LOS GATOS, Calif., Sept. 25, 2007 (PRIME NEWSWIRE) -- Semotus Solutions, Inc. (AMEX:DLK), an innovative leader of software solutions for enterprise mobility, today announced the results of its annual shareholders' meeting which was held yesterday in Los Gatos, CA. A total of 1,149,810 shares, or approximately 65% of the total number of shares entitled to vote at the meeting, were represented, and the Company's shareholders approved the following five proposals.
* Reelection of each of the Company's four board of directors: Anthony N. LaPine, Robert Lanz, Mark Williams and Laurence W. Murray. * Ratification of the appointment of L.L. Bradford & Company, LLC as the Company's independent auditors for the fiscal year ending March 31, 2008. * Approval to effect at the discretion of the Board a reverse stock split in a ratio ranging from one-for-two to one-for-five of all the Company's issued and outstanding shares of common stock. * Approval to increase the number of authorized shares of common stock from 7.5 million to 50 million. * Approval to increase the number of shares reserved for issuance upon the exercise of stock options granted under the Company's 2005 Stock Option Plan from 150,000 to 1,150,000.
The board of directors wishes to thank shareholders for participating and voting at this annual shareholders' meeting.
The Company's Board of Directors will determine, in its sole discretion, if and when another reverse stock split would be in the best interests of the Company's stockholders. A number of factors will be evaluated prior to the board of directors authorizing and implementing another reverse stock split. These include the integration and timing associated with any potential merger or acquisition that may be under consideration. Currently, the Company is aggressively pursuing a number of merger and/or acquisition opportunities, and is at various deal stages with a number of entities.
About Semotus Solutions
Founded in 1993, Semotus Solutions is the premier provider of software for the mobile enterprise, connecting employees to critical business systems, information and processes. Semotus has a Fortune 1000-installed customer base and hundreds of corporate clients including Lockheed Martin, Blue Cross Blue Shield, Coca-Cola, Hewlett Packard, Nextel Communications, JP Morgan Chase and The United Nations. Semotus Solutions' software provides mobility, convenience, efficiency and profitability in the areas of workforce automation, finance, health care and m-commerce. For more information on the Company, please visit the following web sites: http://www.semotus.com; http://www.hiplinkwireless.com; http://www.clickmarks.com; http://www.xb.com.
This press release contains forward-looking statements, which are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Words such as "intends," "believes," and similar expressions reflecting something other than historical fact are intended to identify forward-looking statements, but are not the exclusive means of identifying such statements. These forward-looking statements involve a number of risks and uncertainties, including the timely development and market acceptance of products and technologies, the ability to secure additional sources of finance, the ability to reduce operating expenses, and other factors described in the Company's filings with the Securities and Exchange Commission. The actual results that the Company achieves may differ materially from any forward-looking statement due to such risks and uncertainties. The Company undertakes no obligation to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.