TALLAHASSEE, FL, August 13, 2013 - eLayaway, Inc. (OTCQB: ELAYD) (OTCBB: ELAYD) (“eLayaway” or the "Company”), announced today that FINRA has approved the Company’s reverse stock split, which shall be effective as of August 13, 2013. The ratio of the reverse stock split is 1-for-200 shares of the Company’s issued and outstanding common stock. Accordingly, each 200 shares of common stock and equivalents will be converted into one share of common stock. Trading is expected to begin on a split-adjusted basis on August 13, 2013.
“We believe that the reverse stock split will broaden the appeal of our stock to investors and open the door for us to pursue merger/acquisition opportunities,” said Sergio Pinon, CEO of eLayaway. “We will continue to execute on our current business plan towards expanding market reach and reaching profitability.”
As a result of the reverse stock split, the number of issued and outstanding shares of common stock will be reduced from approximately 4.2 billion to approximately 21 million. ELAY common stock will continue to trade on the OTCQB under the symbol “ELAY” but under a new CUSIP Number 284169208. For the first 20 business-days post-reverse split, the stock will be traded under the symbol “ELAYD.”
Additional information regarding the reverse stock split can be found in ELAY’s Information Statement on Schedule 14C filed with the Securities and Exchange Commission on May 6, 2013 and in the Current Report on Form 8-K filed with the Securities and Exchange Commission on August 13, 2013, a copy of which are available in the Investors section of the ELAY website, http://www.elayawayinc.com/.
eLayaway, Inc., is a publically-traded (OTCQB: ELAYD) (OTCBB: ELAYD) American payment and retail technology company headquartered in Tallahassee, Florida. To learn more about eLayaway, Inc., and supported brands, please visit: http://www.elayawayinc.com/.
Safe Harbor Statement
This report includes forward-looking statements covered by the Private Securities Litigation Reform Act of 1995. Because such statements deal with future events, they are subject to various risks and uncertainties and actual results for the current fiscal year and beyond could differ materially from the Company's current expectations. Forward-looking statements are identified by words such as "anticipates," "projects," `"expects," "plans," "intends," "believes," "estimates," "targets," and other similar expressions that indicate trends and future events. Factors that could cause the Company's results to differ materially from those expressed in forward-looking statements include, without limitation, variation in demand and acceptance of the Company's products and services, the frequency, magnitude and timing of any or all raw-material-price changes, general business and economic conditions beyond the Company's control, timing of the completion and integration of acquisitions, the consequences of competitive factors in the marketplace, cost-containment strategies, and the Company's success in attracting and retaining key personnel. Additional information concerning factors that could cause actual results to differ materially from those projected is contained in the Company's filing with The Securities and Exchange Commission. The Company undertakes no obligation to revise or update forward-looking statements as a result of new information since these statements may no longer be accurate or timely.
SOURCE: eLayaway, Inc.
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