Xstream Beverage (NASDAQ:XSBG)
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XStream Beverage Group Inc. Announces 1-for-20 Reverse Stock
Split
FORT LAUDERDALE, Fla., July 16 /PRNewswire-FirstCall/ -- XStream Beverage
Group, Inc. (OTC:XSBG) (BULLETIN BOARD: XSBG) announced today that its Board
of Directors has approved a one for 20 reverse stock split of the company's
outstanding common stock. XStream Beverage has approximately 47,854,417 shares
of common stock outstanding before the stock split which will be reduced to
approximately 2,392,721 shares giving effect to the stock split. The Board of
Directors decided to undertake the reverse stock split to reduce the cost to
trade the company's common stock and to achieve pricing more in line with
institutional price preferences and with most major exchanges.
The record date for the split is Friday, July 16, 2004 and it will be effective
at market open on Monday, July 19, 2004. Effective with the reverse stock
split the company's trading symbol on the OTC Bulletin Board will change to
"XSBV" and the new CUSIP number for its common stock will be 98415K207. Any
fractional shares, which might result from the split will be rounded up to the
nearest whole share. Stockholders of XStream Beverage are not required to
exchange their existing stock certificates for new certificates representing
the number of shares owned by the shareholder post-split as the transfer
records for XStream Beverage will be automatically adjusted by InterWest Stock
Transfer, its transfer agent.
About XStream Beverage Group, Inc.
XStream Beverage Group, Inc., http://www.xbev.com/, is a beverage brand owner
and distributor and is rapidly becoming a key player in the new age beverage
category. The company plans to continue acquiring small- to medium- sized
beverage distributors, developing brands under its own label or through
acquisition and leveraging those brands through its current and future
distribution channels. The company is a fully reporting, public entity trading
on the OTC Bulletin Board.
This press release includes forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other factors
which may cause actual results, performance or achievements of the Company to
be materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include
failure to complete successfully the development of new or enhanced products,
the Company's future capital needs, the success of competitive products,
fluctuations in costs, changes in consumer preferences and other items
described in the Company's Securities and Exchange Commission filings. The
Company undertakes no obligation to update any statements in this press
release.
Contact:
Peter Nasca
Peter Nasca Associates, Inc.
Chicago: 312-421-0723
Miami: 305-937-1711
For Investor Relations:
Bob Giordano
212-495-0200 extension 10
SOURCE XStream Beverage Group, Inc.
CONTACT: Peter Nasca, of Peter Nasca Associates, Inc., +1-312-421-0723
or +1-305-937-1711, or , for XStream Beverage Group, Inc.; or
investor relations, Bob Giordano for XStream Beverage Group, Inc.,
+1-212-495-0200, ext. 10
Web site: http://www.xbev.com/