COTTAGE GROVE, Tenn., Sept. 27, 2010 (GLOBE NEWSWIRE) -- Cooper Holding Corp (Pink Sheets:SHAR), currently trading as Sharp Holding Corporation, a publicly traded company engaged in the wholesale and retail sale of a diverse line of outdoor products, announces that on September 22, 2010 an OTC Equity Issuer Notification Form was filed with FINRA.
On August 24, 2010 the Board of Directors for Cooper Holding Corp met to discuss the name change, reverse stock split and issuance of warrants which shareholders approved on March 10, 2010. Shareholders voted in favor of a 1:100 reverse split and the issuance of a warrant with a $1.00 strike price. At the time of this vote the stock price was such to allow for such an action to take place and be beneficial to both the company and the shareholder.
In consideration of the shareholders, the Board reviewed several options surrounding the issue. As a result, the Board has elected to reduce the reverse split ratio to 1:25 and a reduction of the warrant's strike price to $0.10. Warrants shall be issued in the following manner. After the reverse split is completed, each shareholder of the new Cooper Holding Corp shares will be issued one warrant for each share in hand. Each warrant will permit the purchase of 25 additional shares at an exercise price of $0.10.
The anticipated effective date for the reverse split and name change to Cooper Holding Corp is September 30, 2010. As the old Sharp shares are delivered to the transfer agent, new Cooper shares will be issued. The transfer agent will then notify the company with the shareholder contact information and other pertinent information so the warrants can be issued. No Cooper shares will be issued to an individual/broker until all old shares from a specific certificate are received.
"Our goal has been and will continue to be, to build shareholder value. The ability for this Board to be flexible and ready to move in a new direction when necessary is ultimately a key element to our success." -- Dan Cooper, President, Cooper Holding Corp.
Safe Harbor Statement
Matters discussed in this press release contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. When used in this press release, the words "anticipate," "believe," "estimate," "may," "intend," "expect" and similar expressions identify such forward-looking statements. Actual results, performance or achievements could differ materially from those contemplated, expressed or implied by the forward-looking statements contained herein, and while expected, there is no guarantee that we will attain the aforementioned anticipated developmental milestones. These forward-looking statements are based largely on the expectations of the Company and are subject to a number of risks and uncertainties. These include, but are not limited to, risks and uncertainties associated with: the impact of economic, competitive and other factors affecting the Company and its operations, markets, product, the impact on the national and local economies resulting from terrorist actions, and U.S. actions subsequently.
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CONTACT: Cooper Holding Corp. Media contact: Dan Cooper 866-972-5463 Fax: 731-782-3332