IZON Board of Directors Approves Reverse Stock Split
Expected to become effective on or near completion of private placement
Scottsdale, Arizona--(Newsfile Corp. - August 13, 2019) - IZON Network, Inc. (OTC Pink: IZNN), also known as IZON Digital Media Network (the "Company"), recently announced an agreement with Gravitas Securities Inc. to lead a minimum $5M USD private funding round. Today the Company announced that, in conjunction with the completion of the private placement, the Board of Directors has approved to affect a 1 for 50 reverse stock split, subject to all standard regulatory approvals. The securities which will be offered by Gravitas have not been and will not be registered under the Securities Act and may not be offered or sold in the United States (or to a U.S. person).
"We sincerely appreciate the support of the stockholders on this important vote," said Tim Ummel, CEO. "It is a key component for the long-term plans of the Company and should benefit Gravitas' efforts to complete the previously announced private placement."
The Company received the requisite stockholder approval granting the Board of Directors the authority to affect this reverse stock split of the Company's issued and outstanding shares at any time up to December 31, 2019. The reverse stock split will automatically combine every fifty shares of the Company's common stock and any common stock to be issued upon conversion of all outstanding convertible instruments into one issued and outstanding share without any change in the par value of the shares.
No fractional shares will be issued in connection with the reverse stock split. Any fractional shares of the Company's common stock that would have otherwise resulted from the reverse stock split will be rounded up to the nearest whole share post-split basis. No action is required of the shareholders relative to affecting this reverse stock split. Upon effectiveness of the reverse split a 'D' will be appended to the end of our trading symbol for 20 business days indicating the split. Our temporary trading symbol will be "IZNND". After this 20-trading-day period, trading will resume under the symbol "IZNN".
About IZON Digital Media Network
IZON is an innovator in creating proprietary media & entertainment platforms for premium & niche marketplaces which reach highly targeted captive digital out-of-home audiences. IZON focuses its efforts on verticals where a premium user base already exists and can be engaged utilizing its digital media network. Its first solution has been created as the ultimate digital content and GPS platform for golf. With a rich feature set for the golfer that include IZON Side Games, Tournaments and a proprietary Companion App, courses are finding an entirely new way to provide additional value to their customers. At the same time IZON provides the golf course operator an entire Fleet Management, Agronomic and Operational suite of services to manage their course operations. In addition, IZON has created one of the most unique premium outdoor advertising networks as well with its proprietary Ad server, IZON REACH. Recently the newest vertical of focus was announced, IZON Ride. IZON Ride will provide solutions for the consumers inside of premium fleets of UBER Black vehicles, luxury buses and existing black town car & SUV service vehicles.
For more information visit www.izonnetwork.com or contact:
Mike Kordysz / email@example.com
IZON, IZON Golf and IZON Network are trademarks of IZON Network, Inc. All other company and product names may be trademarks of the respective companies with which they are associated.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of IZON Network, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond IZON Network, Inc.'s ability to control, and actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in IZON Network, Inc.'s filings with the Securities and Exchange Commission.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/46879