USA: ABCI Starts Trading On OTC Bulletin Board
"This is a significant step forward for the company," said Thomas Carter, chairman of ABCI Holdings/American Boardsports. "The move to the OTC market positions the company to not only benefit from greater visibility and liquidity; it also opens the door to accelerated financial growth and investment capital. Our commitment to our shareholders and customers will be an important focus."
American Boardsports Company Inc. recently merged with OneClass Synergy Corporation, a public shell effective July 24, 2001. OneClass Synergy undertook a 50 to 1 reverse stock split of all issued and outstanding shares and changed its name to ABCI Holdings Inc., a Delaware corporation.
Current shareholders of ABCI stock will be contacted by US Stock Transfer Corporation with information as to how to exchange their shares 1 for 1 for the new ABCI Holdings stock. The newly issued shares will be restricted from trading on the public market until they are registered with the SEC later this calendar year.
Also effective with the close of the merger the new management team assumed control of company operations. The team is led by Joseph La Torre. As CEO, La Torre will immediately deploy an enterprise software plan to optimise the manufacturing processes and internal communication as well as oversee financial growth and expansion.
Floyd Ryan, founder of 4117 Investments - ABCI's Canadian design and manufacturing facility, will run the day-to-day operations of the company and manage the factory in Vancouver.
Thomas N. Carter, one of the founders of ABCI, will continue on as chairman to develop new business opportunities, strategic alliances, and implement mergers and acquisitions. Robert T. Kirk, an investment banker, will serve on the board of directors as corporate finance advisor.
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