FRISCO, Texas, April 7, 2011 /PRNewswire/ -- Assured Pharmacy (APHY: pinksheets), a leading specialty pharmacy group providing prescription medications to more than 3,000 sufferers of chronic pain, has filed a Certificate of Amendment to its Articles of Incorporation to effect a 1-for-180 reverse stock split of the authorized common shares concurrently with a corresponding equivalent 1-for-180 reverse stock split in the number of issued and outstanding common shares of the Company. A new CUSIP number has been assigned to the Company's common stock as a result of the reverse stock split.
The reverse stock split was authorized by the Company's Board of Directors and will be effective on April 15, 2011. It will reduce the Company's outstanding common stock from approximately 416,200,000 shares, as of the date of this release, to approximately 2,321,222 shares. The authorized shares of common stock will be proportionally reduced from 3,000,000,000 to 16,666,667 shares. On the effective date of the reverse stock split, the stock conversion price under which shares of the Company's preferred stock can be converted into shares of the Company's common stock will be proportionately increased. No fractional shares will be issued if, as a result of the reverse stock split, a registered stockholder will otherwise become entitled to a fractional share. Instead, stockholders who otherwise would be entitled to receive fractional shares will automatically be entitled to receive an additional share of common stock as a fractional share will be rounded up to the nearest whole number.
"This reverse stock split is another step taken in furtherance of positioning the Company to seek a listing on a senior stock exchange," said Robert DelVecchio, Chief Executive Officer of Assured Pharmacy.
About Assured Pharmacy, Inc.Assured Pharmacy, Inc. is engaged in the business of operating specialty pharmacies that primarily dispense highly regulated pain medication. The Company derives its revenue primarily from the sale of prescription drugs and does not keep in inventory non-prescription drugs or health and beauty related products inventoried at traditional pharmacies. The majority of the Company's business is derived from repeat business from its customers. "Walk-in" prescriptions from physicians are limited. The Company currently has four operating pharmacies. Three of those pharmacies are wholly owned and the Company has a 94.8% ownership interest in the other pharmacy.
Safe Harbor StatementThis press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934.
These forward-looking statements are based largely on the expectations or forecasts of future events, can be affected by inaccurate assumptions, and are subject to various business risks and known and unknown uncertainties, a number of which are beyond the control of management.
Therefore, actual results could differ materially from the forward-looking statements contained in this press release.
A wide variety of factors that may cause actual results to differ from the forward-looking statements include, but are not limited to, the following: the Company's ability to increase revenue and profits in the current economic climate; the effect of changing economic conditions; lack of sufficient financing for opening new pharmacies; inability to manage growth; and changes in government regulations, controls and similar matters.
These cautionary statements should not be construed as exhaustive or as any admission as to the adequacy of the Company's disclosures.
The Company cannot predict or determine after the fact what factors would cause actual results to differ materially from those indicated by the forward-looking statements or other statements.
The reader should consider statements that include the words "believes", "expects", "anticipates", "intends", "estimates", "plans", "projects", "should", or other expressions that are predictions of or indicate future events or trends, to be uncertain and forward-looking.
The Company does not undertake to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise.Investor Contact:Mr. Robert DelVecchioChief Executive OfficerAssured Pharmacy, Inc.(214) 220-9302 email@example.com
|SOURCE Assured Pharmacy, Inc.|
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