Attached files
| file | filename |
|---|---|
| 8-K - CURRENT REPORT - Paybox Corp. | pbox_8k.htm |
Exhibit 99.1
Corporate
Contact:
Matthew
E. Oakes
Paybox
Corp
954-510-3750
investorrelations@gopaybox.com
FOR IMMEDIATE RELEASE
PAYBOX ANNOUNCES COMPLETION OF REVERSE STOCK SPLIT AND
INTENDS TO DEREGISTER ITS COMMON STOCK
FORT LAUDERDALE, FL – May 3, 2017 – Paybox Corp
(OTCQB:PBOX), provider of the PAYBOX® unified working capital
management platform, today announced that at a special meeting of
the Company held today, the Company’s shareholders approved a
1-for-200 reverse stock split (the “Reverse Stock
Split”).
Thereafter,
the Company effectuated the Reverse Stock Split by filing a
certificate of amendment to the Company’s Certificate of
Incorporation with the Secretary of State of the State of Delaware
(the “Certificate of Amendment”).
In the
Reverse Stock Split, every 200 shares of common stock, $0.0001 par
value per share, of the Company, which were issued and outstanding
immediately prior to the Reverse Stock Split, have been combined
into one issued and outstanding share of the Company’s common
stock. No fractional shares are being issued in connection with the
Reverse Stock Split. Shareholders who otherwise would be entitled
to receive a fractional share of the Company’s common stock
as a result of the Reverse Stock Split will receive a cash payment
of $0.40 per pre-Reverse Stock Split share in lieu of receiving a
fractional post-Reverse Stock Split share. The Company’s
transfer agent, Manhattan Transfer Registrar Company, will act as
exchange agent for the Reverse Stock Split (the “Exchange
Agent”). No payment will be made to holders entitled to
receive post-Reverse Stock Split shares.
As
promptly as practicable, the Exchange Agent will send shareholders
of record holding certificates representing pre-Reverse Stock Split
shares a letter of transmittal and instructions for the exchange of
their stock certificates for certificates representing post-Reverse
Stock Split shares or for receiving a cash payment, as appropriate.
Registered shareholders owning shares electronically in book-entry
form and shareholders owning shares through a bank, broker or other
securities nominee (subject to the applicable procedures of their
securities nominee) will have their positions automatically
adjusted to reflect the Reverse Stock Split, and will not be
required to take any action in connection with the Reverse Stock
Split. The Exchange Agent may be reached by telephone at
(631) 928-7655 or by email at jahearn@mtrco.com.
As a
result of the Reverse Stock Split, the Company has fewer than 500
record holders of its common stock, and the Company’s common
stock has become eligible for termination of registration under the
Securities Exchange Act of 1934, as amended (the “Exchange
Act”). The Company intends to promptly file a Form 15 with
the Securities and Exchange Commission (the “SEC”) to
terminate the common stock’s registration under Section 12(g)
of the Exchange Act. Upon filing of the Form 15, the
Company’s obligation to file certain reports with the SEC,
including Forms 10-K, 10-Q and 8-K, will be immediately suspended.
The Company expects that the deregistration of its common stock
will become effective 90 days after the date of filing of the Form
15 with the SEC.
About PAYBOX Corp
PAYBOX®
provides a powerful platform for unified working capital management
that facilitates over $160 billion worth of transactions annually
between more than 375,000 companies worldwide. PAYBOX Corp’s
clients include IBM, Siemens, HP Enterprises, Saint Gobain,
Carlson, and one of the world’s largest financial
institutions. The flagship component of PAYBOX’s unified
working capital management platform is PAYBOX® Cloud, which
offers robust and secure Accounts Payable and Receivables solutions
that seamlessly integrate with a company’s ERP system. Paper,
manual processes and customer/client invoice inaccuracies and
associated resolution costs are eliminated, while improving working
capital and customer satisfaction. Learn more at
www.gopaybox.com.