Dynatronics Announces Reverse Stock Split
SALT LAKE CITY, Dec. 19, 2012
SALT LAKE CITY, Dec. 19, 2012 /PRNewswire/ -- Dynatronics Corporation (Nasdaq:
DYNT) today announced that on December 17, 2012, at the Company's annual
meeting, the shareholders approved a one-for-five reverse stock split of the
Company's common stock. Approximately 93% of the votes cast were in favor of
the reverse split which becomes effective today.
"After careful analysis, our board of directors determined that the best
course of action for shareholders was to maintain our Nasdaq listing where we
have traded for the past 28 years," stated Kelvyn H. Cullimore, Jr., chairman
and president of Dynatronics. "Our research showed that staying on Nasdaq
provides greater liquidity through higher trading volumes, as well as tighter
spreads between bid and ask prices, more market makers and overall better
investor confidence compared to trading in the over-the-counter market as a
result of being delisted from Nasdaq."
The Company has a number of positive developments which management believes
should bode well for the Company's future performance. "This week, we are
completing the expansion of our California operation into a new, larger
facility in Livermore, CA to better serve our west coast customers," reported
Cullimore. "Beginning today, we will be operating from that new facility
which will allow greater operating efficiencies than our previous facility.
In addition, our new SolarisPlus line of therapy devices is being well
received by the market. October was a very profitable month for the Company
and should result in earnings for the quarter ended December 31^st improving
significantly over the same period last year."
The Company is also working on expanding its distribution channels over the
coming quarters and will introduce a record number of new products in fiscal
year 2013. "We expect these expansion plans and new product introductions to
lead us to higher profits in the coming year," he added.
Dynatronics manufactures, markets and distributes advanced-technology medical
devices, orthopedic soft goods and supplies, treatment tables and
rehabilitation equipment for the physical therapy, sports medicine,
chiropractic, podiatry, plastic surgery, dermatology and other related
medical, cosmetic and aesthetic markets. More information regarding
Dynatronics is available at www.dynatronics.com.
This press release contains forward-looking statements. Those statements
include references to the company's expectations and similar statements such
as the statement regarding expectations relating to share trading volume,
operating efficiencies, future profitability, market acceptance of new
products, and future operating results and growth. Actual results may vary
from the views expressed in the forward-looking statements contained in this
release. The development and sale of the company's products are subject to a
number of risks and uncertainties, including, but not limited to, changes in
the regulatory environment, competitive factors, inventory risks due to shifts
in market demand, market demand for the company's products, availability of
financing at cost-effective rates, and the risk factors listed from time to
time in the company's SEC reports. The Company expressly disclaims any
obligation or intention to update any forward-looking statement contained in
SOURCE Dynatronics Corporation
Contact: Bob Cardon, Dynatronics Corp., +1-800-874-6251 or +1-801-568-7000
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