One Horizon Group Announces Results of Annual Meeting
BAAR, Switzerland, Aug. 6, 2013 /PRNewswire/ — One Horizon Group, Inc. (OTCQB: OHGI) (“One Horizon Group” or the “Company”), which develops software application platforms that optimize mobile voice, instant messaging and advertising communications over the Internet, today announced the results of its Annual Meeting of Shareholders of the Company (the “Annual Meeting”) held on August 6, 2013 in London.
At the Annual Meeting, shareholders elected each of the following nominees to the Company’s Board of Directors to serve until the 2014 Annual Meeting: Mark White, Martin Ward, Brian Collins, Nicholas Carpinello and Stephen Austin.
Shareholders also ratified the completion of a reverse stock split of the Company’s outstanding and authorized shares of Common Stock at a ratio of 1:600. Consequently, the Company will have outstanding common stock of 31,531,613 shares on a post reverse stock split basis. The Company has applied for and is obtaining FINRA approval for the reverse stock split which is anticipated to be received as soon as practicable. The Company also ratified a reduction in the number of authorized shares of the Company’s Common Stock from 250 billion to 200 million shares and a reduction in the number of authorized shares of the Company’s Preferred Stock from 150 million to 50 million shares.
Shareholders also approved a change in the state of incorporation of the Company from Pennsylvania to Delaware by merging the Company with and into a newly formed Delaware subsidiary, pursuant to an agreement and plan of merger, in connection with which the certificate of incorporation and bylaws of the Delaware corporation shall become the Certificate of Incorporation and Bylaws of the Company.
Shareholders also approved the One Horizon Group, Inc. 2013 Equity Incentive Plan, and approved proposals to hold an advisory vote on executive compensation as well as to hold an advisory vote on the frequency on executive compensation, both as required by the Dodd-Frank Act.
About One Horizon Group, Inc.
One Horizon Group Inc.’s business is to optimize communications over the Internet through its wholly owned subsidiary, Horizon Globex, which develops and markets one of the world’s most bandwidth-efficient mobile voice over Internet Protocol (“VoIP”) platform for smartphones, and also offers a range of other optimized data applications including messaging and mobile advertising. Horizon Globex is an ISO 9001 and ISO 20000-1 certified company. The Company has operations in Switzerland, the United Kingdom, China, India, Singapore and Hong Kong. For more information on the Company, its products and services, please visit http://www.onehorizongroup.com.
Safe Harbor Statement
This news release may contain “forward-looking” statements. These forward-looking statements are only predictions and are subject to certain risks, uncertainties and assumptions that could cause actual results to differ from those in the forward looking-statements. Potential risks and uncertainties include such factors as uncertainty of consumer demand for Company’s products, as well as additional risks and uncertainties that are identified and described in Company’s SEC reports. Actual results may differ materially from the forward-looking statements in this press release. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company does not undertake, and it specifically disclaims, any obligation to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.
SOURCE One Horizon Group, Inc.