Iglue, Inc Changes Company Name to AC Partners, Inc.
And
Announces a 1:250 Reverse Stock Split of Its Common Stock
West Palm Beach, FL – February 19, 2018. Iglue, Inc. announced today that it has changed its company name to AC Partners, Inc. The goal of the name change is to continue with the corporate reorganization and leverage the strength of the recently acquired AC Partners of Florida, Inc.
The Company also announced today that it will implement a 1-for-250 reverse stock split of its common stock. The Company filed an amendment to its Certificate of Incorporation to affect the reverse stock split effective February 5, 2018.
The Company expects that the common stock will trade on a split-adjusted basis under the symbol “IGLUD” which will be updated to “ACPS” on or about March 5, 2018 in accordance with the Corporations name change. The new CUSIP number for the common stock following the reverse stock split and name change is 0090X108.
The reverse stock split will reduce the number of shares of the Company's common stock currently outstanding from approximately 411 million shares to approximately 1.7 million shares. Proportionate adjustments will be made to the conversion and exercise prices of the Company's outstanding stock purchase warrants, stock options, restricted stock units and to the number of shares issued under the Company's equity incentive plans.
“AC Partners, Inc. will continue its reorganization efforts in order to bring value to the Company’s shareholders”, said Kenneth Boutilier, Chief Executive Officer and President of AC Partners, Inc.
Along with the name change, the company is working on adopting a new corporate identity, including a new logo and visual identity, and a new website. The changes are effective immediately, and all future business activity will be undertaken with the new name.
Information for Stockholders
Upon the effectiveness of the reverse stock split, each two hundred Fifty (250) shares of the Company's issued and outstanding common stock will be automatically combined and converted into one issued and outstanding share of common stock. The reverse stock split will affect all stockholders uniformly and will not alter any stockholder's percentage interest in the Company's equity, except to the extent that the reverse stock split would result in a stockholder owning a fractional share. Holders of common stock otherwise entitled to a fractional share as a result of the reverse stock split will be eligible to sell their stock back to the Company. The reverse stock split will not change the par value of the common stock or modify the rights or preferences of the common stock.
About AC Partners, Inc.
AC Partners, Inc. is a leading provider of residential mechanical services in the Southeast Florida market. The Corporation has offices in West Palm Beach, Florida.
This press release contains 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. When used in this press release, the words "intends," "believes," "anticipated," "plans" and "expects" and similar expressions are intended to identify forward-looking statements. Forward-looking statements include, without limitation, the Company's ability to compete in its marketplace. Such statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. AC Partners, Inc. undertakes no obligation to publicly release the result of any revision to these forward-looking statements that may be made to reflect the events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Contact:
Kenneth Boutilier
Chief Executive Officer
Acpartners1@aol.com