In this after hours gem from LKEN (pasted below) the company attempts to put pea size band aid on the
chain saw wound they have inflicted upon their shareholders.
I found this passage of the press release to be most revealing. My comments are in bolded black with parantheses:
"This is of course a requirement
to engage the interest of Investment Banks and
NEW YORK, Jul 26, 2012 (BUSINESS WIRE) -- Greene Concepts, Inc. (LKEN) CEO, Lenny Greene, announces today that the company will hold a live conference call this Saturday, July 28th, 2012 for stakeholders and general public to announce an unprecedented event that will revolutionize the ink market and send shockwaves throughout the industry.
Greene Concepts, Inc.Announces 1 for 100 Stock Consolidation Toward Beneficial Restructure
Business Wire "Press Releases - English"
its Board of Directors approved a 1-for-100 reverse stock split (the
"Split") of its Common Stock while simultaneously effected a significant
decrease in the companys Authorized share count to 3 billion . The
Split will begin trading on a Split-adjusted basis per FINRA
the Split will remain and the Stock will continue to be traded on the
Pink Sheets under the symbol "LKEN", the letter "D" will be added by to
the symbol for a limited time after the Split.
The purpose of the Split is to raise the per share trading price of the
Stock to appeal to a higher tier investor pool as the company has
engaged consultants to move the company to a fully
tier and facilitate a move to the OTCQB. This is of course a requirement
to engage the interest of Investment Banks and
need to remain trading, when a company's capital structure bounds to a
level where the market cannot trade at a price low enough to speak to
the market cap, a reverse stock-split corrects the market. Generally
speaking only 22 percent of those stocks have slipped back to prices
below the pre-split price and with LKEN growing exponentially every day,
we believe this will not be the case. This doesn't change a company's
finances or the true market value but, does allow us to have the support
of those sidelined by an over-diluted market.
Reverse splits have a negative stigma.This failsafe measure allows all
investors involved to have the safety of enhanced liquidity and market
stability. So long as a company does not have dilutive intentions
post-split, the company will be more stable than ever before and will
have the ability to aggressively pursue operations and bring the
business plan forward. Lenny is passionate about making sure all current
and future shareholders will be happy with the long-term success of
this a win, win situation for all shareholders, customers, and the
Greene was quoted as saying while a tough decision had to be made our
Board did not enter this motion without extreme thought and
understanding that this motion was necessary to take
where we all want it to be. He continues we have a concise strategy on
moving the company forward and driving shareholders value and are
sincerely thankful for the continued support from long-term shareholders
and for the guidance from our consultants as we launch necessary
initiatives which have been a long-time coming.
acting as the exchange agent for the Split. Shareholders who hold their
shares in brokerage accounts or "street name" are not required to take
any action to effect the exchange of their shares. Shareholders who have
existing stock certificates will receive instructions from the exchange
agent after the Split becomes effective.
businesses and consumers.
the introduction of a number of innovative products and marketing
strategies and to bring the world the best products at the lowest prices
so consumers and business can save time, save money, print more and
Refilling Systems. All refilling tools, accessories, filling stations,
interactive CD-Rom instruction manual including bonus software, 24/7
customer service / tech support and unlimited ink refills are available.
Consumers can now save thousands of dollars annually without replacing
their inkjet cartridges using ABIs top of the line refill kits.
and exceptional proprietary ink and toner Do It Yourself Refilling
Systems and other products for all inkjet and toner cartridges. The
most expensive liquid in the world is ink. And you are in the perfect
place to take advantage of this by purchasing one (or more) of our 400
available Founding Units. Our model is consumer direct affiliate
marketing and our design ensures long term growth and stability. We are
set to explode in 2012... Marketing, sales, and fulfillment for retail
products are coordinated at its offices in
businesses save thousands of dollars annually buying our products.
signing distributors in
Safe Harbor: This Press Release contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934. These
forward-looking statements are based on the current plans and
expectations of management and are subject to a number of uncertainties
and risks that could significantly affect the company's current plans
and expectations, as well as future results of operations and financial
condition. A more extensive listing of risks and factors that may affect
the company's business prospects and cause actual results to differ
materially from those described in the forward-looking statements can be
found in the reports and other documents filed by the company with the
and News Service. The company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a result of
new information, future events or otherwise.