Business
ALLARAE ANNOUNCES NAME CHANGE AND REVERSE STOCK SPLIT
ALLARAE ANNOUNCES NAME CHANGE AND REVERSE STOCK SPLIT.
About this update from The Kiley Group Inc
[{"type":"text","content":"Irving, TX September 12, 2008, Allarae Healthcare, Inc. (\"Allarae\") (OTC:PK ALHI) announced today that the Board of Directors of Allarae has approved a reverse stock split at a ratio of 1 for 100. The Board also authorized a name change for the company to MP2 Holdings, Inc. These steps were pursuant to a vote of a majority of the company's shareholders in which the Board was authorized to effect the reverse split and name change. Allarae common stock will begin trading on a reverse-split basis on September 12, 2008. The company will trade under the symbol \"MPTO\".\n\nAs a result of the reverse stock split, every 100 shares of Allarae common stock will be combined into one share of Allarae common stock. The reverse stock split affects all shares of common stock, stock options and warrants of Allarae outstanding as of immediately prior to the effective time of the reverse stock split. Allarae will not issue fractional shares as a result of the reverse stock split. Allarae will round up each fractional share such that any fractional shares resulting will be converted into the right to receive one whole share of common stock. \n\n\"These two transaction are designed to restructure the company to pursue other avenues of business and raise new capital for the company, stated company President Patrick Thomas. \n\nThe reverse stock split will reduce the number of shares of the Company's common stock outstanding from approximately 48,000,000 to approximately 480,000 shares. The number of authorized shares of common stock remains the same.\n\nAbout MP2 Technologies, Inc.:\nMP2 Technologies, Inc. will serve as a holding company for technology and service related businesses that can share common management resources and access to marketing channels. New acquisitions will be announced over time as opportunities that fit the company's acquisition profile become available. Acquired companies will benefit from MP2's public company expertise, executive management, and sales and marketing contacts throughout the world. More information on the company can be found at their website at www.mp2technologies.com .\n\nSafe Harbor Act Disclaimer: Forward-looking statements in this release are made pursuant to the Safe Harbor Provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risk...