Beneficial Holdings Sets Effective Date for Reverse Split
12 December 2013 - 5:28AM
Marketwired
Beneficial Holdings Sets Effective Date for Reverse Split
MONTVALE, NJ--(Marketwired - Dec 11, 2013) - Beneficial Holdings
Inc. (OTC Pink: BFHJ) today announced December 12 as the effective
date of the previously-announced 1:5,000 reverse split of its
Common Stock.
"We are pleased that FINRA, CUSIP and Nevada (our state of
incorporation) have reviewed and approved of our reverse split of
our Common Stock to accommodate our acquisitions as well as opening
the door for future financing of our growth plans," Chairman,
President and Chief Executive Officer Gregory N. Senkevitch said in
making the announcement.
FINRA announced today that the reverse split will be reflected
in trading tomorrow, December 12, in the Over-the-Counter market
under the stock symbol: BFHJD. The fifth letter "D" will be
added for 20 business days, including the effective date, and then
revert back to BFHJ. There were 4,099,999,952 common shares
outstanding prior to the reverse split with 4,099,179,952 being
cancelled as part of the reverse split; leaving 820,000 common
shares outstanding after the reverse split. In addition, the
2,000,000 shares of Series "B" Preferred Stock will continue to be
convertible into the greater of 2,000,000 shares of Common Stock or
51% of the aggregate amount of outstanding Common Stock, inclusive
of the common shares to be issued to the Series "B" Preferred
Stock, assuming all the Series "B" Preferred Stock is converted
into Common Stock. No member of management or their
beneficiaries has engaged in any sale or purchase of the Company's
common shares or equity-related securities during 2013.
Existing shareholders who hold their own stock certificates with
CUSIP number 081909103 in BFHJ are required to exchange by
certified mail such certificates for new ones with transfer agent,
Action Stock Transfer, 2469 East Fort Union Boulevard, Suite 214,
Salt Lake City, UT 84121; ATTN: Justeene Blankenship;
www.actionstocktransfer.com. The new CUSIP number for the Common
Stock will be 081909202.
"Our due diligence regarding the previously-announced
acquisitions of Green RG Holdings, LLC ("Green RG")
of Manalapan, NJ and Wanassa Holdings Company, LLC ("Green
Econometrics") of Clifton, NJ will be completed prior to
year-end. We expect that the Company's December 31, 2013
financial results will reflect the reverse split of Common Stock
and the results of operations of the to proposed acquisitions,"
Senkevitch said.
"This segment of our recapitalization plan is an integral part
of Creating Value from Market Knowledge," he concluded.
ABOUT BENEFICIAL HOLDINGS, INC. Beneficial Holdings, Inc. is a
holding company currently operating in the real estate services
sector. The Company is seeking to acquire and invest in
operating service-oriented businesses in the real estate, financial
services and energy management sectors. For more information
on the Company please visit our web site at
www.beneficial-holdings.net.
FORWARD-LOOKING STATEMENTS This news 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. As a general matter, forward-looking statements
reflect our current expectations and projections relating to our
financial condition, results of operations, plans, objectives,
future performance and business. These statements use
forward-looking terminology such as "may", "will", "expects",
"plans", "estimates", "anticipates", "projects", "intends",
"believes", "outlook" and similar expressions.
The forward-looking statements contained in this news release
are based upon our historical performance, current plans,
estimates, expectations and other factors we believe are
appropriate under the circumstances. The inclusion of this
forward-looking information is inherently subject to risks and
uncertainties, many of which cannot be predicted with accuracy and
some of which might not even be anticipated. Future events and
actual results, financial and otherwise, may differ materially from
the results discussed in the forward-looking
statements. Statements regarding the following subjects, among
others, may be forward-looking: our business and investment
strategy; our projected operating results; estimates relating to
our ability to make distributions to our stockholders in the future
and economic trends and economic recoveries. All information
in this news release is as of December 11, 2013. The Company
does not undertake a duty to update forward-looking statements,
including its projected operating results.
CONTACT: GREG McANDREWS & ASSOCIATES Gregory A. McAndrews
(310) 804-7037 greg@gregmcandrews.com
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