SALT LAKE CITY--(BUSINESS WIRE)--Interline Resources Corp. (OTC Pink: IRCE), a Utah corporation, today announced that it has this date filed a Notification of Corporate Action with the Financial Industry Regulatory Authority (FINRA) to effect a reverse stock split at the rate of one share for every 5,000 shares currently issued and outstanding.
IRCE anticipates the reverse stock split will be effective by April 28, 2014, contingent upon approval and authorization from FINRA. At the effective time of the reverse stock split, every 5,000 (five thousand) shares of the Company’s issued and outstanding common stock will be automatically converted into one (1) issued and outstanding share of common stock. This will reduce the number of shares outstanding from approximately 820,738,737 to 164,148 shares.
Tim Regnier, President and COO of IRCE, commented, “We realize this is a significant step as we strategically realign Interline Resources Corp. Management’s intent is to establish a capital structure that will be more in line with our planned product offering and will provide better access to investment capital.”
This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipate," "optimistic," "intend," "will" or other similar expressions. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under applicable securities laws, the Company does not assume a duty to update these forward-looking statements.