ECFL no reverse split PR, should run hard now
Market 99 Board of Directors Vote Against Reverse Stock Split
Market Wire - November 13, 2007 1:45 PM ET
Market 99 (PINKSHEETS: ECFL) announced today that after lengthy discussions with the company's consultants and legal counsel there will not be a reverse split in the company's stock. The Board of Directors has concluded at this time that a decision to do a reverse split would be very destructive to the future of Market 99. "After many considerations our Board of Directors believes that by executing a reverse split we would only be taking away from our current shareholders and nothing positive would be gained," stated Desmond Milligan, CEO of Market 99.
Market 99 officials plan on meeting in 2008 to revisit and discuss the possibility of a reverse split. Jason Brola, COO of Market 99, stated, "We are absolutely excited about our decision and we truly believe we are creating trust that will soon allow us to attract larger investors in our young company."
Brola further stated, "Now that we have decided to leave the current share structure in place, we can get on with the fun and exciting part of our business which is opening additional store locations, growing our company revenues, and expanding our market presence."
ABOUT US
Market 99 is a discount retailer with 15,000-20,000 square foot stores selling mainly name brand merchandise to value-conscious consumers. Market 99 carries Consumables, Health and Beauty Aids, Stationery Items, House wares, Cold Foods, Frozen Foods, Women's Accessories, Women's Clothing, Men's Clothing, Children & Infant's Clothing, Seasonal, Arts & Crafts, and Toys, all for .99 cents or less.
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