Kingtone Wirelessinfo Solution Holding Ltd Announces Reverse Stock Split
XI'AN, China, Nov. 5, 2012
XI'AN, China, Nov. 5, 2012 /PRNewswire-FirstCall/ -- Kingtone Wirelessinfo
Solution Holding Ltd (NASDAQ: KONE) ("Kingtone", or the "Company"), a
China-based developer and provider of mobile enterprise solutions, today
announced that its Board of Directors has approved a combination, or reverse
split of the ordinary shares currently issued by the Company at par value of
$0.001 per share such that the Company shall issue one (1) ordinary share
(each, "New Share," collectively "New Shares") for every ten (10) ordinary
shares held by its members ("Old Shares") (the "Reverse Split").
The Reverse Split is expected to be effective November 6, 2012. The par value
of each New Share will be $0.01, equal to the aggregate of the par value of
ten Old Shares combined. The ratio between each American Depositary Share
("ADS") and its underlying ordinary share post-Reverse Split remains the same,
namely, one ADR remains to represent one New Share.
The Company's ADSs will be trading under the new CUSIP number 496880105 upon
the effectiveness of the Reverse Split. No change will be made to the trading
symbol except a "D" will be added on the ticker symbol once the Reverse Split
is effective and will be removed 30 days thereafter.
As a result of the Reverse Split, the price of the ADS is expected to
automatically increase proportionally. Although the purpose of this Reverse
Spit is to maintain the continued listing of the ADSs on NASDAQ, the Company
can give no assurance that this goal will be achieved.
About Kingtone Wirelessinfo Solution Holding Ltd
Kingtone Wirelessinfo Solution Holding Ltd (KONE) is a China-based developer
and provider of mobile enterprise solutions. The Company's products, known as
mobile enterprise solutions, extend a company's or enterprise's information
technology systems to include mobile participants. The Company develops and
implements mobile enterprise solutions for customers in a broad variety of
sectors and industries, to improve efficiencies by enabling information
management in wireless environments. At the core of its many diverse packaged
solutions is proprietary middleware that enables wireless interactivity across
many protocols, devices and platforms.
For more information, please visit Kingtone's website at http:
www.kingtoneinfo.com. The Company routinely posts important information on
Safe Harbor Statements
This press release contains "forward-looking statements" within the meaning of
the Private Securities Litigation Reform Act of 1995, including certain plans,
expectations, goals, and projections, which are subject to numerous
assumptions, risks, and uncertainties. These forward-looking statements may
include, but are not limited to, statements containing words such as "may,"
"could," "would," "plan," "anticipate," "believe," "estimate," "predict,"
"potential," "expects," "intends", "future" and "guidance" or similar
expressions. These forward-looking statements speak only as of the date of
this press release and are subject to change at any time. These
forward-looking statements are based upon management's current expectations
and are subject to a number of risks, uncertainties and contingencies, many of
which are beyond the Company's control that may cause actual results, levels
of activity, performance or achievements to differ materially from any future
results, levels of activity, performance or achievements expressed or implied
by such forward-looking statements. The Company's actual results could differ
materially from those contained in the forward-looking statements due to a
number of factors, including those described under the heading "Risk Factors"
in the Company's public filings with the Securities and Exchange Commission,
including the Company's annual report on 20-F, as amended. The Company
undertakes no obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise, except as
required under applicable law.
For investor and media inquiries, please contact:
SOURCE Kingtone Wirelessinfo Solution Holding Ltd
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