NEW YORK, October 7, 2013 /PRNewswire/ --
SPO Global Inc. (SPOM), formerly known as SPO Medical Inc., a
leading developer of biosensor and microprocessor technologies for
use in portable monitoring devices, announced today that its
previously announced corporate name change and 1 for 20 reverse
stock split became effective on October 4,
2013, at 11:59 p.m.
Due to the corporate name change and reverse stock split, SPO's
common stock will trade under a new CUSIP number, 78468T107, and
will temporarily trade under the symbol "SPOMD" for 20 trading days
commencing October 7, 2013, after
which time the symbol will revert to "SPOM". More information on
the corporate name change and reverse stock split is available in
the Company's information statement filed with the Securities and
Exchange Commission on September 13,
2013.
The Company changed its corporate name to SPO Global Inc. to
better reflect the nature of its products and current business
focus.
With respect to the reverse split, every twenty shares of the
Company's issued and outstanding common stock have been converted
into one issued and outstanding share of common stock. The par
value remains unchanged at $ 0.01 per share, as has the
number of shares of common stock authorized, which remains at
100,000,000. The number of shares of the Company's issued and
outstanding common stock has been reduced to approximately
5,000,000. Any fractional shares have been rounded up to the
next whole share. In addition, the reverse stock split will effect
a proportionate adjustment to the per share exercise price and the
number of shares issuable upon the exercise of all outstanding
stock options and warrants to purchase or acquire shares of the
Company's common stock.
As part of this restructuring, SPO Global will now apply its
proprietary technology through several vertical marketing divisions
- SPO Wellness, SPO Baby, SPO Security and via its licensee SPO
Medical. The IP portfolio of 12 issued patents enables the Company
to manufacture its products in addition to licensing its
technologies to appropriate client corporations for
commercialization and distribution. More details can be found on
our web site at http://www.spoglobal.com.
About SPO Global
SPO Global is a leading developer of biosensor and
microprocessor technologies for use in portable monitoring devices
to capture life-enhancing information within four key markets:
sports, wellness, homecare monitoring and security. Its patented
technology uses information gathered from the reflectance of light
on the human body, in a noninvasive manner, to monitor key vital
signs. The company manufactures its products in addition to
licensing its technologies to appropriate client corporations for
commercialization and distribution. For more information, visit
http://www.spoglobal.com.
Forward Looking Statements
This press release contains
forward-looking statements that involve substantial uncertainties
and risks. These forward-looking statements are based upon our
current expectations, estimates and projections about our business
and our industry, and that reflect our beliefs and assumptions
based upon information available to us at the date of this release.
We caution readers that forward looking statements are predictions
based on our current expectations about future events. These
forward-looking statements are not guarantees of future performance
and are subject to risks, uncertainties and assumptions that are
difficult to predict. Our actual results, performance or
achievements could differ materially from those expressed or
implied by the forward-looking statements as a result of a number
of factors, including but not limited to, expectations regarding
the successful expansion of our product base, profitability, market
acceptance of our products and new product applications, timing of
new product launches, product performance, size of prospective
markets, marketing strategies, success of our restructured
operations and plans, our ability to generate fees or raise capital
to support our business operations and plan, the sufficiency and
availability of working capital, changes in economic conditions
generally and in more specifically, the introduction of competing
products, changes in our operating strategy or development plans,
patent protection for our products and technologies, changes in
economic conditions generally and in more specifically, in the
markets we operate, changes in technology, legislative or
regulatory changes that affect us and the risks and uncertainties
discussed under the heading "Risk Factors" in Item 1 of our Annual
Report on Form 10-K for the fiscal year ended December 31, 2012. We undertake no obligation to
revise or update any forward-looking statement for any reason.
Contact regarding this
release: SPO Global, investors@spoglobal.com,
+1-866-991-7766
SOURCE SPO