Sports Wheels Inc. (Pink Sheets:SSWH), a leading provider of decorative car wheels, today announced that the company has filed the necessary documents with the state of Nevada to effect several amendments to the company's Articles of Incorporation. The amendments include a change in the company's name to Automotive Specialty Concepts, Inc. The company is now in the process of applying for a new CUSIP number and ticket symbol, which will be announced at a later date.

Other amendments include an authorization for the Board of Directors to adopt any re-capitalization of all the outstanding shares of common stock without the consent of stockholders, to approve the action by a majority written consent of shareholders in lieu of a meeting and to effect a 1 for 100 reverse split of the company's common stock while keeping the amount of common shares authorized at 1.4 billion.

Sports Wheels President Paul Stringer commented, "These amendments are designed to properly position the company to take advantage of market conditions and a number of favorable opportunities presented to it. Our focus will continue to be on the growth of the company and bringing value to its shareholders."

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Originally posted by JOED5500:
Sports Wheels Approves Amendments to Articles of Incorporation
(Source: PrimeZone)
01/05/05 10:20

Sports Wheels Inc. (Pink Sheets:SSWH), a leading provider of decorative car wheels, today announced that the company has filed the necessary documents with the state of Nevada to effect several amendments to the company's Articles of Incorporation. The amendments include a change in the company's name to Automotive Specialty Concepts, Inc. The company is now in the process of applying for a new CUSIP number and ticket symbol, which will be announced at a later date.

Other amendments include an authorization for the Board of Directors to adopt any re-capitalization of all the outstanding shares of common stock without the consent of stockholders, to approve the action by a majority written consent of shareholders in lieu of a meeting and to effect a 1 for 100 reverse split of the company's common stock while keeping the amount of common shares authorized at 1.4 billion.

Sports Wheels President Paul Stringer commented, "These amendments are designed to properly position the company to take advantage of market conditions and a number of favorable opportunities presented to it. Our focus will continue to be on the growth of the company and bringing value to its shareholders."

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