HENDERSON, NV - (NewMediaWire) - August 12, 2015 - Café Serendipity Holdings, Inc. (OTC PINK: CAFS) (the "Company") is pleased to announce announced today that its Board of Directors and FINRA have approved a reverse split of the Company's common stock at a ratio of 1-for-10, commencing at the open of trading on August 13, 2015.
The Company's ticker symbol will be CAFSD for 20 trading days to designate that it is trading on a post-reverse split basis. Cafe Serendipity's post-split common stock will trade under the new CUSIP Number 12770A209. As a result of the reverse stock split, each 10 pre-split shares of common stock outstanding will automatically combine into one new share of common stock without any action on the part of the respective holders, and the number of outstanding common shares will be reduced from approximately 120 million shares to approximately 12.0 million shares. The reverse stock split will also apply to common stock issuable upon the conversion of outstanding notes payable and convertible preferred stock, and upon the exercise of outstanding warrants and stock options.
The Company's transfer agent, Standard Register and Transfer Co Inc., will provide instructions to stockholders regarding the process for exchanging shares. No fractional shares will be issued as a result of the reverse stock split, and stockholders who otherwise would be entitled to a fractional share will have their shares rounded up. The reverse stock split was previously approved by the Company's Board of Directors and ratified by the Company's stockholders on July 23, 2015.
About Café Serendipity Holdings, Inc.
Based in Henderson, Nevada, Café Serendipity Holdings, Inc. owns and operates Café Serendipity. The Company is a builder of upscale branded turnkey retail stores in the recreational adult use, and medical marijuana dispensary industry. The Company is marketing its unique brand and product lines through a coast to coast licensing network of Company approved stores and growers. The licensed stores and growers benefit from Café Serendipity's proprietary technology solutions, quality control sciences to the growers, ERP/POS systems and a growing list of tier 1 brands and vendors. The Company currently markets to the approximately 6,000 existing legal recreational adult use and medical marijuana dispensaries in the USA.
Safe Harbor: This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Café Serendipity, its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Café Serendipity Holdings, Inc. ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Café Serendipity Holdings, Inc. filings with the OTC Markets, Securities and Exchange Commission and/or the Company's website.