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HALLANDALE BEACH, Fla.--(BUSINESS WIRE)--May 4, 2005--Payless Communication Holdings, Inc. ("PCH") (OTC:PCNH) announced today that during a Special Meeting of the Board of Directors the Company approved a 30 for 1 forward split of the Company's common stock.
Shareholders of record as of May 20th, 2005 will receive their common stock on May 27th, 2005. The forward stock split will not affect, in any way, the validity of currently outstanding stock certificates, nor will it be necessary for the Company's stockholders to surrender or exchange any stock certificates that they currently hold as a result of the name change.
Payless Communication Holdings, Inc.'s President and CEO, Ricardo J. Canal, stated, "This forward stock split is intended to lay the groundwork for the anticipated growth of the Company and it is also part of our ongoing efforts to improve trading liquidity, broaden ownership and enhance shareholder value."
Statements in this press release that are not historical facts are forward-looking statements within the meaning of the Securities Act of 1933, as amended. Those statements include statements regarding the intent, belief or current expectations of the Company and its management. Such statements reflect management's current views, are based on certain assumptions and involve risks and uncertainties. Actual results, events, or performance may differ materially from the above forward-looking statements due to a number of important factors, and will be dependent upon a variety of factors, including, but not limited to, our ability to obtain additional financing and access funds from our existing financing arrangements that will allow us to continue our current and future operations and whether demand for our products and services in domestic and international markets will continue to expand. The Company undertakes no obligation to publicly update these forward-looking statements to reflect events or circumstances that occur after the date hereof or to reflect any change in the Company's expectations with regard to these forward-looking statements or the occurrence of unanticipated events.
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