Positron Corporation (POSC)

[VIPR]

Positron Announces Reverse Stock Split and Registration as a Delaware Corporation

http://www.otcmarkets.com/news/otc-market-headline?id=15467144

CHICAGO, Sept. 23, 2013 /PRNewswire via COMTEX/ -- Positron Corporation (OTCBB:POSC) (the "Company"), a nuclear medicine healthcare company specializing in the business of cardiac PET, announced today that it had filed a Preliminary Information Statement with the Securities and Exchange Commission ("SEC") to effect a one (1) for one hundred (100) reverse split of its issued and outstanding common shares (the: "Reverse Split"). The Company considers this action as the next step in a program to strengthen the Company's finances, market acceptance and marketability to the financial community and investing public. Additionally, the Company intends to change its corporate domicile to the State of Delaware.
The Company intends to effect the Reverse Split pursuant to an amendment to its Certificate of Formation which was approved by written consent of the Company's Board of Directors and a Majority of the outstanding, voting capital stock. In the same filing, the Company intends to decrease the authorized number of common shares from 3,000,000,000 to 500,000,000 and amend the number of authorized shares of preferred stock to 20,000,000. All series of preferred shares will be adjusted on an equal basis in accordance with the Reverse Split. The foregoing corporate actions were taken via majority consent of the stockholders and all appropriate notifications were filed and transmitted.