MINNEAPOLIS, Sept. 24 /PRNewswire-FirstCall/ -- HealthFitness
Corporation (OTC Bulletin Board: HFIT), a leading provider of integrated
employee health and productivity management solutions, today announced its
board of directors has approved a one-for-two reverse stock split in order
to qualify for listing on the American Stock Exchange (AMEX).
The Listing Qualifications Panel of the AMEX Committee on Securities
(the "Panel") has conditionally approved HealthFitness for listing pursuant
to its Alternative Listing Standards, provided the company meets the $2.00
share price requirement for these Standards. The company expects to satisfy
this requirement as a result of the reverse split.
"Listing on the AMEX is an important step toward improving trading
stability and liquidity of our common stock," said HealthFitness Board
Chairman Mark Sheffert. "Being listed on the AMEX will increase the
company's exposure to a wider audience of institutional investors and
ultimately enhance shareholder value."
The Panel's decision to conditionally approve HealthFitness for listing
under the Alternative versus its Initial Listing Standards was made as a
result of the company not meeting the Initial Listing Standards 1 and 2 due
to share price; Standard 3 due to share price and market capitalization;
and all the requirements of Standard 4. In making its decision to
conditionally approve the company under the Alternative Listing Standards
the Panel cited "HealthFitness' long history of profitable operation, its
market leading position in the corporate health and fitness management
industry, and its current strategies for growth and improved financial
performance" as mitigating factors warranting listing pursuant to the
Alternative Listing Standards. The final AMEX listing approval is
contingent upon sustaining compliance with the Alternative Listing
Standards, or the Initial Listing Standards, for a period of up to ten days
following the effective date of the reverse split.
The record and effective date for the reverse split will be October 6,
and trading on the AMEX will commence when the appropriate listing
procedures have been completed by the Listing Qualifications Department of
the AMEX. After the reverse split, HealthFitness will have approximately
9.6 million shares outstanding and authorized shares of 25 million. Wells
Fargo Shareowner Services will serve as the company's exchange agent in
connection with this reverse split, and cash will be paid in lieu of any
fractional shares resulting from the reverse split.
About HealthFitness Corporation
HealthFitness is a leading provider of employee health improvement
services to Fortune 500 companies, the health care industry and individual
consumers. Serving clients for more than 30 years, HealthFitness partners
with employers to effectively manage their health care and productivity
costs by improving individual health and well-being. HealthFitness serves
more than 300 clients globally via on-site management and remotely via Web
and telephonic services. HealthFitness provides a complete portfolio of
health and fitness management solutions including a proprietary health risk
assessment platform, screenings, EMPOWERED(TM) Health Coaching and delivery
of health improvement programs. HealthFitness employs more than 3,000
health and fitness professionals in national and international locations
who are committed to the company's mission of "improving the health and
well-being of the people we serve." For more information on HealthFitness,
visit http://www.hfit.com.
Forward Looking Statements
Certain statements in this release, including, without limitation, that
listing on the AMEX is an important step toward improving trading stability
and liquidity of the company's common stock, that being listed on the AMEX
will increase the company's exposure to a wider audience of institutional
investors and ultimately enhance shareholder value, that the company
expects to satisfy the $2.00 share price requirement as a result of the
reverse split, and that trading on the AMEX will commence when the
appropriate listing procedures have been completed by the Listing
Qualifications Department of the AMEX, are forward-looking statements. Any
statements that are not based upon historical facts, including the outcome
of events that have not yet occurred and our expectations for future
performance, are forward-looking statements. The words "potential,"
"believe," "estimate," "expect," "intend," "may," "could," "will," "plan,"
"anticipate," and similar words and expressions are intended to identify
forward-looking statements. Such statements are based upon the current
beliefs and expectations of our management. Actual results may vary
materially from those contained in forward-looking statements based on a
number of factors including, without limitation, the maintenance of a
minimum trading price of our common stock, the company's ability to comply
with the listing procedures and requirements to be admitted on AMEX, the
approval by AMEX of the company's listing application, the creation of an
active trading market for our stock on AMEX, the company's ability to
attract institutional and other new investors, the company's performance,
our inability to deliver the health management services demanded by major
corporations and other clients, the level of demand for our services,
customer acceptance of higher service pricing, our inability to
successfully cross-sell health management services to our fitness
management clients, our inability to successfully obtain new business
opportunities, our failure to have sufficient resources to make
investments, our ability to make investments and implement strategies
successfully, our ability to limit and manage expenses, continued delays in
obtaining new commitments and implementing services, and other factors
disclosed from time to time in our filings with the U.S. Securities and
Exchange Commission including our Form 10-K for 2007 as filed with the SEC.
You should take such factors into account when making investment decisions
and are cautioned not to place undue reliance on these forward-looking
statements, which speak only as of the date on which they are made. We
undertake no obligation to update any forward-looking statements.
SOURCE HealthFitness Corporation
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Related links:
http://www.hfit.com
CONTACT:
Wes Winnekins, CFO of HealthFitness
Corporation, +1-952-897-5275
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