NEW YORK, Jan. 7, 2002 (PRIMEZONE) -- eB2B, Inc. (Nasdaq:EBTB), a leading provider of business-to-business transaction management services, announced today a 1-for-15 reverse split of its common stock whereby each 15 shares of common stock will be exchanged for one new share of common stock. The number of shares of common stock underlying the company's preferred stock and other derivative securities will be similarly adjusted. The reverse stock split has a record date of January 10, 2002. For 20 trading days beginning January 10, 2002, the company's stock will trade under the symbol "EBTBD" and thereafter the company's stock will trade under its current symbol "EBTB". Shareholders are not required to physically exchange their current certificates for new ones. However, if certificates are exchanged, certificates will be issued to reflect any fractional share interests.
Richard Cohan, eB2B's chief executive officer said, "Over the last six months we have been repositioning the company for growth in 2002. When I joined the company last May, we had significant negative cash flow and a complex capital structure, compromising our ability to attract long-term investors and analysts. Now that we have secured $2 million in additional financing, expanded our sales pipeline and strengthened our market presence through our recent acquisition of Bac-Tech, we are turning our attention to our capital structure. Today's announcement is the first step in a process to give us clarity in terms of maintaining the company's Nasdaq Small Cap listing and attracting new investors to the company. We continue to have the utmost confidence in eB2B's future as we enter the new year."
About eB2B, Inc.
eB2B Commerce is a leading provider of business-to-business transaction management services that simplify trading partner integration, automation, and collaboration across the order management life cycle. The eB2B Trading Network and Transaction Lifecycle Management solutions provide enterprises large and small with a total solution for improving trading partner relationships that enhance productivity and bottom line profitability.
NOTE: Certain statements contained in this news release which are not based on historical facts are forward-looking statements, as the term is defined in the Private Securities Litigation Reform Act of 1995, and are subject to uncertainties and risks that may cause actual results to materially differ from projections. Although eB2B believes that its expectations are reasonable assumptions within the bounds of its knowledge of its business operations, there can be no assurance that actual results will not differ materially from its expectations. The uncertainties and risks include, among other things, the Company's plans, beliefs and goals, the Company's limited operating history, the ability to raise additional capital, if needed, the risks and uncertainties associated with rapidly changing technologies such as the Internet, the risks of technology development and the risks of competition that can cause actual results to differ materially from those in the forward-looking statements. The Company undertakes no obligation to revise or publicly release the results of any revision to these forward-looking statements.