SANTA ANA, Calif., Nov. 8, 2011 /PRNewswire/ -- SUTIMCo
International, Inc. (Pink Sheets: SUTID) announced today a
recapitalization plan for the balance of 2011 and 2012.
SUTIMCo International completed the acquisition of SUTIMCo
Inc. in 2011 and as a result, the Company has dramatically
increased its sales and is now profitable for the first time.
In order to complete the acquisition and the necessary equity
financing of its new business model, the Board has elected to
conduct a 1500 to 1 reverse stock split. The new fully
diluted share structure by the end of 2011 is expected to be
30,000,000 shares outstanding. As a result of this
announcement, the stock symbol will be changed temporarily from
SUTI to SUTID for a period of 20 business days after November 8, 2011.
Based upon the 6 month financial statements for Period Ending
June 30, 2011, the Company will now
show Earnings Per Share of $.03 based
upon a Net Profit of $963,143.
SUTIMCo International finished the 6 months ending June 30, 2011 with revenues of $1,827,500 and a Net Profit of $963,143. The Company's increase in sales
are a result of Venture Accelerator Agreements signed with various
University based technology companies.
"Although we understand the concerns of our shareholders, the
Company believes this recapitalization plan is necessary to
continue its growth objectives as we continue to finance the
University Technologies that we acquire. We expect the
profitability to continue and the new share structure will allow us
to better reflect Earning Per Share," stated Fred Rogers, Chairman of SUTIMCo International,
Inc.
For more information on SUTIMCo, its portfolio companies, and
University partners, please visit; http://www.suti.com
About SUTIMCo International, Inc.:
SUTIMCo International Inc. is a holding company, which utilizes
a unique and established platform to launch new technology
enterprises based on world-class university research discoveries.
SUTIMCo International through its wholly owned subsidiary SUTIMCo,
Inc., provides experienced management to early stage companies,
reducing risk and assuring the know-how in launching and growing a
new company. In addition to this skilled management team, SUTIMCo
can avail itself of the encyclopedic, informal knowledge of the
inventor, his experience and his research team.
Safe Harbor: Statements regarding financial matters in this
press release other than historical facts are "forward-looking
statements" within the meaning of section 27A of the Securities Act
of 1933, Section 21E of the Securities Exchange Act of 1934, and as
that term is defined in the Private Securities Litigation Reform
Act of 1995. The Company intends that such statements about the
Company's future expectations, including future revenues and
earnings, technology efficacy and all other forward-looking
statements be subject to the safe harbors created thereby. The
Company is a development stage company who continues to be
dependent upon outside capital to sustain its existence. Since
these statements (future operational results and sales) involve
risks and uncertainties and are subject to change at any time, the
Company's actual results may differ materially from expected
results.
Source: SUTIMCo International, Inc.
Investor Relations
407-389-5900
SOURCE SUTIMCo International, Inc.