EMERYVILLE, Calif., March 2, 2012 (GLOBE NEWSWIRE) -- Lyris, Inc., (OTCBB:LYRI), the global digital marketing expert, said today that its board of directors has approved a reverse split of the company's common stock at a ratio of one new share for every existing fifteen shares. The reverse split will be effective as of the close of trading on March 12, 2012. The board's action follows stockholder approval of an amendment to the company's certificate of incorporation at its annual meeting in June 2011.
The reverse split will apply to all shares of the company's common stock issued and outstanding, plus all outstanding stock options, restricted stock and the number of shares of common stock available for issuance under the company's approved stock plans.
"The board took this action based on the company's progress over the past year and our opportunities to drive adoption of the Lyris HQ platform. We believe this decision will improve the marketability and liquidity of the company's common stock over the long term and increase its potential viability as an investment opportunity for institutional investors," said Wolfgang Maasberg, chief executive officer.
Broadridge, the transfer agent for the company, will act as Exchange Agent for the exchange. Stockholders will receive the forms and notices to exchange their existing shares for new shares from the Exchange Agent or their broker. Fractional shares will be redeemed by the company for a cash payment based upon the last trade price of the Common Stock on the OTC Bulletin Board on March 12, 2012, the effective date of the reverse split. Additional details related to the reverse stock split may be obtained from the company's proxy statement dated May 5, 2011, available at www.sec.gov. In addition, a FAQ on the reverse split will be available later today on the investor relations section of the company's website at www.lyris.com.
About Lyris
Lyris, Inc., is the global digital marketing expert, delivering the perfect blend of technology and industry knowledge to help businesses achieve value with their email marketing campaigns. Lyris' high performance, secure and flexible email marketing platforms, Lyris HQ and Lyris ListManager (Lyris LM), optimize email efficiency by providing automated email delivery, robust segmentation and integrated social, mobile, search and analytics. The Lyris solutions portfolio is comprised of both in-the-cloud and on-premises email marketing solutions—Lyris HQ, Lyris LM—combined with customer-focused services and support. We understand the unique needs of companies and build solutions for marketers that deliver quantifiable ROI and true business value.
Precautionary Statements Regarding Forward-Looking Information
Some of the statements in this press release may include forward-looking statements, as that term is defined in the Private Securities Litigation Reform Act of 1995 (PSLRA), that reflect our current views with respect to future events and financial performance. These forward-looking statements, which may apply to us specifically or the email marketing technology and services industry in general, are made pursuant to the safe harbor provisions of the PSLRA and include estimates and assumptions related to economic, competitive, regulatory, judicial, legislative and other developments. Statements that include the words, "expects," "intends," "plan," "believe," "project," "estimate," "may," "should," "anticipate," "will" and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise.
All forward-looking statements address matters that involve risks and uncertainties. Accordingly, there are or will be important factors that could cause our actual results to differ materially from those indicated in these statements. Certain risks and uncertainties that could cause our actual results to differ significantly from management's expectations are described in our Annual Report on Form 10-K under the section entitled, "Business-Risk Factors." This section, along with other sections of our Annual Report, describes some, but not all, of the factors that could actual results to differ significantly from management's expectations and have a material adverse effect on the businesses, financial condition and common stock of the company. This list of factors should not be construed as exhaustive and should be read in conjunction with other cautionary statements that are included in our filings with the Securities and Exchange Commission (available at www.sec.gov). Unless otherwise required by law, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
If one or more of these risks or uncertainties materialize, or if our underlying assumptions otherwise prove to be incorrect, our actual results may vary materially from what we project. Any forward-looking statements you read in this news release reflect our views as of the date of this press release with respect to future events, and are subject to these and other risks, uncertainties and assumptions relating to our operations, financial condition, results of operations, growth strategy and liquidity. All subsequent written and oral forward-looking statements attributable to us or individuals acting on our behalf are expressly qualified in their entirety by this paragraph.