Encompass Holdings, Inc. Returns 100 Million Shares to Its Corporate Treasury
02 3월 2010 - 8:45PM
Encompass Holdings, Inc. (Pink Sheets:ECMH),
www.encompassholdings.com, announced today that it will return 100
million shares of the company's issued and outstanding Class A
Common shares to its corporate treasury. This transaction will
reduce the current Issued and Outstanding Common Shares to
approximately 600 million shares and divide the Authorized Shares
into two groups, 749,985,000 Class A (trading and voting) and
15,000 Class B Common (non-trading) shares.
Rotary Engines, Inc. (REI), a major Encompass shareholder and
minority shareholder of Rotary Engine Technology, Inc. (RETI), has
traded 100 million Class A Common trading shares of Encompass
Holdings' stock in exchange for 15,000 Class B Common non-trading
"voting only" shares. The Class B Common share as a class will
represent 66.67 percent of the voting rights of all issued and
outstanding Encompass Class A Common voting shares.
REI had received these shares when it sold its rotary engine
proprietary property to RETI, a joint venture with Encompass
Holdings, giving Encompass a 51 percent ownership control of RETI
and the rotary engine technology.
Larry Cooper, President of REI, stated, "We felt it was in
everyone's best interest to convert this large block of trading
shares to non-trading "voting only" shares in order to reduce the
Encompass issued and outstanding shares while showing our strong
support for the current Encompass management.
Scott Webber, CEO of Encompass, commented, "Several members of
our current management team came from the rotary engine
constituency, myself included. This stock exchange insures our
continued commitment to make improvements to the Encompass
financial structure and management control for the long-term
benefit of our shareholders."
The Encompass Holdings, Inc. logo is available at
http://www.globenewswire.com/newsroom/prs/?pkgid=6962
Forward-looking statements in this news release are made under
the "Safe Harbor'' provisions of the Private Securities Litigation
Reform Act of 1995. Certain important factors could cause results
to differ materially from those anticipated by the forward-looking
statements, including the impact of changed economic or business
conditions, competition, the success of existing and new product
releases and other risk factors inherent in product development and
other factors discussed from time to time in reports filed by the
company with the Securities and Exchange Commission.
CONTACT: Encompass Holdings, Inc.
J. Scott Webber
InvestorRelations@EncompassHoldings.com
Encompass (CE) (USOTC:ECMH)
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Encompass (CE) (USOTC:ECMH)
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