Ronn Motor Company Announces a Company Name Change and Reverse Stock Split
02 April 2012 - 9:00PM
Marketwired
Ronn Motor Company (PINKSHEETS: RNNM) has now changed its name,
effective today, to VydroTech, Inc and announces a one-for-seven
reverse stock split.
Effectively immediately the Ronn Motor Company has elected to
re-brand the company consistent with its re-focused vision -- to
undertake the creation of revolutionary and environmentally
responsible products for the global marketplace. The company has
chosen to focus on being a hydrogen technology company, and the
changed name of the company reflects this focused business
strategy.
"VydroTech was selected because we desire to be a visionary
hydrogen technology company," said David McGee, CEO of VydroTech,
Inc. "Even though hydrogen won't necessarily be part of all our
future products, it is who we are today and over time our clients
will experience, by working with our company and using VydoTech's
products, our brand stands for integrity, excellence and delivering
outstanding results. Our new name and logo is shown above."
Given the pressures of the price of fuel and the demand by the
public and the government to lower emissions, the company
positioned itself to focus on addressing these immediate fuel
consumption and emission issues rather than building exotic
supercars. Mr. McGee further stated, "Our products are focused on
delivering results for three distinct operating platforms -- large
over the road diesel trucks (e.g., trucks like 18-wheelers);
barges, tugboats and launches that operate within coastal
waterways; and large land-based diesel generators. Our future
clients will have one or two of the following distinct needs: (1) a
need to reduce their diesel fuel costs by 10% - 20% and / or (2) a
need to reduce their harmful gas emissions and become more
compliant with existing and future stringent emission standards set
by governmental agencies."
The company also announces that it authorized a one-for-seven
reverse stock split of its outstanding shares of common stock
(every seven shares held by a shareholder will be converted into
one share). It also authorized 10 million shares of preferred stock
and reauthorized 700 million shares of common stock following the
reverse split. The company will trade long-term under a new stock
symbol (VYDR) and a new CUSIP number.
"The company needed to take the steps necessary to create the
space to allow us to raise additional funds and investment capital
through the sale of shares," said Mr. McGee. "From the very
beginning, it has been important for me and our leadership team
that we take the actions necessary to build a strong foundation for
the future -- both financially and operationally."
VydroTech, Inc (PINKSHEETS: VYDR) (formally the Ronn Motor
Company) (PINKSHEETS: RNNM), is a technology-driven design,
development and manufacturing company specializing in the creation
and delivery of innovative green products and related technologies
through green systems and green oriented engines for both
transportation and fixed platforms, located in Houston, TX. For
more information about VydroTech, Inc, please visit our Web site at
http://www.vydrotech.com
This release contains forward-looking statements that reflect
VydroTech, Inc's (formally the Ronn Motor Company) (the "Company")
plans and expectations. In this press release and related comments
by Company management, words like "expect," "anticipate,"
"estimate," "forecast," "objective," "plan," "goal" and similar
expressions are used to identify forward-looking statements,
representing management's current judgment and expectations about
possible future events. Management believes these forward-looking
statements and the judgments upon which they are based to be
reasonable, but they are not guarantees of future performance and
involve numerous known and unknown risks, uncertainties and other
factors that may cause the Company's actual results, performance,
achievements or financial position to be materially different from
any future results, performance, achievements or financial position
expressed or implied by these forward-looking statements.
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