Market 99 Approves Plan for Reverse Stock Split
June 24 2008 - 3:17PM
Marketwired
DALLAS, TX -- Company officials today announced that over the
past several weeks, The Board of Directors along with legal counsel
and business consultants have been engaged in numerous meetings
discussing the avenues needed to enable the success of Market 99.
Unanimous approval from the entire Board of Directors voted it is
in the best interest of Market 99 to initiate a reverse split of
the outstanding shares of the common stock by 1000 for 1. An
effective date for the reverse split is scheduled for July 2,
2008.
"Recently the company has had numerous unforeseen delays, such
as the long delay in the construction and preparedness of both the
Gus Thomasson and Lakeland locations. The results of such delays
have led to slower than anticipated store openings as well as loss
of approximately $750K of projected revenues from these locations,"
stated Jason Brola, Chairman & CEO of Market 99, Ltd. He
further stated, "The reverse split is part of our overall strategy
to achieve renewed liquidity required for both the current and
future growth of Market 99. With this action we enable ourselves to
move towards accomplishing a number of our immediate goals of, 1)
simplifying our investors' understanding and visibility of our
earnings on a per share basis, 2) attract and retain long term
institutional shareholders through a higher share price and
manageable share count, 3) move us closer to the opportunity for
listing of our common stock on the OTC Bulletin Board Market."
ABOUT US
Market 99 is a discount retailer with 12,000-20,000 square foot
stores selling mainly name brand merchandise to value-conscious
consumers. Market 99 carries Consumables, Health and Beauty Aids,
Stationery Items, Housewares, Cold Foods, Frozen Foods, Women's
Accessories, Women's Clothing, Men's Clothing, Children &
Infant's Clothing, Seasonal, Arts & Crafts, and Toys, all for
99 cents or less.
Market 99 also owns and operates InVogue Accessories, a women's
fashion boutique with one location in Altus, Oklahoma.
Please visit www.MyMarket99.com for additional information.
www.MNTYInvestor.com
Disclaimer:
CAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS
This press release contains "forward-looking statements," which
are statements related to future, not past events. In this context,
the forward-looking statements often include statements regarding
our goals, plans, projections and guidance regarding our financial
position, results of operations, market position, pending and
potential future acquisitions and business strategy, and often
contain words such as "expects," "anticipates," "intends," "plans,"
"believes," "seeks" or "will." Any such forward-looking statements
are not assurances of future performance and involve risks and
uncertainties that may cause results to differ materially from
those set forth in the statements. These risks and uncertainties
include, among other things, (a) general economic and business
conditions, (b) the level of strategic partner incentives, (c) the
future regulatory environment, (d) our cost of financing, (e) our
ability to complete acquisitions and dispositions and the risks
associated therewith, and (f) our ability to retain key personnel.
These factors, as well as additional factors, could affect our
forward-looking statements. We urge you to carefully consider this
information. We undertake no duty to update our forward-looking
statements, including our earnings outlook.
Contact: Jason Brola 800-513-6902