¶ Symphony Slates Corporate Reorganization to Increase Shareholder Value...
BRAMPTON, Ontario--(BUSINESS WIRE)--Feb. 13, 2001--The Board of Directors of Symphony Telecom International, Inc. (OTCBB:SYMY) have voted to reorganize its corporate structure with a view to enhancing shareholder value, it was announced here today. The principal feature of this reorganization, which will be implemented promptly following shareholder approval at the Company's forthcoming annual meeting of shareholders, include transferring the company's legal domicile from Utah to Delaware, changing its name to Symphony Telecom Corp., authorizing a new class of preferred stock in order to make it available for financing and acquisition transactions, and an effective 50% stock dividend, in the form of a 3-for-2 forward split of the Company's common stock. The Company has scheduled its annual meeting of shareholders for March, following the filing of the necessary proxy materials with the Securities and Exchange Commission. The meeting will be held at the Company's new corporate headquarters building, located in Brampton, Ontario. Asked about the reasons for these corporate actions and the effect that management expects they will have, Gilles Trahan, Symphony's Chairman and CEO, responded, "As is well known, a large share of North America's major corporations use Delaware as their legal domicile. For the same reasons that they do, we believe that the Delaware General Corporation Law will give us greater flexibility to facilitate many of the things that we wish to accomplish, as the company grows. In addition, limited trading in our company's stock has frequently been attributed to its very small trading supply, or `float'. By increasing the number of shares held by each of our shareholders by 50%, we expect to facilitate the development of a more liquid secondary market for the company's shares." In order to encourage its shareholders to take a more active role in the company's affairs, Symphony will invite shareholders to refreshments, as well as to a tour of its new headquarters building. In addition, each shareholder who attends will receive a free 100-minute Symphony calling card as the company's gift, entitling the user to make 100 minutes of free long-distance telephone calls from any point in Canada or the United States. The record date for attendance and voting at the annual meeting, and the record date that entitles shareholders to participate in the 3-for-2 forward split, will be set following the filing of proxy materials with the SEC.
About Symphony Telecom International Inc.
Symphony Telecom International, Inc. is a business-to-business telecom solutions provider dedicated to delivering all the benefits of the Next-Generation Global Telecommunications Network to its customers worldwide. Symphony Telecom International is positioning itself to become North America's foremost Next-Generation Telco, leveraging emerging technologies into a global, sophisticated, and user-friendly array of quality services centered on high speed Internet, Wireless and VoIP.
In compliance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, SYMY notes that statements contained in this announcement that are not historical facts may be forward-looking statements that are subject to a variety of risks and uncertainties. Accordingly, SYMY wishes to caution readers of this announcement that its future actual results may differ materially from those that any forward-looking statements may imply. There is no assurance the above-described events will be completed. There can be no assurance of the ability of the company to achieve sales goals, obtain contracts or financing, consummate acquisitions or achieve profitability in the future. The above and additional factors are discussed in detail in the company's filings with the U.S. Securities and Exchange Commission. These may be viewed at www.sec.gov and many other websites without charge.
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CONTACT: Symphony Telecom International, Inc. Gilles A. Trahan, 888/479-6746 or 905/457-4300 Fax: 905/457-5506 Email: gtrahan@symphony.net Visit our website at: www.symphony.net
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