MONTVALE, NJ--(Marketwired - Dec 11, 2013) - Beneficial Holdings Inc. (OTC Pink: BFHJ) today announced December 12 as the effective date of the previously-announced 1:5,000 reverse split of its Common Stock.
"We are pleased that FINRA, CUSIP and Nevada (our state of incorporation) have reviewed and approved of our reverse split of our Common Stock to accommodate our acquisitions as well as opening the door for future financing of our growth plans," Chairman, President and Chief Executive Officer Gregory N. Senkevitch said in making the announcement.
FINRA announced today that the reverse split will be reflected in trading tomorrow, December 12, in the Over-the-Counter market under the stock symbol: BFHJD. The fifth letter "D" will be added for 20 business days, including the effective date, and then revert back to BFHJ. There were 4,099,999,952 common shares outstanding prior to the reverse split with 4,099,179,952 being cancelled as part of the reverse split; leaving 820,000 common shares outstanding after the reverse split. In addition, the 2,000,000 shares of Series "B" Preferred Stock will continue to be convertible into the greater of 2,000,000 shares of Common Stock or 51% of the aggregate amount of outstanding Common Stock, inclusive of the common shares to be issued to the Series "B" Preferred Stock, assuming all the Series "B" Preferred Stock is converted into Common Stock. No member of management or their beneficiaries has engaged in any sale or purchase of the Company's common shares or equity-related securities during 2013.
Existing shareholders who hold their own stock certificates with CUSIP number 081909103 in BFHJ are required to exchange by certified mail such certificates for new ones with transfer agent, Action Stock Transfer, 2469 East Fort Union Boulevard, Suite 214, Salt Lake City, UT 84121; ATTN: Justeene Blankenship; www.actionstocktransfer.com. The new CUSIP number for the Common Stock will be 081909202.
"Our due diligence regarding the previously-announced acquisitions of Green RG Holdings, LLC ("Green RG") of Manalapan, NJ and Wanassa Holdings Company, LLC ("Green Econometrics") of Clifton, NJ will be completed prior to year-end. We expect that the Company's December 31, 2013 financial results will reflect the reverse split of Common Stock and the results of operations of the to proposed acquisitions," Senkevitch said.
"This segment of our recapitalization plan is an integral part of Creating Value from Market Knowledge," he concluded.
ABOUT BENEFICIAL HOLDINGS, INC.
Beneficial Holdings, Inc. is a holding company currently operating in the real estate services sector. The Company is seeking to acquire and invest in operating service-oriented businesses in the real estate, financial services and energy management sectors. For more information on the Company please visit our web site at www.beneficial-holdings.net.
FORWARD-LOOKING STATEMENTS
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. As a general matter, forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements use forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook" and similar expressions.
The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends and economic recoveries. All information in this news release is as of December 11, 2013. The Company does not undertake a duty to update forward-looking statements, including its projected operating results.