CLEVELAND, March 1, 2010 (GLOBE NEWSWIRE) -- SearchPath HCS, Inc. (Pink Sheets:SRCP) a Human Capital Solutions Company, today announced a forward stock split of the Company's common stock on the basis of seven shares for every one share currently issued and outstanding. The stock split was approved by written consent of the Company's board of directors and a majority of the Company's shareholders effective March 1, 2010.
The split was applicable to shareholders of record at the close of business on December 29, 2009 and distribution of the additional shares was scheduled for February 26, 2010. As a result of the stock split, shareholders will receive seven common shares for every one common share held at the close of business on the record date, increasing the total capitalization of the Company's common stock from 344,449,417shares outstanding to 2,411,145,919 shares outstanding. Additionally, the number of Authorized Shares by the Company has been increased to 4,000,000,000.
"We are pleased to announce this stock split which was implemented in an effort to increase the liquidity and trading volume of our shares. SearchPath International's innovative franchisor model was designed to create a sustainable competitive advantage in our industry by providing our franchisees with access to equity from the parent company. With the recent change in our name and ticker symbol, this is an ideal time to increase our stock's liquidity and volume to strengthen our business and benefit current and potential shareholders," commented Thomas K. Johnston, Chief Executive Officer of SearchPath HCS, Inc.
About Search Path HCS, Inc.
SearchPath HCS, Inc. www.searchpathhcs.com is a rapidly growing human capital solutions firm and the parent company of SearchPath International, Inc. (SPI) www.searchpath.com. SPI is a U.S.-based talent acquisition professional services firm, with more than 75 franchises nationwide. Founded in 2005, SPI's goal is to become the premier, vertically-integrated provider of talent acquisition professional services in the world. In addition to being a stand-alone talent and acquisition services firm, SPI is also a franchisor of its business that has redefined the way clients do business with recruiters by implementing a client-centric approach that combines proven industry best practices and revolutionary concepts.
Safe Harbor Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of1934. All statements, other than statements of historical fact, including, without limitation, those with respect to the objectives, plans and strategies of the Company and SPI set forth herein and those preceded by or that include the words ``believes,'' ``expects,'' ``given,'' ``targets,'' ``intends,'' ``anticipates, "plans,'' ``projects,'' ``forecasts'' or similar expressions, are "forward-looking statements". Although the Company's management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties which could cause the Company's future results to differ materially from those anticipated. The Company assumes no obligation to update any of the information contained or referenced in this press release.