Coral Gables, Florida, United States
Veracity Management Global, Inc. (OTCBB: VCMG), a holding company for two subsidiaries, announced today that it has executed a 73-for-1 reverse stock split effective today. As a result, the Company's stock ticker symbol is now "VCMG," changed from "VMGG."
Michael Rideman, CEO of Veracity Management Global said, "This move is part of a strategy to list the company's common stock on a listed stock exchange. I expect our shareholders to see a strong performance by our Company and continued growth organically as well as through our planned acquisitions."
As a result of the reverse split, the number of outstanding common shares of stock will decline to approximately 31,618,220 shares from 2,308,130,047. Veracity's Board of Directors has approved, and stockholders owning 1,534,673,651 shares of the 2,692,670,338 shares of Veracity's common stock outstanding as of August 2, 2007, have consented in writing to the reverse split. Such approval and consent constitute the approval and consent of a majority of the total number of shares of outstanding Common Stock and are sufficient under Title 8, Subchapter VII, Section 228 of the Delaware General Corporation Laws and Veracity's By-Laws to approve the action.
Rideman concluded, "We are continuing with our growth plan both in the U.S. and internationally. The management team of Veracity continues to add new business to our books and is in continual discussion with potential new clients on a weekly basis. This should translate into a higher profile for Veracity Management Global on the international stage and provide our shareholders with greater revenues and earnings. Our company has achieved some major milestone, including moving from the pink sheets venue to the over the counter bulletin board with a growth strategy in place to move to a listed exchange. The management of the company has also positioned Veracity to have a profitable year with the potential to achieve a 100% revenue growth rate for the next two years, if not more."
About Veracity Management Global, Inc.
Veracity Management Global, Inc. is a holding company for a management consulting subsidiary, Veracity Management Group, Inc., which specializes in assisting companies to transition, restructure and grow. VMG provides operational and strategic solutions through its multiple service and product lines that include staffing subcontracting services (i.e. recruiting), business continuity and resumption services, strategic planning services, regulatory compliance services, software development services, data management services, business intelligence development services, integration services, ERP (Enterprise Resource Planning systems) implementation, and infrastructure services.
Safe Harbor Forward-Looking Statements
Except for historical information contained herein, the statements in this release are forward-looking statements that are made pursuant to the safe harbor provision of the Private Securities Litigation Reform Act of 1995. The above information does not guarantee any successful closing of new business. No assurances can be given that any projections related to gross revenues or profit margins will be realized. Forward-looking statements involve known and unknown risks and uncertainties that may cause the companies' actual results in future periods to differ materially from forecasted results. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.
Source: Business Wire (Business Wire India)