NIS Holdings Haral Tsitsivas stated, "Before deciding to proceed with this reverse stock split, we considered a number of factors, including the current trading price, volatility, current market and economic conditions as well as the Company's future plans. The reverse split will increase the per share trading price of NIS Holdings' common stock, thus making it more appealing to a broader range of investors while at the same time the intrinsic value of the Company will remain the same. This, along with the wind of change that the new management team has brought to the Company, will hopefully attract long term investors whose primary desire is to prosper, as the Company moves ahead with its loyalty and gift card programs."
About NIS Holdings Corporation
NIS Holdings Corp. is registered in Reno, Nevada and headquartered in New York City. The Company specializes in the acquisition of firms in profitable markets with high-potential and capable of achieving sustainable growth.
NIS Holdings is a public company trading on the OTC under the symbol NISC.
Issued by NIS Holdings Corp.
For further information in this release please contact Ms. Vasiliki Anagnostou at NIS Holdings Corp. on tel.: 212-6881007, fax: 212-6882705, e-mail: email@example.com
This document was produced by and the opinions expressed are those of NIS Holdings Corp. as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of NIS Holdings Corp. to any person to buy or sell any security. Any reference to past performance is not a guide to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but NIS Holdings Corp. does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.
This release may contain forward-looking statements, including, without limitation, statements containing the words "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "could," "stands to," and "continues," as well as similar expressions. Such forward- looking statements may involve known and unknown risks, uncertainties and other factors which might cause the actual results, financial condition, performance or achievements of NIS Holdings Corp., or industry results, to be materially different from any historic or future results, financial conditions, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. NIS Holdings Corp. expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law or regulation.
SOURCE NIS Holdings Corp.