NEWS... New Trading Symbol -- HQSB -- Following Reverse Stock Split
SEATTLE, WA--(MARKET WIRE)--Jan 30, 2007 -- HQ Sustainable Maritime Industries, Inc. (OTC BB:HQSM.OB - News), a leader in toxin-free integrated aquaculture and aquatic product processing, announced today that HQ has begun trading on the OTCBB under a new stock symbol -- HQSB.
The assignment of the new stock symbol completes the Reverse Stock Split of the Company's shares at a ratio of 1 for 20.
As discussed in the 14(c) Information Statement received by all stockholders of record as of December 1, 2006, each stockholder will receive a letter of transmittal from the Company's transfer agent containing instructions on how to exchange certificates. Stockholders should not destroy any stock certificate and should not submit their old certificates to the transfer agent until they receive these instructions.
Each old certificate, until exchanged, will be deemed for all purposes to evidence ownership of the number of whole shares of new common stock into which the shares evidenced by the old certificates have been converted.
As stated in the 14(c) Information Statement, no fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to receive fractional shares because they hold a number of shares of common stock that is not evenly divisible by twenty (20) will have the number of new shares to which they are entitled rounded to the nearest whole number of shares. No stockholders will receive cash in lieu of fractional shares. Any stockholder who owns 99 or fewer common shares as a result of the reverse stock split will have the number of new shares to which they are entitled rounded up to 100 shares.
Norbert Sporns, CEO of HQ Sustainable Maritime, said, "We are pleased to have completed this phase of our new listing, which will facilitate an application for listing on the American Stock Exchange ("the AMEX"). We believe a move to the Amex will enhance shareholder value commensurate with the fundamental financial growth of our Company."
About HQ Sustainable Maritime Industries, Inc.
