BOCA RATON, Fla., July 12, 2011 (GLOBE NEWSWIRE) -- Juniper Group, Inc. (OTCBB:JUNP) announced today that the Board of Directors has unanimously adopted a resolution seeking shareholder approval to authorize the Board of Directors to effectuate a reverse stock split ("Split"). The Split would reduce the number of outstanding shares of our common stock. The Board of Directors has determined that it would be in the Company's best interest in the near future to conduct a Split of its common stock on up to a 1 for 5000 basis and has received the consent of the holder of a majority of the voting power of the Company's securities to authorize the Board of Directors to conduct such a Split.
The primary purposes of the Split are to a) increase the share price of the common stock to help maintain the interest of the markets; b) reduce the outstanding shares of common stock to a level more consistent with other public companies with a similar anticipated market capitalization; c) provide shares to fulfill our obligations with respect to our convertible securities; and d) provide the Company with flexibility to issue shares to facilitate future stock acquisitions and financings without the delay and expense of holding special meetings of shareholders. In addition, the Company has been informed by many shareholders that they have experienced difficulty in depositing stock certificates with clearing firms. The Company believes, although there can be no assurances, the Split will increase the number of clearing firms willing to deposit Company certificates.
Vlado Hreljanovic, President and CEO said, "It is necessary that we execute this reverse stock split in order to be responsive to the requirements being instituted by various clearing firms in order to provide our shareholders with the opportunity to meet the new internal rules being instituted by many clearing firms."
Safe Harbor
This press release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements are based on current expectations, estimates and projections made by management. The Company intends for the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," or variations of such words are intended to identify such forward-looking statements. All forward-looking statements in this press release are made as of the date of this press release, and Juniper assumes no obligation to update these forward-looking statements other than as required by law. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth or implied by any forward-looking statements as anticipated in our Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Copies are available at http://www.sec.gov/blocked::http://www.sec.gov/">www.sec.gov.