TGYC - Is doing a one-for-twenty Reverse Stock Split. Man am I glad I got out of it on Friday! I just had a bad feeling about it and I decided to get out before it fell any further. I knew it was a bad trade from when I first bought it at .035 and the bottom fell out! I lost about $900 on it, but it was a lot better than losing everything. I really hate scam companies like this. They just started trading about 3-4 months ago! Go figure??Here's part of the filing;
INFORMATION STATEMENT
PURSUANT TO REGULATION 14C PROMULGATED UNDER
THE SECURITIES EXCHANGE ACT OF 1934, AS AMENDED
This information statement is being mailed on or about April 15, 2003 to holders of record as of April 4, 2003 of shares of common stock, par value $0.001 ("Common Stock"), of TECHNOLOGY CONNECTIONS, INC., a North Carolina corporation (the "Company"). It is being furnished in connection with the adoption of a one-for-twenty Reverse Stock Split by written consent of the holders of a majority of the outstanding shares of Common Stock.
On April 1, 2003, the Company's Board of Directors approved a one-for-twenty reverse stock split of the Company's Common Stock. On the same date, the action was approved in a written consent executed by the holders of more than a majority of the outstanding shares of Common Stock. Approval by the Board of Directors and by the holders of a majority of the outstanding shares of Common Stock is adequate under North Carolina law to effect the action. The action will become effective following a waiting period of 20 calendar days from the date this information statement is mailed to stockholders.
This information statement is being provided for your informational purposes only.
--------------------------------------------------------------------------------
WE ARE NOT ASKING YOU FOR A PROXY AND
YOU ARE REQUESTED NOT TO SEND US A PROXY.
OUTSTANDING STOCK AND VOTING RIGHTS
As of the record date, there were 26,956,860 shares of Common Stock outstanding. Each share of Common Stock entitles its holder to one vote.
REASONS FOR THE REVERSE STOCK SPLIT
The Board of Directors believes that the current per share price of the Common Stock has had a negative effect on the marketability of existing shares and on the amount and percentage of transaction costs paid by individual stockholders seeking to buy or sell the Company's Common Stock. Many brokerage firms and brokers are reluctant to recommend lower-priced stocks to their clients. In addition, many institutional and individual investors are reluctant to purchase lower-priced stocks. The structure of most brokerage commissions tends to have an adverse affect on potential purchasers of lower-priced stocks since the brokerage commission payable on buying and selling such stocks almost always represents a higher percentage of the trade price than the commission on a relatively higher-priced stock. These factors adversely affect not only the liquidity of the Common Stock, but also the Company's ability to raise additional capital through a sale of equity securities.
AI
