BLAINE, WA, April 23, 2014 /PRNewswire/ - BEESTON ENTERPRISES
LTD. (OTCQB:BESE) (the "Company"), today announced that on
April 18, 2014, its Board of
Directors, with the approval of a majority of its shareholders,
authorized a reverse stock split of one for ten (1:10) of the
Company's issued and outstanding shares of common stock (the
"Reverse Split"). The effectiveness of the Reverse Split (the
"effective date") is subject to approval by the Financial Industry
Regulatory Authority, Inc ("FINRA"). The shareholder record
date will be the effective date as determine by FINRA and is
expected to be April 28, 2014.
As a result of the Reverse Split, every 10 shares of the
Company's pre-Reverse Split common stock will be consolidated into
1 share of its common stock. No fractional shares will be issued;
however, each fractional share will be rounded up to the nearest
whole share. The Company's authorized common stock will not be
affected by the Reverse Split. Proportional adjustments will
be made to the Company's outstanding warrants which will be
adjusted to reflect the Reverse Split.
Shareholders holding shares in brokerage accounts will not be
required to take any action once the Reverse Split becomes
effective, as the number of their shares of the Company's stock
will be automatically adjusted to reflect the number of shares as
adjusted by the Reverse Split. Shareholders of record holding
physical stock certificates will receive a Transmittal Letter once
the reverse stock split becomes effective requesting that they
surrender their old stock certificates for new stock certificates
reflecting the adjusted number of shares resulting from the Reverse
Split. ClearTrust, LLC, the Company's transfer agent, will
act as agent for purposes of implementing the exchange of stock
certificates. Stockholders can contact ClearTrust, LLC with
any questions at (813)235-4490.
Beginning with the opening of trading on the effective date, the
Company's common stock will trade on the OTCQB on a Reverse Split
adjusted basis. The Company's trading symbol on the effective date
will change to "BESED". The "D" will be removed 20 business
days from that date and the symbol will revert to the original
symbol of "BESE". The Company will issue a News Release announcing
the effective date of the Reverse Split upon receipt of approval
from FINRA.
The Board of Directors of the Company believes the Reverse Split
is in the best interests of the Company for a number of reasons,
including the need to meet the OTCMarkets soon to be introduced
minimum bid price requirement that our common stock must have a
minimum bid price of $0.01 per share
as of the close of business for at least one of the previous thirty
consecutive calendar days in order to qualify for quotation on
OTCQB's trading system. There can be no assurance that the Reverse
Split will have the desired effect of raising the bid price of the
Company's common stock to $0.01 per
share to meet this requirement.
ABOUT: BEESTON ENTERPRISES LTD.
Beeston Enterprises Ltd. is an exploration stage company,
engaged in the acquisition, exploration, and development of mineral
properties in Canada and
the United States. It primarily
explores for copper, gold, and silver properties and currently
holds mineral tenures in Southern British
Columbia.
ON BEHALF OF THE BOARD OF DIRECTORS of Beeston Enterprises
Ltd.
Michael Upham, Director
SOURCE Beeston Enterprises Ltd.