Looks like they were Pink for awhile! NEW YORK--(BUSINESS WIRE)--Feb. 27, 2004--Thinking Tools, Inc. (OTCBB:TSIM - News), a provider of complete video surveillance solutions to the fast-growing retail, business-to-business, professional, and homeland security market segments, today announced that its Board of Directors approved certain actions in connection with its recently completed acquisition of GVI Security.
In connection with the GVI acquisition, the Company issued shares of preferred stock convertible into an aggregate of approximately 1.9 billion shares of common stock. To permit the conversion of these shares of preferred stock, and in accordance with its obligations under the merger agreement with GVI Security, the Board of Directors of the Company has approved a one-for-65 reverse stock split of the Company's common stock, and an increase in its authorized shares of common stock from 20,000,000 to 75,000,000.
In addition, to reflect its new business, Thinking Tools' Board of Directors approved the change of the Company's name to GVI Security Solutions, Inc.
The recapitalization and name change are subject to stockholder approval, which the Company anticipates obtaining shortly, and will become effective after requisite filings are made with the Securities and Exchange Commission and the filing of a Certificate of Amendment to the Company's Certificate of Incorporation with the Delaware Secretary of State.
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