MediSwipe Inc. Announces Share Consolidation and Strategic Growth Objectives
LOS ANGELES, CA -- (Marketwired) -- 12/11/13 -- MediSwipe Inc.
(OTCQB: MWIP), (www.MediSwipe.com), a Company specializing in
Compassionate Care Technology Solutions for the medicinal marijuana
industry, announced today that in accordance with its prior
announcement to effect a 1-for-10 reverse stock split of its common
stock, that such reverse stock split will become effective at the
opening of trading on December 11, 2013. The Board approved the
reverse stock split at a ratio of 1-for-10 pursuant to authorization
by shareholders at a special meeting of shareholders on October 22,
When the reverse stock split becomes effective, every ten (10) shares
of common stock outstanding will automatically combine into one (1)
new share of common stock with no change in par value per share. This
will reduce the number of shares outstanding from approximately 450
million to 45 million. The Company's common stock will continue to
trade on the Over the Counter Bulletin Board under the symbol "MWIPD"
for the next twenty business days. The new CUSIP number for the
common stock following the reverse stock split will be 58500H204.
No fractional shares of Common Stock will be issued as the result of
the Reverse Split. Instead, the Company will issue to the
stockholders one additional share of Common Stock for each fractional
share. In conjunction with this corporate action, the majority
shareholders have also authorized the Board of Directors to decrease
the Company's authorized Common Stock from 500,000,000 shares to
The Company believes that these corporate actions could increase the
profile of the Company for private investment, acquisitions and other
future opportunities that may become available. At this time, there
are no agreements or arrangements to engage in any corporate
transactions that would require the issuance of additional securities
made available pursuant to this proposal.
Holders of shares of common stock held in book-entry form or through
a bank, broker or other nominee do not need to take any action in
connection with the reverse split, and will see the impact of the
reverse split automatically reflected in their accounts. Beneficial
holders may contact their bank, broker or nominee for more
For those shareholders who hold physical stock certificates, you may
contact either now or at a later date contact the Company's transfer
agent Interwest Transfer Co. to receive instructions for exchanging
those certificates for new certificates representing the post-split
number of shares. Interwest Transfer Co. can be reached at
About MediSwipe Inc.
MediSwipe Inc. (www.MediSwipe.com) specializes in Compassionate Care
Technology Solutions for the medicinal marijuana industry and
wellness products including beverages Chillo and C+Swiss.
"Safe Harbor" Statement: The statements in the press release that
relate to the company's expectations with regard to the future impact
on the company's results from new products in development and any
other statements not constituting historical facts are
"forward-looking statements," within the meaning of and subject to
the safe harbor created by the Private Securities Litigation Reform
Act of 1995. Since this information may contain statements that
involve risk and uncertainties and are subject to change at any time,
the company's actual results may differ materially from expected
results. This document may contain forward-looking statements
concerning the Company's operations, current and future performance
and financial condition. These items involve risks, contingencies and
uncertainties such as product demand, market and customer acceptance,
the effect of economic conditions, competition, pricing, the ability
to consummate and integrate acquisitions, and other risks,
contingencies and uncertainties detailed in the Company's SEC
filings, which could cause the company's actual operating results,
performance or business plans or prospects to differ materially from
those expressed in, or implied by these statements. The Company
undertakes no obligation to revise any of these statements to reflect
the future circumstances or the occurrence of unanticipated events.
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