Comtech Group Approves Reverse Split of Shares
December 29 2004 - 12:36PM
PR Newswire (US)
Comtech Group Approves Reverse Split of Shares SHENZHEN, China,
Dec. 29 /PRNewswire-FirstCall/ Comtech Group, Inc. (OTC Bulletin
Board: COGO.OB), a leading module design solutions provider in
China focused on the mobile handset and telecom equipment
industries, announced today that its Board of Directors has
authorized a reverse stock split in the range between one-for-two
shares and one-for-three shares. The exact ratio will be determined
by management shortly before the effective date of the reverse
split, which is expected to occur in the next two to three weeks.
The Board's action was taken as part of the company's ongoing
efforts to effect a listing of its common stock on the Nasdaq Stock
Market. Specifically, it is believed that the reverse stock split
will enable the company to meet the $5.00 minimum bid price
requirement for initial inclusion on Nasdaq. About Comtech Comtech
Group, Inc. is a leading module design solutions provider in China,
focused on the mobile handset and telecom equipment industries. The
Company designs solutions for mobile device products, including
liquid crystal display (LCD) modules, camera modules, persistent
storage modules, input/output modules, sound system and power
supply modules. In the telecom equipment industry Comtech targets
optical solutions, data communication solutions, public switched
telephone network (PSTN) switching and wireless base stations. Safe
Harbor Statement This press release includes certain statements
that are not descriptions of historical facts, but are
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933 and Section 21E of the Securities and
Exchange Act of 1934. These forward-looking statements may include
statements about the implementation of a reverse stock split and
possible listing on Nasdaq and other statements containing forward
looking terminology such as "may," "expects," "believes,"
"anticipates," "intends," "expects," "projects," or similar terms,
variations of such terms or the negative of such terms. Such
information is based upon various assumptions made by, and
expectations of, our management that were reasonable when made but
may prove to be incorrect. All of such assumptions are inherently
subject to uncertainties and contingencies beyond our control and
upon assumptions with respect to future business decisions which
are subject to change. Accordingly, there can be no assurance that
actual results will meet expectations and actual results may vary
(perhaps materially) from certain of the results anticipated
herein. DATASOURCE: Comtech Group, Inc. CONTACT: Asia Pacific, Hope
Ni, Chief Financial Officer of Comtech Group, Inc., ; North
America, Jason Golz, , Jordan Goldstein, both of Financial
Dynamics, +1-415-439-4500, for Comtech Group, Inc. Web site:
http://www.comtech.com.cn/
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