LOS ANGELES, Aug. 1, 2011 /PRNewswire/ -- WikiLoan, Inc (PINKSHEETS: WKLI) (the "Company"), a peer-to-peer lending platform, announces today that its Board of Directors has approved a 10:1 reverse split of its common shares. In connection with the reverse split, the Company will decrease its authorized common shares from 750 million to 150 million. The Company's authorized preferred shares will remain the same at 10 million. An effective date for the split has not yet been determined, but will not be until after the mailing of a Schedule 14C Information Statement to the Company's Shareholders. The Company's officers will confer with market oversight authorities and its transfer agent as soon as is practical to determine a record date.
"Our management had recently conducted a 1:10 forward split in order to improve trading liquidity, broaden ownership, promote capital investment and enhance shareholder value. Shortly after the forward split was effective, one of the largest clearinghouses in the United States implemented a new policy regarding the clearing of shares below a certain stock price. In response, we have decided to effectively unwind the forward split by authorizing a reverse split of the same ratio," said Edward C. DeFeudis, President and CFO.
About WikiLoan
WikiLoan is a Social Network with a focus on finance. At WikiLoan.com, family and friends can borrow and lend money among themselves at rates suitable to their respective needs. The company's website provides repayment schedules and documentation for loans, along with proprietary administrative tools, which enable users to securely pull credit reports and automate the loan repayment process.
This release contains various forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which represent the company's expectations or beliefs concerning future events of the company's financial performance. These forward-looking statements are further qualified by important factors that could cause actual results to differ materially from those in the forward-looking statements. These factors include the effect of competitive pricing, market acceptance of the company's products and the effects of government regulation. Results actually achieved may differ materially from expected results included in these statements.
Investors may contact:
Ben Hansel
(720) 288-8495
[email protected]
SOURCE WikiLoan, Inc.
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article