ST. AUGUSTINE, Fla., June 30, 2010 (GLOBE NEWSWIRE) -- Energy Telecom, Inc. (Other OTC:ENRGD) (www.energytele.com) today announced it is taking the next step in its plan of growing the Company, after beginning sales of its patent protected telecom eyewear on June 28th.
To support this growth, Energy Telecom filed Amended and Restated Articles of Incorporation with the Florida Secretary of State, which implements a share consolidation of Energy Telecom's authorized and issued common stock on a five (old) for one (new) basis. The share consolidation is effective as of June 30, 2010 and trading of the Company's common stock will continue, on a reverse stock split-adjusted basis, when trading begins on June 30, 2010. To reflect the reverse stock split, FINRA will append the fifth character "D" to Energy Telecom's ticker symbol for 20 business days. During that time, Energy Telecom's common stock will continue to be listed on the Pink Sheets and trade under "ENRGD." The CUSIP number for Energy Telecom's post-split common stock will be 29273Q 309.
Mr. Tom Rickards, CEO of Energy Telecom, stated: "Introduction of our globally patent-protected eyewear is only one part of our plan to provide increased value to our shareholders. To continue the plan, we have begun the process of becoming a fully reporting company with the Securities and Exchange Commission, and eventually believe that our shares will be listed on a more prominent exchange. Making our company more accountable and accessible while our shares become more liquid by their listing on a more visible exchange, and producing revenues from the sale of our eyewear and licensing agreements with other manufacturers wishing to expand their product lines, will almost certainly grow Energy Telecom into the company our shareholders expect."
"After carefully reviewing our capital structure in light of sales of our product, we believe the higher share price will appeal to a broader universe of new investors," stated Mr. Rickards. "We also believe a lower share count will better reflect the progress of our anticipated earnings on a per share basis going forward."
The Company believes that stockholders do not have to take any action in connection with the share consolidation. If they hold shares of Energy Telecom's common stock in "street name" through a broker, bank or other financial institution, their shares will be automatically adjusted in accordance with the share consolidation ratio. If they hold shares of Energy Telecom's common stock in certificate or registered form, Energy Telecom's transfer agent will likewise adjust their holdings in accordance with the share consolidation ratio.
About Energy Telecom
Energy Telecom holds U.S. and foreign patents allowing for the manufacture, marketing and distribution of the world's first hands-free, wireless communication eyewear providing quality sound and noise attenuation. Various models of the eyewear will be worn by police, fire, rescue, military and security personnel, and by those working in bio-hazardous, mining, construction and heavy manufacturing when using VHF and UHF radio communication. The eyewear will also be worn by those using cellular and smart phones for voice communication, and for listening to high-fidelity streaming stereo.
The Energy Telecom, Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6947
Statements contained in this news release, other than those identifying historical facts, constitute 'forward-looking statements' within the meaning of Section 21E of the Securities Exchange Act of 1934 and the Safe Harbor provisions as contained in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements relating to the Company's future expectations, including but not limited to revenues and earnings, technology efficacy, strategies and plans, are subject to safe harbors protection. Actual company results and performance may be materially different from any future results, performance, strategies, plans, or achievements that may be expressed or implied by any such forward-looking statements. The Company disclaims any obligation to update or revise any forward-looking statements.