Hackett's Stores, Inc. to Reduce Number of Authorized Common Shares to 750 Million
6:00a ET January 29, 2010 (GlobeNewswire)
Hackett's Stores, Inc. (Pink Sheets:HCKI) announced today that it shall file with the State of Florida Division of Corporations to amend its articles of incorporation to reduce the number of authorized from its current 5 billion to 750 million.
Thomas Scozzafava, President of Hackett's Stores, Inc. stated, "If current per share prices of our common equity can hold, there simply would be no current need for the issuance of the number of shares currently authorized." Mr. Scozzafava continued, "So it is for this reason that we shall file the appropriate paperwork to effectuate this reduction. Further reductions could be forthcoming depending upon our capital needs and per share equity prices."
Hackett's Stores, Inc. is the parent company
of Patrick Hackett Hardware Company and HIIO, Inc. Patrick Hackett Hardware Company has a wide variety of merchandise and business lines, including a full service hardware, consumer electronics, equipment rental, brand name clothing, footwear, sporting goods and gourmet foods. HIIO, Inc. represents a concept platform for a new specialty retailer focused on fashion clothing and outerwear, footwear and selected gift items. There are currently no HIIO-branded stores opened to date.
Safe Harbor Statement
Certain statements in this release constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast," "project," "intend," "expect" "should," "would," and similar expressions and all statements, which are not historical facts, are intended to identify forward-looking statements. These forward-looking statements involve and are subject to known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance (finance or operating) or achievements to differ from future results, performance (financing and operating) or achievements expressed or implied by such forward-looking statements.
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SOURCE: Hackett's Stores, Inc.
CONTACT: Hackett's Stores, Inc.
H. Becker
315-393-6101
hbecker@hackettsonline.com
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