NEWS! VIPM approves R/S for aquisitions and shareholder value!
VIP*Comlink Board of Directors Approves Reverse Stock Split
May 18, 2007 3:24:00 PM
SALT LAKE CITY, UT -- (MARKET WIRE) -- 05/18/07 -- The Board of Directors of VIP*Comlink, Inc. (PINKSHEETS: VIPM) has unanimously approved and is recommending to shareholders, a proposal that would give the Board of Directors authority to effect a reverse stock split of VIP*Comlink's common stock. The reverse stock split proposal will be submitted to shareholders at a special meeting held on July 11, 2007. An affirmative vote by shareholders will permit the Board of Directors to choose to effect a split at a ratio with the range from one-for-fifty to one-for-one-hundred-fifty and implement the reverse stock split at any time prior to October 1, 2007.
May 17, 2007 was set as the record date for the special shareholders meeting in July. All shareholders as of this date should expect to receive the proxy statement from the company. VIP*Comlink has approximately 524 million shares of common stock outstanding with over 3,000 shareholders.
VIP*Comlink believes the ability to effect a reverse stock split will position the company for revitalization. On May 4, 2007 VIP*Comlink announced that it had signed an agreement to acquire Pure Energy containing assets of Beyond Juice. On May 8, 2007 VIP*Comlink announced that it had entered into a letter of intent with Jumpin' Juice & Java to explore the possibility of combining the business models of both company's. The reverse stock split will enable the company to execute its plan of acquiring the existing operations of several companies and partnering with others that have products and services suitable for patrons of companies like Beyond Juice and Jumpin' Juice & Java stores.
On May 11, 2007 management openly discussed the company's status with shareholders representing approximately 60% of the company's stock. Management was encouraged to have received an overwhelming level of support for the reverse split and acquisition plans.
"Having the flexibility to effect a reverse stock split is another step toward creating value for our shareholders. The company has no stock available to complete any acquisition or to raise investment capital today. The directors and officers of the company have worked for a year now to develop a solution that would be favorable toward the shareholders. We have reviewed many proposals seeking for options that would allow the company to emerge as an operating entity with stable cash-flows, rather than remain as a development stage company seeking new investors, and we also wished to preserve the strongest position possible for existing shareholders transiting any reverse-split transaction. We believe that we found the solution that works for our unique situation. We create some headroom in our stock position, acquire assets, raise a little cash to grow internal cash-flows and improve the overall operations with new technology. This plan will build a profitable operation and finally create some stable, performance-based value for our twenty-three year old company," said Mark Helms, VIP*Comlink chairman and chief executive officer.
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