Message #5 From:
NewsBot Date: September 15, 2006 01:17:00 PM
CXPI News Crimson Exploration Inc. Announces Effectiveness of Reverse Stock Split
HOUSTON--(BUSINESS WIRE)--Sept. 15, 2006--Crimson Exploration Inc. (OTCBB:CXPI) ("Crimson" or the "Company") announced that effective as of the close of business on September 15, 2006, the Company will effect the previously announced one-for-10 reverse stock split of the Company's Common Stock, pursuant to which each 10 shares of the Company's Common Stock outstanding will be exchanged into one share of the Company's Common Stock. Trading in the Company's new shares will commence at the opening of business on September 18, 2006, under the new trading symbol of "CXPO." No fractional shares will be issued and stockholders who would be entitled to receive fractional shares because they held a number of shares not evenly divisible by ten will receive, in lieu of such fractional shares, shares based on rounding up to the nearest whole share. The total number of shares of the Company's common stock issued and outstanding prior to the reverse split is 33,229,430 and the total number of shares of the Company's common stock that will be issued and outstanding after the reverse split will be approximately 3,323,000. In connection with the reverse split, the Company maintained the number of authorized shares of Common Stock at 200 million and the par value of its Common Stock at $.001 par value per share.
After the effective date of the reverse stock split, though not required to, stockholders who would like to exchange their old certificates for new certificates should contact our transfer agent, Fidelity Transfer Company, 1800 South West Temple, Suite 301, Salt Lake City, Utah 84115 (telephone: 801-484-7222; facsimile: 801-466-4122). No new certificates will be issued to a stockholder until that stockholder has surrendered any outstanding certificate(s).
This press release includes "forward-looking statements" as defined by the Securities and Exchange Commission ("SEC"). Such statements include those concerning Crimson's strategic plans, expectations and objectives for future operations. All statements included in this press release that address activities, events or developments that Crimson expects, believes or anticipates will or may occur in the future are forward-looking statements. These statements are based on certain assumptions Crimson has made based on its experience and perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond Crimson's control. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Please refer to our filings with the SEC, including the Crimson Form 10-K for the year ended December 31, 2005 for further discussion of these risks.
