Atlantic Capital Group Commences S-1 Registration Process and AuditBY Market Wire
— 12:15 PM ET 06/13/2011
SANTA MONICA, CA -- (MARKET WIRE) -- 06/13/11 -- Exit Only, Inc. (EXTO
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) announced that its previously announced stock dividend in its wholly owned subsidiary Trans Atlantic Capital Group, Inc. is moving forward as planned with a shareholder record date as of June 15, 2011. Trans Atlantic's capital structure shall consist of 40,000,000 shares issued and outstanding and will be distributing 8,000,000 shares pursuant to this dividend. Each shareholder in EXTO will receive 14.26 registered shares for every 1,000 shares owned in Exit Only (EXTO
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). The expected share price for Trans Atlantic Capital Group is $.50 per share which would value the dividend at $4,000,000 or approximately $7 for every 1,000 shares of EXTO. In addition, once Trans Atlantic becomes publicly traded, EXTO will be able to reflect the share value on its balance sheet.
EXTO's CEO Diana Shats proclaimed, "This commencement of this registered spin-out validates our acquisition strategy and provides a significant dividend to our shareholders while maximizing the investment potential for both EXTO and its shareholders." "Management believes that this is a demonstrable initiative to reward its shareholders and build long term balance sheet value and shareholder confidence," continued Ms. Shats.
Trans Atlantic Capital Group, Inc. ("TACG") is a dynamic trading company principally involved in brokering wholesale lots and closeouts. Trans Atlantic Capital Group, Inc., as previously announced, achieved record revenue in excess of $15,000,000 for the first quarter of 2011.
"As an independent publicly traded company, TACG will be optimally positioned to expand its operations, access the U.S. capital markets and grow its presence both here in the U.S. and abroad. This spin-off maximizes the potential to create substantial value for our shareholders from this trading platform over the long term," Ms. Shats added.
Completion of the spin-off is subject to final approval by EXTO's board of directors, confirmation of the tax-free nature of the transaction, as well as effectiveness of an S-1 registration statement filed with the Securities and Exchange Commission and FINRA approval.
