Johnstown, PA (PRWEB) June 27, 2012
EP Global Communications, Inc. (the Company) , (Pink Sheets: EPGL.PK), is pleased to announce that on June 8, 2012 , shareholders approved the proposed 10:1 reverse split and restructuring plan. Accordingly, as of June 21, 2012 the Company has entered a Definitive Restructuring Agreement with the major corporate parties and restructuring partners including the Company, the joint liquidators of the various AJW Funds from PwC Corporate Finance and Recovery (Caymans) Limited and Digital Health Sciences, Inc. a U.S. medical device company.
The Company has set an approximate date of July 8, 2012 for the “effective date” of the 10:1 reverse split. Upon the reverse split, the outstanding shares of EPGL common stock will be reduced to approximately 499 million shares outstanding. Shareholders should expect the ask price for Company common stock, to increase mathematically by ten times the last asking price prior to the reverse split, as a result. Share price will fluctuate from that point based on market conditions and investor interest.
As per the Definitive Restructuring Agreement the Company has now converted 100% of its major debt holders to that of equity holders in the newly restructured Company, extinguishing nearly $10 million dollars of debt. Also, upon the reverse split, the Company will close on the acquisition of Digital Health Sciences, Inc., a U.S. medical device company holding license to all rights, title and interest in SPOC, LLC., maker of the Muscle Pain Detection Device or MPDD which is an extremely promising new medical device, researched and developed by leading scientists at New York University and has not been marketed to physicians anywhere in the world, as yet. As a result of this transaction, SPOC, LLC will be wound up and dissolved. The assets of SPOC, LLC include but are not limited to, the MPDD device itself, device designs, existing devices, and FDA
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