IdentiPHI announces 1-for-15 reverse stock split
AUSTIN, Texas - IdentiPHI (formerly known as Saflink Corporation) announced in February that its board of directors has approved a 1-for-15 reverse split of its common stock, following approval by its stockholders on Feb. 7, 2008. In connection with the name change and reverse split, IdentiPHI will be designated a new ticker symbol at the sole discretion of the OTC Bulletin Board, which is still to be determined.
This, said Steve Oyer, chairman and chief executive officer of IdentiPHI, will simplify investorsÃ¢â‚¬â„¢ understanding and visibility of earnings on a per-share basis, attract and retain long-term institutional shareholders through a higher share price and manageable share count, significantly reduce administrative, transaction and regulatory costs related to the number of shares authorized and outstanding, and move the company closer to the opportunity for re-listing its common stock on the NASDAQ capital market or other national exchange.
The reverse split will reduce the number of shares of IdentiPHIÃ¢â‚¬â„¢s common stock outstanding from approximately 823 million to approximately 55 million.