Copyright 2004-2008 U.S. Microbics Inc.
SSWM Announces Effective Date for 5 for 1 Reverse Stock Split
CARLSBAD, Calif.--(BUSINESS WIRE)--April 4, 2008--Sub Surface Waste Management of Delaware, Inc. (Pink Sheets: SSWM - News), announced today that the date for a five-for-one reverse stock split of its issued and outstanding common stock and a name and trading symbol change will be market effective at the opening of business on April 15, 2008.
As previously announced, a 100 for 1 reverse stock split was approved by the Board of Directors of the Company and a majority of holders of the Company’s common stock. However the Board has determined that business conditions have changed and a 5 for 1 reverse split will give enhanced liquidity to shareholders and still provide equity shares for future growth. The reverse stock split will reduce the number of shares of the Company’s issued and outstanding common stock from approximately 300 million to approximately 60 million.
As a result of the reverse stock split, every five shares of the Company’s common stock will be combined into one share of common stock. All fractional shares will be dropped. All of the Company’s common stock, and common stock options that are outstanding immediately prior to the reverse stock split will be proportionately adjusted.
The Company has received a new CUSIP identification number 39312N 100 for its post-reverse split of its common stock. SSWM has retained its transfer agent, Fidelity Transfer Company, to serve as its exchange agent and to manage the exchange of older, pre-reverse stock split certificates. Stockholders of record at the opening of business on April 15, 2008, should contact our transfer agent for instructions on exchanging their certificates. Stockholders should not destroy any stock certificates. For further information, shareholders and securities brokers should contact the transfer agent at (801) 562-1300 or email them at info@fidelitytransfer.com.
Stockholders with shares held in street name with a brokerage firm will have their accounts adjusted by their respective brokers.
The new name for the company will be Green Mountain Development Corp and a new stock symbol will be announced on or near the effective date.
About Sub-Surface Waste Management
Sub-Surface Waste Management of Delaware, Inc., a majority owned subsidiary of U.S. Microbics, Inc., (Pink Sheets: BUGS - News), provides management services for its subsidiary companies.
Investors and media contact Robert Brehm at 760/918-1860, ext. 102 or email at bob@bugsatwork.com.
The information contained in this press release includes forward-looking statements. Forward-looking statements usually contain the words "estimate," "anticipate," "believe," "expect" or similar expressions that involve risks and uncertainties. These risks and uncertainties include the company's status as a startup company with uncertain profitability, need for significant capital, uncertainty concerning market acceptance of its products, competition, limited service and manufacturing facilities, dependence on technological developments and protection of its intellectual property. The company's actual results could differ materially from those discussed herein. Factors that could cause or contribute to such differences are discussed more fully in the "Risk Factors," "Management's Discussion and Analysis or Plan of Operation" and other sections of the company's Form 10-KSB and other publicly available information regarding the company on file with the Securities and Exchange Commission. The company will provide you with copies of this information upon request.
Contact:
Sub-Surface Waste Management of Delaware, Inc.
Robert Brehm, 760/918-1860, ext. 102
bob@bugsatwork.com
Source: Sub-Surface Waste Management of Delaware, Inc.