RANCHO SANTA MARGARITA, Calif., March 13, 2003 (PRIMEZONE) -- BioCurex Inc. (OTCBB:BOCX) announced today that its Board of Directors unanimously voted to submit to the Company's shareholders a proposal to forward split all outstanding shares of our common stock at an exchange ratio of three-for-one. In addition, the company will increase its authorized capital from 150 million to 450 million shares.
Our Board of Directors has concluded that our research and development and our plans are on target and feels that this forward split is in the best interest of the shareholders. With the Company's latest FDA approval and United States patents, which facilitates the licensing of technologies, the Company should be able to begin to sell its Histo-Recaf kits.
Once the forward split is effective, each certificate representing shares of the Company's common stock before the forward stock split would be deemed, for all corporate purposes, to evidence ownership of the increased number of shares of the common stock resulting from the forward stock split. All of BOCX's convertible securities, including options, warrants, convertible debt instruments and other securities will also be automatically adjusted as of the effective date. Once the effective date is established, the Company's stock transfer agent, Securities Transfer Corporation, 2591 Dallas Parkway Ste102, Frisco, Texas 75034, will act as the exchange agent for purposes of exchanging stock certificates.
Dr. Ricardo Moro, President of the Company, stated: "Our Board has concluded that this forward split is in the best interest of our shareholders. It will increase the number of available shares in the market and it will reward our true shareholders with a larger number of shares. At the same time, it will ensure that all currently trading BOCX shares are in fact authorized and appropriately backed by the required certificates thus reducing naked short positions."
Certificate(s) should be forwarded to Securities Transfer Corporation, 2591 Dallas Parkway Ste102, Frisco, Texas 75034 for each new certificate(s) to be issued. If you request that your shares be issued to some other person or entity, please ensure that your certificate has been signed and "Medallion" guaranteed, or if abroad, an equivalent public notary or bank certified signature.
Note:
Statements in this press release, which are not historical facts, are "forward-looking statements" within the meaning given to that term in the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results. The Company has not authorized the release of this information in any form that contravenes the Communication Act and will not be responsible for unsolicited distribution of this material by e-mail or facsimile by unauthorized parties.