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Galtech Announces Reverse Stock Split
By: PR Newswire
Jan. 8, 2013 03:03 PM
MIAMISBURG, Ohio, Jan. 8, 2013 /PRNewswire/ -- Galtech Semiconductor Materials Corp. (Pink Sheets: GTSM), an Advanced Software Technology and Hardware Technology products company, announced today that the Board of Directors and the Galtech majority shareholder, Dr. F. N. Kautzmann, III, also CEO, Chairman and President of Galtech Semiconductor Materials Corporation, Inc., the filing of a Certificate of Amendment to the Company's Amended and Restated Articles of Incorporation filed on December 13, 2012 following approval by Galtech's Board of Directors and the majority shareholder, was approved by the State of Utah, Department of Commerce, Division of Corporations & Commercial Code, on January 3, 2013, that effected a reverse stock split of Galtech's issued and outstanding shares of common stock at a ratio of 1-for-20. Shareholders whose shares are fractionally reduced from this reverse stock split will receive one share of stock. The number of authorized common shares remains at 200,000,000. The reverse stock split is immediately effective as of January 3, 2013.
American Registrar & Transfer Co., Salt Lake City, Utah, Galtech's transfer agent, is acting as the Exchange Agent for the reverse stock split. Stockholders will receive the forms and notices to exchange their existing shares for the new shares from the Exchange Agent, or from their bank, broker or other nominee holder. Stockholders who hold stock certificates evidencing their shares of Galtech's common stock are advised that they should not send in their stock certificates until they receive a letter of transmittal, which will contain detailed instructions for exchanging their existing stock certificates from American Registrar & Transfer Co. of Salt Lake City, Utah.
This press release is neither an offer to sell nor a solicitation of an offer to buy shares of common stock or any other securities of Galtech Semiconductor and Materials Corporation and shall not constitute an offer, solicitation or sale in any jurisdiction in which such an offer, solicitation or sale would be unlawful.
SOURCE Galtech Semiconductor Materials Corp.
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