MedStrong International Announces Warrant Repricing
17 January 2007 - 12:57AM
PR Newswire (US)
DELRAY BEACH, Fla., Jan. 16 /PRNewswire-FirstCall/ -- MedStrong
International Corporation (OTC:MDSIW.OB) (BULLETIN BOARD: MDSIW.OB)
has outstanding 4,302,000 warrants. The warrants are exercisable at
any time until December 31, 2009. On Friday Jan 12, 2007,
MedStrong's Board of Directors approved a reduction in the exercise
price of the company's warrants from $30.00 to $18.75. In
conjunction with the exercise price reduction, the Board also
reduced the trading price at which the company has the right to
call warrants from $112.50 to $22.50. To the extent the company
utilizes the call feature, the terms of the warrant agreement are
being amended to permit the resale by the company of warrants so
redeemed. The outstanding 430,200 placement agent warrants were
similarly affected by the 1 for 75 reverse stock split and the
Board of Directors action described above. Each warrant, as
outstanding prior to the 1 for 75 reverse stock split effective
November 2, 2006, entitled the warrant holder to purchase one share
of MedStrong common stock at an exercise price of $.40. Following
effectiveness of the 1 for 75 reverse split of MedStrong's common
stock, these warrants entitled the holders to purchase a total of
approximately 57,360 shares of common stock at an exercise price of
$30.00 per share. If the common stock traded for at least five
consecutive trading days at a price of $112.50 or more, the company
had the right to call the warrants at a price of $.75 per warrant
share unless an investor chose to exercise his or her warrants at
that time. About MedStrong International MedStrong International
Corporation is a publicly traded development stage company in the
state of Delaware and operates under the stock ticker symbols MDSI
/ MDSIW. MedStrong is headquartered in Delray Beach, Florida,
recently named a 2006 Top Ten Digital City by the Center for
Digital Government, which recognizes the most technology-advanced
cities in America. Safe Harbor Act Disclaimer: This release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Act of 1934 that are based upon current expectations or beliefs, as
well as a number of assumptions about future events. Although the
Company believes that the expectations reflected in the
forward-looking statements and the assumptions upon which they are
based are reasonable, it can give no assurance that such
expectations and assumptions will prove to have been correct. The
reader is cautioned not to put undue reliance on these
forward-looking statements, as these statements are subject to
numerous factors and uncertainties, including without limitation,
the independent authority of the special committee to act on the
matters discussed, the successful negotiation of the potential
acquisition and disposal of transactions described above,
successful implementation of the company's business strategy and
competition, any of which may cause actual results to differ
materially from those described in the statements. In addition,
other factors that could cause actual results to differ materially
are discussed in the Company's most recent Form 10-QSB and Form
10-KSB filings with the Securities and Exchange Commission. SOURCE
MedStrong International Corporation CONTACT: C. Shaffner, of
MedStrong International Corporation, +1-561-208-5531
Copyright