- 1 for 40 Split Effective at Close of Business Today
- VGNI Stock Symbol to Change to VRGE
PLANTATION, Fla., Sept. 4 /PRNewswire-FirstCall/ -- Viragen
International, Inc. (OTC Bulletin Board: VGNI), a majority-owned subsidiary
of Viragen, Inc. (OTC Bulletin Board: VRAI), today announced that a one for
forty (1:40) reverse stock split of its issued and outstanding common stock
will become effective at the close of business today, September 4, 2007.
The reverse stock split was first announced on June 29, 2007. The
action was approved by Viragen International's Board of Directors and the
holder of a majority of its outstanding voting securities as described in
its definitive Information Statement on Schedule 14C filed with the
Securities and Exchange Commission on August 12, 2007.
Effective with the reverse stock split, the trading symbol on the OTC
Bulletin Board for Viragen International's common stock will change to
"VRGE", and the new CUSIP number for its common stock will be 927637306.
Any fractional shares which might result from the reverse split will be
rounded up to the nearest whole share. The common stock will be quoted on
the OTC Bulletin Board post-split at market open on Wednesday, September 5,
2007.
There will be a mandatory exchange of certificates following the
effective time of the reverse stock split. Stockholders will not be charged
for the issuance of a new stock certificate reflecting the post-split
shares and new CUSIP number.
As soon as practicable, Viragen International will send a letter of
transmittal to each holder of record of pre-split shares outstanding on the
effective time of the reverse stock split which will contain instructions
for the surrender of certificates representing the pre-split shares. Upon
proper completion and execution of the letter of transmittal and return
thereof, together with certificates representing pre-split shares, a
stockholder will be entitled to receive a new certificate representing the
number of post-split shares resulting from the reverse stock split.
Stockholders should not submit any certificates until requested to do so in
the letter of transmittal. No new certificate will be issued to a
stockholder until such stockholder has surrendered his or her outstanding
certificates together with the properly completed and executed letter of
transmittal.
Beginning on September 5, 2007, each outstanding certificate
representing pre-split shares will be deemed for all corporate purposes
after the effective time of the reverse stock split to evidence ownership
of the appropriate number of post-split shares. Holders of shares in street
name need take no action, as their brokerage firm will take all necessary
action relating to the reverse split.
About Viragen International, Inc.:
With international operations in the U.S., Scotland and Sweden, we are
a bio-pharmaceutical company engaged in the research, development,
manufacture, and commercialization of Multiferon(R) (multi-subtype, human
alpha interferon), which is uniquely positioned in valuable niche
indications, such as high-risk malignant melanoma, other niche cancer
indications and selected infectious diseases.
We are a majority-owned subsidiary of Viragen, Inc. and operate through
our foreign wholly-owned subsidiaries: ViraNative AB, a company located in
Umea, Sweden; and Viragen (Scotland) Limited, a company located near
Edinburgh, Scotland.
For more information, please visit: http://www.Viragen.com
Viragen, Inc. Corporate Contact:
Douglas Calder, Director of Communications
Phone: (954) 233-8746; Fax: (954) 233-1414
E-mail: dcalder@viragen.com
The foregoing press announcement contains forward-looking statements
that can be identified by such terminology such as "believes," "expects,"
"potential," "plans," "suggests," "may," "should," "could," "intends," or
similar expressions. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors that may cause the actual
results to be materially different from any future results, performance or
achievements expressed or implied by such statements. In particular,
management's expectations regarding future research, development and/or
commercial results could be affected by, among other things, uncertainties
relating to clinical trials and product development; availability of future
financing; unexpected regulatory delays or government regulation generally;
the success of third- party marketing efforts; our ability to retain
third-party distributors; our ability to obtain or maintain patent and
other proprietary intellectual property protection; and competition in
general. Forward-looking statements speak only as to the date they are
made. The Company does not undertake to update forward-looking statements
to reflect circumstances or events that occur after the date the
forward-looking statements are made.
SOURCE Viragen International, Inc.
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Related links:
http://www.viragen.com
CONTACT:
Douglas Calder, Director of Communications of
Viragen, Inc., +1-954-233-8746, fax +1-954-233-1414,
dcalder@viragen.com
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