pos BPWI cuts A/S, higher Xchg
Big Apple Worldwide Reduces Authorized Shares
Last update: 8:31 a.m. EDT July 17, 2008
NEW YORK, NY, Jul 17, 2008 (MARKET WIRE via COMTEX) -- Big Apple Worldwide, Inc. (PINKSHEETS: BPWI) is pleased to announce that its Board of Directors has approved a reduction of the Company's authorized common stock to 950 million shares. The purpose of the reduction is to aid the Company in its objective to increase the share price in concert with its current business plan and marketing efforts. Since February 2008, Big Apple Worldwide's authorized share count was reduced from 20 billion to the current level of 950 million shares.
The Company believes that the overall value of Big Apple Worldwide has a tremendous upside and wishes to reflect that value in its stock price. The reduction was filed with the Nevada Secretary of State. Big Apple Worldwide's Board of Directors received the consent of a majority of the shareholders to amend the Company's Articles of Incorporation.
"By reducing the authorized share count, we want to assure our shareholders that the Company is committed to maximizing shareholder value. This is all part of an effort to increase our share price and become more attractive to the large investment community," stated Neal Jablon, CEO and President of Big Apple Worldwide, Inc.
The Company believes that a significant increase of the share price is obtainable with existing assets in place and projected income based on current business contracts and those in negotiations. It intends to raise additional growth capital to achieve a share price worthy of a move to a higher trading arena.
About Big Apple Worldwide, Inc.:
Big Apple Worldwide, Inc. ( www.bigappleworldwide.com) is a holding company focused on serving the hospitality, leisure and retail market. Big Apple Wallcovering, Inc. ( www.bigapplewallcovering.com) is a wholly owned subsidiary of Big Apple Worldwide and has inspired the Architecture and Design community with cutting-edge design and the manufacturing of architectural wallcovering and fabrics for hospitality, private offices and commercial interiors. Big Apple Wallcovering now enters the retail industry, placing its "No More Books(R)" kiosks into major retailers across the country. Big Apple Worldwide, Inc.'s subsidiary, Elabrient Surfaces ( www.elabrient.com), is a commercial interior design development and manufacturing company specializing in commercial wallcovering. Big Apple Travel, Inc. ( www.bigappletravel.com), a wholly owned subsidiary of Big Apple Worldwide, Inc., is a full-service travel agency and features a next-generation travel salon in Orlando, Florida.
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