Georgetown, ON., March 29, 2018 -- HearAtlast Holdings, Inc. (OTC:HRAL) comments today on its reverse split that it completed on August 6, 2015 along with its present day restructuring of the Company. The Company had completed a reverse stock split of its shares of common stock at a ratio of 1-for-500. The Company's common stock began trading on a post-split basis on Friday, August 7, 2015. The Company’s trading symbol on August 6, 2015 changed to “HRALD” and the “D” was removed 20 business days from that date. The symbol reverted to the original symbol of “HRAL.” In connection with the reverse stock split, the Company’s CUSIP number changed to 422217 20 8.
The reverse stock split was implemented by the Company in order to be in a better strategic position to consider viable acquisition candidates as well as looking at a future listing of its common stock on an upper tier board. There is no assurance a future upgraded listing of its common stock will be approved.
"The reverse split represented a significant milestone for HearAtlast Holdings, as it enabled us to have more options when considering new acquisitions and future growth for the Company," commented Aldo Rotondi, the Company’s Chief Executive Officer. Since its reverse split and management restructuring, the Company has been reviewing and planning to close on several acquisition candidates to add to its current business model with the main focus being to increase the Company's base asset value and subsequently adding shareholder value. Furthermore, current and prospective shareholders should expect to see regular updates to its newly live Corporate website as well as additions to its management team.
As a result of the reverse stock split, the total number of shares of common stock held by each stockholder was converted automatically into the number of whole shares of common stock equal to (i) the number of shares of common stock held by such stockholder immediately prior to the reverse stock split, divided by (ii) 500. No fractional shares were issued, and no cash or other consideration was paid. Instead, the Company issued one whole share of the post-split common stock to any stockholder who otherwise would have received a fractional share as a result of the reverse stock split.
Stockholders who were holding their shares in electronic form at their brokerage firms did not have to take any action as the effects of the reverse stock split was automatically reflected in their brokerage accounts. Stockholders that are still holding paper certificates may (but are not required to) send the certificates to the Company’s transfer agent. The transfer agent will issue a new share certificate reflecting the terms of the reverse stock split to each requesting shareholder.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About HearAtlast Holdings, Inc.
HearAtLast Holdings, Inc. is a Nevada corporation that formerly developed a chain of hearing stores specialising in the sale of digital hearing aids and testing services within select Wal-Mart stores in Canada. The Company had entered into a licensing agreement with select stores while closing others. It was decided that it was in the Company's best interest to close the physical store-front operations and focus more on online services for hearing impaired individuals by offering online hearing screen tests to various medical clinics operating in Ontario. The Company is also currently investigating the possibility of re-branding its hearing aid division as a Hearing Aid reseller for the "online" hearing aid market on an e-commerce basis only.
For more information, visit www.hearatlastholdings.com
Notice Regarding Forward-Looking Statements
Forward-Looking Statements certain statements in this release that are not historical facts are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements may be identified by the use of words such as "anticipate," "believe," "expect," "future," "may," "will," "would," "should," "plan," "projected," "intend," and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements. The Company's future operating results are dependent upon many factors, including but not limited to the Company's ability to: (i) obtain sufficient capital or a strategic business arrangement to fund its expansion plans; (ii) build the management and human resources and infrastructure necessary to support the growth of its business; (iii) competitive factors and developments beyond the Company's control; and (iv) other risk factors. We assume no obligation to update the information contained in this news release.
HearAtlast Holdings, Inc.