(OTCBB: EVCA) (OTCQB: EVCA) -- On Friday, June 1, 2012, the Company filed with the US Securities and Exchange Commission, and mailed to the registered shareholders an information statement describing corporate actions approved by the required majority of shareholders. Related documents were also filed with the State of Nevada. The actions, which include a reverse split and changes in number of authorized shares, are scheduled to take effect on or after June 20, 2012.
EVCARCO's common stock will be assigned a new CUSIP number, and once the split is effectuated by FINRA, the holders will receive 1 share for every 500, or fraction thereof, they currently own. As a result of the actions, the Company's authorized common stock will decrease from 5 Billion to 900 Million, and authorized Class B Convertible preferred stock from 980 Million to 75 Million.
Gary Easterwood, President and CEO of EVCARCO, commented, "Over the past year, a very large number of shares was issued, primarily, for convertible debt and to settle other obligations. A significant amount of debt has been paid off. We are taking these actions to better organize current equity structure, and to try to bring the share price out of the sub-penny levels. We have a new strategy to grow the Company both organically and through acquisitions. It is important that our equity structure is accommodating and easy to understand. I pledge to frequently update shareholders regarding our future progress."
For more information on EVCARCO, Inc., please view: www.evcarco.com. Shareholder inquiries should be directed to (972) 571-1624.
EVCARCO, Inc. is a Future Driven® Automotive Retail Group focused on deploying a coast-to-coast network of environmentally friendly franchised dealerships, vehicles, technologies and sustainable solutions. EVCARCO is bringing to market the most advanced clean technologies available in plug-in electric, alternative fuel, and pre-owned hybrid vehicles from multiple manufacturers. EVCARCO also owns a forward-thinking software provider dedicated to improving and enhancing lives through innovations.
This release contains forward-looking statements that reflect EVCARCO, Inc. plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal" and similar expressions are used to identify forward-looking statements, representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.
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