The Board of Directors and Majority Shareholders Today Announced Their Approval of a Reverse Stock Split and Ticker Symbol Change, a Stock Dividend to Zippi Shareholders Will Also Take Place in March 2009
Marketwire News ReleasesPublished: 02/17/09 07:00 AM EST
Released By: Zippi Networks
SAN JOSE, CA -- (Marketwire) -- 02/17/09 -- Zippi Networks Inc. (ZIPI), turning America's "Clutter into Cash," today announced it has completed a one thousand for one reverse stock split. Based on several market factors and current economic conditions Zippi Networks, Inc. made the decision to tighten up the company's capitalization as they negotiate on a growth round of capital to further the company's growth and roll out of its latest product in the mobile commerce market.
As a result the company realizes the value exchange when completing a reverse split requires continued support of its shareholder base as the company aims at increasing shareholder equity for the long term. Zippi's management believes that its company's value and ultimate success depends on a strong and loyal shareholder base, and believes the approval of a stock dividend is necessary to show its appreciation and support of Zippi.
Robert A. Rositano Jr., CEO Zippi Networks, Inc., stated, "Zippi has been very fortunate in the development stages of our business to have built a loyal community of shareholders that believe in the Zippi offering. As we push forward with what is proving to be an amazing business we must show our appreciation to our shareholders in every way possible. In this regard Zippi will be completing a stock dividend to all shareholders of record as of March 15, 2009 who have acquired shares in the open market or through investment in private placements over the years. The dividend of shares issued will be computed on the number of shares owned as of the above date and will be determined as we monitor our share performance in the coming weeks."
About the Company:
Zippi(TM) Networks, Inc. (ZIPI), headquartered in San Jose, Calif., has created a revolutionary business process (three US Patents Pending), together with the ease of hand-held mobile technology, social networking, and the ability to recycle that empowers a new generation of online sellers. Founded in 2006, Zippi promises to engage consumers with an easy toll free telephone number designed to allow everyone an easy hassle free way of selling items online; by phoning 1-877-GO-ZIPPI an item owner can receive a quick "mini appraisal" through the "Ask Zippi" appraisal system. Zippi connects this appraisal with the appropriate Zipster (eBay seller) which handles the entire transaction.
The strength of the eBay community resides in eBay's very own message "the power of all of us," until Zippi each and every eBay seller has been very careful not to give away selling secrets, creating competition within the eBay marketplace. Zippi embraces the power of many, allowing each "Zipster" to build teams on eBay with "Zippi TeamBuilder™" allowing a Zipster to scale earnings and eliminate competition by building team members, which has never been allowed within the eBay community, until now with Zippi!
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as results of various factors including the ability of the company to successfully commercialize its new technologies and service offerings. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Zippi is a trademark of Zippi Networks, Inc. All other trademarks or registered trademarks are the property of their respective owners.
Media Contacts:
Robert Rositano, Jr.
1 408 884 2001
Email Contact
Karen Ashley
1 408 884 2006
