VidShadow, Inc. Changes Name to OneScreen Inc. and Announces Effective Time of Previously Announced Reverse Stock Split
07 March 2009 - 2:37AM
Marketwired
On March 6, 2009, OneScreen Inc. (PINKSHEETS: OSCN)
(http://www.onescreen.com ), a provider of digital interactive
media technology solutions, announced that its previously disclosed
1-for-10 reverse stock split will become effective when the market
opens on March 6, 2009. As OneScreen has also changed its name from
VidShadow, Inc., its shares will trade under its new symbol
"OSCN.PK," which replaces its previous symbol "VSHD.PK."
As a result of the reverse stock split, every ten shares of
OneScreen Common Stock issued and outstanding immediately prior to
the Effective Time will be automatically combined into one share of
OneScreen Common Stock. The reverse stock split reduced the
OneScreen's issued and outstanding shares of common stock from
150,000,000 of Common Stock to 15,000,000 Common Stock. In
connection with its acquisition of VSIP, Inc. on February 2, 2009,
OneScreen is obligated to issue 1,797,740, on a post-split basis,
to complete the share exchange for which OneScreen did not have
enough authorized shares to issue at the time of the acquisition.
OneScreen will have approximately 16,800,000 shares
outstanding.
Upon the Effective Time, each certificate representing shares of
OneScreen's Common Stock immediately prior to the reverse stock
split will be deemed to represent the number of full shares of
Common Stock resulting from the reverse stock split. However, until
stockholders of record have surrendered their old certificates for
exchange with the Company's transfer agent, Island Stock Transfer
Company, Island Stock Transfer will not be able to effectuate any
sale or transfer of shares by any such stockholder after the
Effective Time. In lieu of issuing fractional shares, OneScreen
will round up a fractional share to one whole share in the event
the stockholder would be entitled to receive less than one whole
share of Common Stock as a result of the reverse stock split.
About OneScreen Inc.
OneScreen Inc. (PINKSHEETS: OSCN) is a provider of an end-to-end
solution for digital video management, syndication, playback, and
monetization. OneScreen provides on-demand software to content
producers and licensors for expanded syndication and increased
transparency, publishers and distributors for end-user experiences
and engagement, and advertising networks and agencies to enhance
audience targeting and reach. OneScreen's technology platform
provides a seamless integration between these parties, and also
integrates other third-party services and solutions. The company is
headquartered in Orange County, California. For more information,
please visit http://www.onescreen.com.
Forward-Looking Statements
Statements contained in this press release, which are not
historical facts, are forward-looking statements as that term is
defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements are based largely on current
expectations and are subject to a number of known and unknown
risks, uncertainties and other factors beyond the Company's control
that could cause actual events and results to differ materially
from these statements. These risks include, without limitation,
that there can be no assurance that any strategic opportunities
will be available to the Company and that any strategic
opportunities may only be available on terms not acceptable to the
Company. These statements are not guarantees of future performance,
and readers are cautioned not to place undue reliance on these
forward-looking statements, which speak only as of the date of this
release. OneScreen Inc. undertakes no obligation to update publicly
any forward-looking statements.
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Contact: Kathrine Son 714-363-5250 Email Contact
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