GlassesOff Announces Reverse Stock Split

NEW YORK, March 30, 2015 /PRNewswire/ -- GlassesOff Inc. (OTCBB: GLSO), a neuroscience technology company developing vision performance enhancement solutions through brain exercises, announced today it has implemented a 1-for-10 reverse split of its common stock effective under Nevada law as of March 30, 2015.  GlassesOff's common stock will commence trading on a split-adjusted basis on March 31, 2015 under a new CUSIP number 377215207 and a temporary symbol "GLSOD," with the "D" appended to signify that the reverse stock split has occurred. GlassesOff's trading symbol will revert to "GLSO" after 20 trading days.

The reverse stock split is intended to increase market awareness of the Company's common stock and better position the Company for potential listing of its common stock on a national securities exchange, but no assurance can be made that the Company's common stock will be listed on any such exchange.

Following the reverse split the number of shares of the Company's common stock outstanding will be reduced from approximately 58.4 million to approximately 5.8 million. Proportional adjustments will be made to the Company's authorized shares, options and warrants. Any fractional shares resulting from the reverse stock split will be rounded up to the next whole share.

INFORMATION FOR STOCKHOLDERS
Upon the effectiveness of the reverse stock split, each ten shares of issued and outstanding GlassesOff common stock will be converted into one share of GlassesOff common stock. Stockholders who have existing stock certificates will receive written instructions by mail from the Company's transfer agent, VStock Transfer, LLC. Stockholders who hold their shares in brokerage accounts or "street name" need not take any action in connection with the reverse split. Such stockholders may be contacted by their brokers with instructions.

About GlassesOff
GlassesOff Inc. (OTCBB:GLSO) is public, a neuroscience technology company, utilizing patented technology to develop and commercialize consumer-oriented software applications. The Company is developing and commercializing next generation vision performance applications. GlassesOff has developed a proprietary, patent protected neuroscience technology platform to improve near vision performance through brain exercise, by improving the image processing function in the visual cortex of the brain. Through game-like challenges, the GlassesOff™ product aims to eliminate the dependency on reading glasses of people who experience the inevitable age-related changes in their near vision sharpness and reading performance. www.glassesoff.com

Safe Harbor Statement: This press release contains forward-looking statements, which may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "would," "intends," "estimates," "suggests," "has the potential to" and other words and phrases of similar meaning, including statements regarding the results of effectiveness of GLASSESOFF's applications. Investors are cautioned that forward-looking statements involve risks and uncertainties that may affect GLASSESOFF's business and prospects, including the risks that GLASSESOFF may not succeed in generating any revenues or developing any commercial products, that the products may not achieve the expected results or effectiveness, and other risks and uncertainties that may cause results to differ materially from those set forth in the forward-looking statements. In addition to the risk factors described above, investors should consider the economic, competitive, governmental, technological and other factors discussed in GLASSESOFF's filings with the Securities and Exchange Commission. The forward-looking statements contained in this press release speak only as of the date the statements were made, and we do not undertake any obligation to update forward-looking statements, except as required under applicable law.

SOURCE GlassesOff Inc.

Related Links

http://www.glassesoff.com