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MOTD does 10:1 Reverse split and is up 72%. Any thoughts on whether this will be good for the Co. and more importantly the shareholders? New Ticker is MTDN
[This message has been edited by knowvak (edited August 30, 2004).]
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SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Aug. 27, 2004--Motion DNA Corp., formerly (PINK SHEETS:MOTD - News), today announced that its Board of Directors has approved a 1-for-10 reverse stock split of the Company's outstanding common shares. Effective with the opening of trading on Monday, August 30th, the company's common shares will trade under the new symbol MTDN. This reflects the change in capitalization of Motion DNA, Inc. The reverse split was enacted August 27th and the common stock will begin trading on a split-adjusted basis on August 30. As a result of the reverse split, every 10 shares of common stock will be combined into one share of common stock. After this recapitalization, Motion DNA stock, "Should adjust to a price that appeals to more investors," says Zig Ziegler, president of Motion DNA Corporation. "The reduction in shares outstanding should make it more beneficial for attracting additional capital for growth, and possible acquisition opportunities. Also, increasing the share price also eventually should help the company move its stock off the OTC bulletin board, though no time frame has been set for that," Ziegler says. "We would once again like to thank our shareholders for their continued support," stated Ziegler.
The number of shares of common stock outstanding will be reduced from 85 million to approximately 8.5 million, following the reverse split.
On another development, Motion DNA officials announced today plans to open eight new analysis centers for human movement within the next 90 days. Earlier this month Motion DNA located space for the three additional offices in the metro Phoenix area and one in Indianapolis. The additional eight facilities will be located in Dallas, Austin, Houston, and Corpus Christi, Texas;Tallahassee, Florida; Little Rock, Arkansas; Los Angeles; and Seattle, Washington.
Still on an additional front, Motion DNA Corp. reported today that new versions of their hardware and software have successfully moved through development and are now entering the marketplace. Further details regarding this achievement will be forthcoming in a future press release shortly. The new improvements will be demonstrated in San Francisco, August 29th for over 60 of the nation's leading physical therapist at the Ola Grimsby Institutes Annual Competency Forum in San Francisco. The 60 physical therapists are expected to purchase systems and become a part of Motion DNA's sales team.
Motion DNA Corp. provides diagnostic testing for medical professionals and sports organizations. Motion DNA's biomechanical analyses and detailed reports provide its licensees and consumers with solutions for preventing injuries, identifying physical limitations, diagnosing pre-existing injuries related to biomechanics, and improving physical performance levels.
All press releases may contain forward-looking statements covered within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements relate to, among other things, plans and timing for the introduction or enhancement of our services and products, statements about future market conditions, supply and demand conditions, and other expectations, intentions and plans contained in this press release that are not historical fact and involve risks and uncertainties. Our expectations regarding future revenues depend upon our ability to develop and supply products, which we may not produce today and that meet defined specifications. When used in this press release, the words "plan," "expect," "believe," and similar expressions generally identify forward-looking statements.
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Doesn't look good right now, I cannot find out anything about this company other than the info on their web site and the press releases they put out themselves. It seems like their would be articles in trade magazines etc.
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