VIPR Industries Announces Corporate Restructuring With the Appointment of Mr. Jan Vrba as New CEO Following Reverse Split of ...
May 29 2012 - 11:21AM
Marketwired
VIPR Industries Inc. (PINKSHEETS:VIPR) ("VIPR") announces corporate
changes and restructuring with the appointment of Mr. Jan Vrba as
new CEO and director following the approval and implementation of a
reverse split on its common stock.
Various changes enacted in the securities industry involving the
clearing of stock certificates for companies with a stock price
under .10 cents per share has negatively impacted the company. VIPR
has experienced significant difficulties over the past year with
its continued efforts to raise adequate financing / funding to
complete additional planned exploration programmes and other
corporate expenses. The changes were for the most part implemented
in late 2010 and throughout 2011 by various stock clearing firms,
both large and small. Several clearing firms implemented rules to
not accept or clear certificates of public companies having a stock
price under .10 cents per share. Other clearing firms have not
accepted share certificates of public companies trading under .01
cent a share. Where the company previously had varied success in
raising capital it suddenly experienced an abrupt stop starting in
April of 2011. Where the company previously anticipated raising
adequate financing to continue with its exploration programmes on
its Msangachuki-Londoni, Singida Gold prospect property, located in
Singida, Tanzania, management found it would have a shortfall of
funds.
As a result of these factors, and repeated unsuccessful attempts
for financing, the company's board of directors after consultation
with its corporate attorneys and consultants ultimately decided to
enact a reverse split of its common stock on a 5000 to 1 ratio. The
reverse of its common stock was approved and effective by Finra on
May 18, 2012. This has effectively brought its stock structure from
11,000,000,000 shares (pre split) to 2,200,000 shares post reverse
split. Although the restructuring of its common stock was mainly
for funding related reasons, additional reasons for the reverse
split were conditions presented to VIPR by other companies
possessing various mining properties and / or assets who expressed
their desire to vend in those assets into VIPR. Such proposed
transactions / acquisitions were conditional with VIPR implementing
the reverse split should the company not be successful with
additional financing. The company's stock symbol will revert back
to VIPR within the next 14 to 20 days. Prior to the reverse split,
the company moved its corporate domicile from the State Of Nevada
to the State of Wyoming.
In other developments, VIPR is pleased to announce the
appointment of Mr. Jan Vrba as the companies new CEO and Director,
replacing outgoing CEO Mr. Robert Bandtfield who shall assume the
role of Secretary and Vice President. Mr. Vrba is a well respected
businessman and entrepreneur who provides VIPR with a wealth of
mining, business experience and established business relationships
that will be of great benefit towards enhancing the company's
future growth propects. Mr. Vrba's appointment is a precursor
towards the companies anticipated acquisition of other precious
metal mining assets located within North America. Mr. Vrba has
targeted certain properties with proven historical mineral findings
with significant potential for economically viable mineral
deposits. The anticipated precious metal asset acquisition(s) if
completed, would be complementing its current Tanzanian
Msangachuki-Londoni, Singida Gold prospect property, located in
Singida, Tanzania, while at the same time providing a more
manageable alternative to operating in foreign jurisdictions.
Additional news anticipated to be announced very shortly.
About VIPR Industries Inc.
VIPR Industries Inc. is a precious metals exploration and
development company focused on Gold and other precious metal
resources and reserves through mergers, acquisitions and resource
development.
Safe Harbor
This news release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995
(The "Act"). In particular, when used in the preceding discussion,
the words "pleased," "plan," "confident that," "believe," "expect,"
or "intend to," and similar conditional expressions are intended to
identify forward looking statements within the meaning of the Act
and are subject to the safe harbor created by the Act. Such
statements are subject to certain risks and uncertainties and
actual results could differ materially from those expressed in any
of the forward-looking statements. Such risks and uncertainties
include, but are not limited to, general economic conditions,
inherent mining risks, market conditions, competitive factors, the
ability to successfully complete additional financings and other
risks described in the Company's filings and website, which all
investors are advised to view at
www.viprindustries.com/motion.asp?menuid=6266&lgid=1&siteid=100382.
For more information please visit
http://www.viprindustries.com.
Contacts: VIPR Industries Inc. Investor Relations +1(424)
238-5378info@viprindustries.com www.viprindustries.com