Los Angeles, California, Oct. 9, 2013 (GLOBE NEWSWIRE) -- Embarr Downs, Inc. (OTC: EMBR) announced today that the Company received confirmation from FINRA that all the necessary documentation has been received to announce the dividend of the Series B Preferred Stock and for the reverse split.
FINRA confirmed the following details of the Company's dividend of the Series B Preferred Stock:
- Dividend; 1 Restricted share of Series B Preferred for every 2,500 shares held. Fractions rounded up.
- Record Date: 10/9/2013
- Payment Date: 10/10/2013
- Daily List Announcement Date: 10/7/2013
FINRA confirmed the following details of the Company's reverse split:
- 1-50,000 Reverse Split
- Pre-Split TSO: 3,914,193,692
- Post-Split TSO: 78,284
- New CUSIP: 29079F200
- Daily List Announcement Date: 10/15/2013
- Market Effective Date: 10/16/2013
The Company has received a number of new questions regarding the reverse split of the stock. The reverse will be effective October 16, 2013. The Company's Form 10 will become effective on November 17, 2013 at which point the Company will become a fully reporting company. The Company expects that its thoroughbreds will begin racing in December 2013and will provide additional information once the Form 10 becomes effective.
About Embarr Downs
Embarr Downs is engaged in the buying, selling and racing of thoroughbreds. The Company's focus is acquiring thoroughbreds that can race in the allowance and stakes level of thoroughbred racing; however, the Company initially is focusing on acquiring thoroughbreds in the claiming level of thoroughbred racing.
Owning a racehorse can be one of the most exciting experiences of a person's life. Embarr Downs offers the thrills and gratification of the Sport of Kings to the Company's shareholders without them having to purchase and maintain a thoroughbred on their own. With Embarr Downs managing the acquisition and the day-to-day operations of and care for the company's thoroughbreds, the shareholders only need to collectively cheer our horses on to victory. In the coming week the Company will provide additional information on its thoroughbred operations.
About Embarr Downs. The Company is engaged in the buying, selling and racing of thoroughbreds. The Company's focus is acquiring thoroughbreds that can race in the allowance and stakes level of thoroughbred racing; however, the Company will initially begin acquiring thoroughbreds in the claiming level of thoroughbred racing. More information can be found at www.gihi.info.
Notice Regarding Forward-Looking Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Actual results could differ from those projected in any forward-looking statements due to numerous factors. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual and interim reports at www.embarrdowns.com.