Modern Energy Announces Forward Split of 1000 for 1 and Change of Trading Symbol From "MDNO" to "MDRG"
April 30 2008 - 2:11AM
Marketwired
LOS ANGELES, CA (FRANKFURT: ME2B) announced today that the
company completed a forward split of 1000 for 1. This corporate
action was taken as a result of Scottrade suing the company to
reverse the previous corporation action that in effect reversed
each 1000 common shares down to 1 common share. Although the
company believes that the previous split was properly executed and
all parties and agencies were notified in accordance with SEC and
Nasdaq regulations, the court upheld Scottrade's contention that
Modern Energy had erred resulting in a 999,999 share short position
being put on by Scottrade.
The company believes that by reversing the company's former
action through a forward split, bringing the issued and outstanding
back to 1,200,000,000 common shares, that the company can more
forward with its business plan and permitting trading in the
company's equity to begin again under the new trading symbol --
MDRG.
The final court order resulting from Scottrade's legal action
did not reverse the preferred dividend, nor did it undo the Grand
Pacaraima Gold (PINKSHEETS: GPGD) dividend, which was paid to Cede
& Co before the action was brought, and is still pending being
released to those due the dividend by the DTC. NASDAQ had
previously announced that the ex-dividend date would be November
27, 2007 for the dividend of 100 shares of GPGD for every 1 share
of MDNO held as of November 26. Those investors who bought and held
shares before the ex-dividend date will receive the dividend. Ten
percent (10%) of the distributed shares of GPGD are to be
unrestricted while the other 90% are to be restricted.
Note that Modern Energy Corp. Class B Preferred shares (CUSIP:
607587 201) (distributed to MODR shareholders as of October 16,
2007) are eligible to be converted to common shares of MDGR at the
rate of 100 preferred to 1 common share when a payment is made to
the Modern Energy Corp. of $.001 per common share. However, NASDAQ
has not yet assigned a symbol for the Preferred. The Company will
announce when a symbol is assigned.
The company looks forward to reinitiating shareholder
communications on the company's progress and initiatives to
enhancing shareholder value now that this necessary corporate
action has been completed. In addition to the Grand Pacaraima Gold
dividend, shareholders can expect another dividend in the form of
stock in one of the company's portfolio holdings.
About Modern Energy Corporation
Modern Energy has wholly owned subsidiaries on the island of
Mindanao in the Philippines which have mineral rights and
agricultural land interests. The mineral rights have the potential
for economically viable mining of copper, gold, silver and other
minerals. The agricultural land interests involve 250,000 hectares
(over 600 thousand acres) of agricultural land suitable for growing
palm oil, jatropha and other feedstocks for the production of
biodiesel. In addition, the Company holds marketable securities in
various companies including but not limited to Western Pac
Minerals, Wall Street Securities, Inc., XXStream Entertainment and
Infinity Mining. The Company is planning on distributing dividends
to Modern Energy shareholders in the form of shares of these
marketable securities during 2008.
Contact: Teri Norgrove President Modern Energy Corp.
info@modernenergycorp.com
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