MISSION VIEJO, Calif., Feb. 15, 2013 (GLOBE NEWSWIRE) -- FITT Highway Products, Inc. (OTCQB:FHWY) (OTCQB:FHWYD) (the "Company") has completed a one-for-sixty (1:60) reverse stock split as described in a schedule 14C previously filed with the SEC. The Company has 1,553,970 shares of common stock and 105,000 shares of preferred stock issued and outstanding after the reverse stock split while maintaining the number of authorized shares at 150,000,000 common shares and 20,000,000 preferred shares.
Management believes the reverse stock split was necessary to increase the market price and liquidity of the Company's common stock and to expand the appeal of the common stock to a broader range of institutional and other investors. Numerous brokerage houses and institutional investors have internal policies and practices that either prohibit them from investing in low-priced stocks or tend to discourage individual brokers from recommending low-priced stocks to their customers.
"We firmly believe we are Energy Drink 2.0," said Michael R. Dunn, CEO of the Company and F.I.T.T. Energy. "We believe we have created a product line for a consumer lifestyle which is a more effective delivery system incorporating vasodilation, significantly lower caffeine content with substantially less side effects, and added health benefits that consumers should indeed want to ingest to help augment their every day routine." The timing is right in 2013 to begin a full scale launch of the F.I.T.T. Energy line of Life Style Energy Products which enhances a consumer's daily routine."
The FITT Energy ingredients can be viewed at www.throwafitt.com.
About FITT Highway Products, Inc.
FITT Highway Products, Inc. is a brand management Company. As disclosed in its 10-Q filing for the period ended September 30 2010 and all subsequent Securities and Exchange filings, the Company entered into an Operating Agreement with FITT to perform a majority of the Company's operating services, including among other things, selling, marketing, producing and distributing "F.I.T.T. Energy For Life" in exchange for a royalty payment.
The FITT Highway Products Inc. Logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=15944
Forward-Looking Statements
Certain statements made in this announcement may constitute "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Management cautions that these statements are based on management's current knowledge and expectations and are subject to certain risks and uncertainties, many of which are outside of the control of the Company that could cause actual results and events to differ materially from the statements made herein. For a more detailed discussion of the risks that could affect our operating results, see our filings with the Securities and Exchange Commission, including our annual report on Form 10-K and our subsequently filed quarterly reports on Form 10-Q. The Company's actual results could differ materially from those contained in the forward-looking statements. The Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.