HENDERSON, NV--(Marketwired - January 19, 2016) - Inscor, Inc. (OTC PINK: IOGAD), the provider of the low-cost FIT OPEB plan marketed to municipalities and corporations as a solution to funding retiree and other employee benefits, today announced that on January 14, 2016, the Financial Industry Regulatory Authority ("FINRA") approved and made effective a 1-for-10,000 reverse stock split of its common stock previously approved by a majority of the Company's stockholders. An amendment to the the Company's articles of incorporation reflecting a change of the Company's name to Oicintra, Inc. was also approved. Effective on January 14, 2016, shareholders received 1 share of common stock for every 10,000 shares of Inscor's issued and outstanding common stock and equivalents they owned. The Company's stock began trading on a split-adjusted basis on January 14, 2016.
The reverse stock split effected all issued and outstanding shares of the Company's common stock. The reverse stock split reduced the total number of shares outstanding from approximately 330 million to approximately 33 thousand shares.
As of January 14, 2016, the ticker symbol for the Common Stock changed to "IOGAD" for a period of 20 business days, after which the "D" will be removed from the Company's ticker symbol, and the new ticker symbol of "OICT," reflective of its new name, will take effect.
Pursuant to the Reverse Stock Split, the total number of shares of Common Stock held by each stockholder of the Company automatically converted into the number of shares of Common Stock equal to: (i) the number of issued and outstanding shares of Common Stock held by each stockholder immediately prior to the Reverse Stock Split divided by (ii) 10,000. The Company will issue one whole share of the post-Reverse Stock Split Common Stock to any stockholder who otherwise would have received a fractional share as a result of the Reverse Stock Split. As a result, no fractional shares will be issued in connection with the Reverse Stock Split and no cash or other consideration will be paid in connection with any fractional shares that would otherwise have resulted from the Reverse Stock Split.
The Company treated stockholders holding shares of Common Stock in "street name" (that is, held through a bank, broker or other nominee) in the same manner as stockholders of record whose shares of common stock are registered in their names. Banks, brokers or other nominees have been instructed to effect the Reverse Stock Split for their beneficial holders holding shares of the Company's Common Stock in "street name;" however, these banks, brokers or other nominees may apply their own specific procedures for processing the Reverse Stock Split.
Stockholders who hold their shares in electronic form at brokerage firms do not need to take any action, as the effect of the Reverse Stock split should automatically be reflected in their brokerage accounts.
Stockholders holding paper certificates may (but are not required to) send the certificates to the Company's transfer agent and registrar, Signature Stock Transfer Company, at the address set forth below. Signature Stock will issue a new stock certificate reflecting the Reverse Stock Split to each requesting stockholder. Signature Stock can be contacted at (972) 612-4120.
Signature Stock Transfer Company
2632 Coachlight Court
Plano TX 75093
Keith McAllister, President and CEO of Oicintra, stated, "By completing this reverse stock split, we expect to gain broader access to the institutional investment community. This strengthened position will provide the availability of common stock necessary to fund future transactions which could enable us to implement broader goals that the company is examining."
About Oicintra, Inc.
Oicintra, Inc. specializes in the creation and implementation of flexible and effective insurance solutions for organizations serving as many as tens of millions of members across the globe. In the U.S., the Company markets its FIT OPEB plan to municipalities and corporations as a low-cost solution to funding retiree and other employee benefits. In addition, Oicintra's Financed Insurance Trust plan variation also works for affluent individuals, entertainers and professional athletes -- whether for estate planning or funding cash flow needs. Oicintra's strategy uses a combination of favorable financing terms, innovative uses of specific life insurance products and trusts -- all of which result in minimum levels of out-of-pocket costs for producing significant future funding and revenue stream opportunities. More recently, Oicintra has diversified its holdings and activities to include a broader range of non-insurance interests geared toward adding increased shareholder value.