Invicta Group Inc. Announces Reverse Split of Common Shares
Posted on: Friday, 7 September 2007, 03:18 CDT
Invicta Group Inc. (OTCBB: IVGR) (OTCBB: IVIT) announced effective today the company will complete a Reverse Split of the common shares. The new symbol for Invicta Group Inc. is IVIT.
Invicta is restructuring the company's capitalization in an effort to raise equity funding and to acquire Extraordinary Vacations Group. Invicta's management has agreed to convert their Preferred C stock to common and be part of the reverse split
Invicta Group Inc.'s Board of Directors has voted to Reverse Split the common shares 500 x 1 (1 for 500). The current issued and outstanding shares, (fully diluted) as of September 6, 2007 was 822,401,488. The number of shares after the Reverse Spilt will be 1,644,856; fractional shares will be rounded up.
The Board of Directors approved the Reverse Stock Split for several reasons: 1) the low stock price impairs the acceptability of our common stock for the acquisition of Extraordinary Vacations Group, 2) the price adversely affects our ability to raise additional working capital, 3) the current low price of our stock lacks credibility as a viable business and the company is negatively impacted, 4) the reverse stock split will also have the effect of increasing the number of shares of common stock available to us for future issuances.
The Reverse Stock Split will not change the number of authorized shares of common and preferred stock; remaining at 1 Billion common shares and 50 million Preferred shares.
William Forhan, Invicta's CEO, stated: "The Board agreed the current capitalization of the company eliminates funding and merger opportunities. Management has also agreed to convert their Preferred shares to common before the reverse split is completed. The corporate goal is to increase the stock price with the reverse split and to do best efforts for equity funding."
INVICTA GROUP INC. is an Internet Media Company that specializes in the Travel and Entertainment Industry. The company has 2 subsidiaries that both use the Internet as their key media to generate revenues: Travel Hot Link sells its Internet database of 40 million travel enthusiasts to Travel Suppliers that want to promote their discounted travel products: airline tickets, hotel rooms, tour packages, cruise cabins on the Internet 24/7. The Company has recently launched www.InvictaMusic.com to diversify revenues and enter the Entertainment Industry.
Additional information contact: David Scott Chief Operating Officer dscott@invictatravelgroup.comhttp://www.invictatravelgroup.com
SOURCE: Invicta Group Inc.
Source: MARKET WIRE
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