I don't get involved in this stock...just posting the news.
Apr 07, 2009 09:18 ETPhilippines Royal Oil (Symbol: PROL) Explains the 500:1 Reverse Split and 10:1 Dividends Distribution of Bio-Genex Stocks
JACKSON, WY--(Marketwire - April 7, 2009) - Philippines Royal Oil & Alternative Energy, Inc. (PINKSHEETS: PROL) (FRANKFURT: 3HD) (XETRA: 3HD) now known as Bio-Genex Laboratories (CUSIP# 09056Q 106 and ISIN # US 09056Q 1067) briefly clarifies the 500:1 Reverse Split of PROL stocks and the 10:1 Restricted Dividends Distribution of Bio-Genex stocks.
On February 20 and April 3, 2009 press releases, the company had announced the corporate re-organization, acquisition and change name of Philippines Royal Oil & Alternative Energy to Bio-Genex Laboratories Inc. The new BOD and Management team had also announced the reduction of the number of all PROL's Issued & Outstanding shares by a 500 to 1 Reverse Split on company's record date of April 19, 2009, whose effective X-Date will be set upon by MDI NASDAQ, along with the issuance of the stock symbol for Bio-Genex Laboratories.
There will be NO fractionated shares meaning that all shareholders holding 500 or less of pre-split common shares of PROL will round up to receive twenty five (25) post split common shares. Subsequently, the company offered to distribute Bio-Genex Stocks in the form of Restricted Dividends to all PROL's Post Split Common Stocks Shareholders. Subsequently, that within 90 days, the company Bio-Genex Laboratories will issue Restricted Dividends -- for every ten (10) PROL Post Split Common Shares for one (1) Bio-Genex Common Share Ratio; so that no shareholder will own less than 250 common shares Post Reverse Split and Restricted Dividends on Dividends.
The 10 PROL:1 Bio-Genex Dividend Ratio was set further to mean that for every 10 common shares of PROL Post Split Common Shares held and bought by shareholders on July 19, 2009 (the 90th Day after the Reverse Split) will receive A TOTAL of 10 RESTRICTED Bio-Genex Common Stocks.
-- A PROL Common Shareholder holding 500 or less receives 250 Post Split
Common Shares; which will have a factor of 25 (250/10=25) to receive
250 Restricted Dividends (10 X 25 = 250) of the Bio-Genex Common Stocks;
-- Further Example: If a shareholder holds 1,000 Post Split Common shares,
shall have a factor of 100 (1,000/10=100). Thus, if this Shareholder
holds his stock until the record date of July 19, 2009, he will receive
a total of 1,000 (10 X 100) Restricted Bio-Genex Common Shares as
DIVIDENDS;
-- This is in addition to the 1,000 PROL's Post Split Common Shares
already held by this shareholder after the 500:1 Reverse Split.
-- The PROL Post Split Common Shares will automatically be converted
to 1,000 Bio-Genex Common shares on the Effective Date as set by
MDI NASDAQ.
-- This shareholder will end up having a total of 2,000 Bio-Genex
Common Shares of which, one thousand (1,000) are Un-Restricted
or Free Trading and one thousand (1,000) are Restricted
Bio-Genex Common Shares;
-- The shareholder(s) not holding shares in certificate forms in their
names will not have to do anything because their banks and brokerages
as members of the DTC (Depository Trust Company) will distribute those
shares to their corresponding clients' accounts;
-- The Dividend Distributions to commence on July 19, 2009 after the
record date will be sent directly to their corresponding banks &
brokerages;
-- Any Shareholder(s) still holding their PROL Common shares in certificate
form should send to the TA - Transfer Agent of the company in exchange
of their existing old PROL Common shares for the equivalent new
Bio-Genex shares including the Dividends;
-- There is a fee and cost being incurred, that is charged by the TA to
process this distribution. Please contact TA - First Public Securities
Transfer Corp. (310) 770-6689 or email: firstpublicsecurites@hotmail.com
for more details on the expedited exchange and receipt of the equivalent
dividends of Bio-Genex Stocks;
-- This is a mandatory exchange of the record shareholders of PROL
Corporation to become Bio-Genex Common Stockholders;
Visit http://www.BioGenexLab.com
ABOUT THE COMPANY:
Bio-Genex Laboratories, Inc. is a biogenetic engineering corporation; emphasizing on Stem Cell Research and Development for the cures of stroke, heart disease, tuberculosis and leprosy. It is also an industry that focuses on the geophysical and analytical commercial laboratory services with the main emphasis on research and development, production, manufacturing and marketing of the "Gift of Health" from the wild tropical fruits and plants of the Philippine Archipelago. Our overall focus is in the manufacture of herbal medicine, to enhance the development and production of the rich herbal resources in the Philippines, exploring new medicinal resources from fruits of edible plants and herbs that are naturally growing in the 7,100 islands of the Philippines for further identification and innovation. Our business concept was originally envisioned in 2007 and finally formulated into fruition in 2009 comprising three (3) Laboratory Specialty Divisions. Bio-Genex is a genetic engineering and an analytical - commercial laboratory company to be recognized as the leading source of accurate and high-quality laboratory practices in the field of genetic engineering, biotechnology, geophysical services, oil and mineral analysis, chemical analysis as well as water analysis.
FORWARD LOOKING STATEMENTS: Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding the Company's projections regarding research and developments, manufacturing and production in future periods. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to estimates of production costs; research and development risks; the risk of commodity price fluctuations; political and regulatory risks; risks of obtaining required operating permits and other risks and uncertainties. Penny Stocks are very highly speculative and may be unsuitable for all but very aggressive investors. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
News 
Market Data 
Discover 
