No that is not what PR states:
"There will also be no reverse split in connection with this transaction. If warranted at a later time, the Board may increase the authorized share to no more than three billion for the purpose of future mergers, JV's, and acquisitions. This will enable us to help grow Stratton into a very solid and diversified holding company. "I look Forward to this new venture and will be updating shareholders with more details as developments unfold."
The company's current share structure as of today, is:
A/S is 1,500,000,000
O/S is 1,490,875,600
Float is 1,290,875,600