NEW YORK, Oct. 7, 2010 (GLOBE NEWSWIRE) -- Zevotek, Inc., (OTCBB:ZVTKD) (Frankfurt:T5V1), a worldwide direct marketer and distributor of consumer products, today announced that its one-for-twenty reverse stock split of the Company's common stock became effective on the OTC Bulletin Board for trading purposes at the opening of business on October 6, 2010. FINRA has advised the Company that in keeping with standard procedure for reverse stock splits, the Company's common stock will trade under the symbol "ZVTKD" for 20 business days. The ticker symbol will revert to "ZVTK" on November 3, 2010.
As a result of the reverse stock split, every twenty shares of common stock outstanding will be exchanged for one share of common stock and the total number of shares outstanding is now reduced to approximately 207 million. No fractional shares will be issued in association with the reverse stock split, and holders who would otherwise receive fractional shares will have their shares rounded up to the next whole share.
About the Company:
Zevotek, Inc. plans to market and sell a range of innovative personal and home care items. Zevotek has a license to sell an energy saving compact fluorescent light bulb (CFL) named the Ionic Bulb, a light bulb designed for consumer use by combining the performance features of ionic air cleaning technology with those of a 10,000-hour reduced energy use compact fluorescent light bulb (CFL). The Company sells the Ionic Bulb through TV infomercials and the Internet and plans to market Ionic Bulbs through catalogs and major U.S. retail and specialty stores. The Company's 1 minute and 2 minute Ionic Bulb TV ads are designed to air on national cable channels, local broadcast channels and TV superstations. Zevotek directly sells the Ionic Bulb to consumers through newionicbulb.com and amazon.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Forward-looking statements in this release with respect to the Zevotek, Inc.'s business, financial condition and results of operations, as well as matters of timing and effectiveness of acquiring and selling new consumer products are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond Zevotek, Inc.'s control with respect to identifying suitable new products, coming to acceptable terms to acquire their product or rights to sell their products, market acceptance of their products, to their ability to maintain the existing Company infrastructure and the suitability of that infrastructure for their new products, and whether financing will be available, as well as certain other risk factors which are and may be detailed from time to time in Zevotek, Inc.'s filings with the Securities and Exchange Commission.
This press release contains forward-looking statements. The words or phrases 'may,' 'intends,' 'expects,' 'estimate,' 'indicate,' 'plans,' 'anticipates,' 'could,' 'if,' 'will,' 'should' or similar expressions are intended to identify 'forward-looking statements.' Actual results could differ materially from those projected in forward-looking statements as a result of a number of risks and uncertainties. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. Zevotek, Inc. cautions readers not to place undue reliance on such statements. Unless otherwise required by applicable law, Zevotek, Inc. does not undertake, and Zevotek, Inc. specifically disclaims any obligation to update any forward- looking statements to reflect occurrences, developments, unanticipated events or circumstances after the date of such statement.