COTTAGE GROVE, Tenn., June 28 /PRNewswire-FirstCall/ -- Sharp Holding Corp. (Pink Sheets: SHAR) which has executed an agreement to acquire Cooper Hunting Corp. hereby notifies shareholders that the reverse split shall be postponed until at least July 28 while the firm evaluates certain strategic alternatives.
Effective March 10th Sharp shareholders elected to reverse split the stock; merge with Cooper Hunting; change the name to Cooper Holding; and have Cooper management take control of Sharp. Cooper management has assumed control; all that remains is the reverse split, the merger and name change to complete the acquisition.
In a meeting June 25th, the board elected to postpone the reverse split until at least July 28th. This will provide additional time to evaluate potential investment opportunities the Company has been reviewing.
In March, 2010, Sharp had nearly six million in liabilities. The Board has worked vigorously removing this debt through debt wraps, stock issuance and updating corporate filings. Current liabilities for Sharp are now less than ten thousand dollars.
Management currently anticipates that the post-split common share structure will be 80,879,005 outstanding with a float of 33,401,512 and restricted shares of 33,401,512. Due to the exceedingly large current short position in Sharp Holding Corp. well in excess of 50 million common shares, the warrants and new common shares in Cooper Holding Corp. shall be delivered to shareholders of record upon certified delivery of common shares in Sharp Holding Corp. The record date of the exchange shall be provided to shareholders during the month of July.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently.
CONTACT: Dan Cooper, 866-972-5463
SOURCE Cooper Holding Corp.