Cooper Holding Provides Details of 3 Billion Share AS Reduction
July 13 2012 - 2:39PM
Marketwired
Cooper Holding Corp. (PINKSHEETS: COHO) today released details of
its new capital structure.
Executive Vice President, Timothy Durant, commented, "Mr. Cooper
is planning to update the shareholders, in the very near future, on
significant developments affecting the future of the corporation.
While I can't speak to his specific intentions I wanted to provide
details of the share structure change as promised.
"After our most recent round of cuts the authorized common count
stands at 1 Billion and the preferred count is at 20 million. The
current outstanding common count is at 743,945,913, the
non-restricted common count is at 689,091,824, and the preferred
count is at 1. The current float stands at 531,091,824 and is up
slightly from our last filing, the change was necessary and given
our current position I think well worth it. We do not see any of
these numbers increasing, any time soon, as it would be contrary to
our current efforts. The one preferred share, that is not
convertible, was issued to Mr. Cooper and guarantees 51% of the
voting rights. Since our common shares carry equal weight this was
necessary in anticipation of a large block owner.
"The Board of Directors has agreed to begin increasing our
individual ownership positions by purchasing shares on the open
market and those purchases will be reflected in future filings. We
have also agreed to further cuts to both the AS and OS provided
it's in the best interest of both the corporation and its
shareholders. We've been very careful when releasing information
and will continue to do so. It's important that we continue to
build confidence and trust in the management team and we don't want
to do anything to jeopardize our progress. I'm not able to provide
additional details at this time but I'm sure Mr. Cooper will
elaborate on the comments I've made today."
Corporate Website: http://www.cooperholdingcorp.com.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. When used in this press release, the words
"anticipate," "believe," "estimate," "may," "intend," "expect" and
similar expressions identify such forward-looking statements.
Actual results, performance or achievements could differ materially
from those contemplated, expressed or implied by the
forward-looking statements contained herein, and while expected,
there is no guarantee that we will attain the aforementioned
anticipated developmental milestones. These forward-looking
statements are based largely on the expectations of the Company and
are subject to a number of risks and uncertainties. These include,
but are not limited to, risks and uncertainties associated with:
the impact of economic, competitive and other factors affecting the
Company and its operations, markets, product, the impact on the
national and local economies resulting from terrorist actions, and
U.S. actions subsequently.
CONTACT: Cooper Holding Corp. ir@cooperhunting.com