SAN JOSE, Calif., Sept. 18, 2009 (GLOBE NEWSWIRE) -- Zippi Networks Inc. (Pink Sheets:ZIPZ), turning America's "Clutter into Cash," today announced it has completed a symbol change and re-capitalization of the company. The company has significantly reduced its cost of product delivery, along side re-invented their offerings that target eBay "Trading Assistants" and the consumers who need their assistance. Based on these and additional market factors, as well as economic conditions, Zippi Networks, Inc. board of directors and majority shareholders have also approved a two thousand for one reverse stock split. It was also decided that all shareholders of record on September 28, 2009 will receive five (5) warrants for every one (1) share owned as of this date. Warrants are scheduled to be 144 common stock at the par value exercise price of $.00001. The Nasdaq filing of notice of the warrant was made by the company on September 18, 2009, and scheduled to be available no later than October 5, 2009.
Zippi's management team has also declared a resolution to its previously identified stock issuance and prior reverse, to all shareholders of record on March 15, 2009. Changing rules and requirements by the company's transfer agent of record no longer provides for a book entry of shares issued and made it cost prohibitive at the time to physically issue shares to all Zippi shareholders. As originally declared on March 15, 2009 the three (3) for one (1) will now also be redeemable as a warrant priced at par value of $.00001, adjusted for the company's most recent reverse split. These warrants should also be available no later than October 5, 2009.
Robert A. Rositano Jr., CEO Zippi Networks, Inc., stated, "Letters to the shareholders are being sent out with instructions and information regarding the warrant. Additional corporate actions that have been taken are also being published in our information statement. Anyone believing they qualify and does not receive the letter by October 5, 2009 please contact the company directly. Zippi has been very fortunate to have vendors that believe in our business; they have been extremely patient and flexible as we re-tooled our offer and continue to pay down debt. The most recent actions taken by the corporation and its majority shareholders allow us to continue reducing costs, paying down debt and testing offers. These should all be viewed as a positive. We are a company that is finding ways to make the business work by adapting to these changing times and market demands."
About the Company:
Zippi(TM) Networks, Inc. (Pink Sheets:ZIPZ), headquartered in San Jose, Calif., has created a revolutionary business process (three U.S. Patents Pending), together with the ease of hand-held mobile technology, social networking, and the ability to recycle that empowers a new generation of online sellers. Founded in 2006, Zippi engages consumers with an easy toll free telephone number designed to allow everyone who becomes a "Zippi Club Member" an easy hassle free way of selling items online; by phoning 1-877-GO-ZIPPI an item owner can receive a quick "mini appraisal." Zippi then connects this appraisal and customer with the appropriate Zipster (eBay seller). Zippi handles the pre-screening of the Zipster and pulls the best seller for the job to handle the entire transaction.
Zippi's offerings target consumers and existing eBay "Trading Assistants / Power Sellers," ultimately for the benefit of the eBay community. The strength of the eBay community resides in eBay's very own message "the power of all of us." With Zippi each and every eBay seller can embrace the power of many, allowing each "Zipster" to scale earnings and eliminate competition by building a steady stream of business, team members, and sales with Zippi, for the eBay community.
Safe Harbor Statement
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projected in the forward-looking statements as results of various factors including the ability of the company to successfully commercialize its new technologies and service offerings. The company undertakes no obligation to publicly release the result of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Zippi is a trademark of Zippi Networks, Inc. All other trademarks or registered trademarks are the property of their respective owners.