LOS ANGELES, Sept. 19 /PRNewswire-FirstCall/ -- Signalife, Inc. (OTC Bulletin Board: SGNX) announced that the company's previously-announced reverse stock split has been effected as of 4:00 pm on September 19, 2008, following the close of the Over The Counter Bulletin Board ("OTCBB") market. The exact reverse ratio, based upon a post-split target price of $45 per share based upon the closing price for Signalife's common stock as quoted by the OTCBB on September 19, 2008, is one-for-4500. Fractional shares will be rounded up to the next full share. Post-split quotations and trades of Signalife common shares will commence on the OTCBB upon the opening of the market on Monday, September 22, 2008 under the new symbol "SGAL".
The reverse stock split has been structured in the form of a mandatory share exchange, meaning that each shareholder will be required to first exchange his or her certificate with the company's stock transfer agent in order to change title incident to any sale or other transaction. The exchange of common shares beneficially held in street name (i.e., through a broker- dealer) will most likely be effected through the Depository Trust Corporation without the necessity of the beneficial holder submitting his or her shares for exchange. Shares held directly in the name of the shareholder or other than in street name (such as in the case of the company's principal shareholder, ARC Finance Group, LLC), will need to be exchanged by the shareholder of record with the company's stock transfer agent. Should any shareholder have any questions relating to the mechanics of the mandatory share exchange, he or she should contact Signalife's stock transfer agent, Standard Registrar and Transfer Company, Inc., 12528 South 1840 East Draper, Utah 84020, Tel: 801-571-8844, Fax: 801-571-2551, and e-mail:
About Signalife
Signalife, Inc. is a life sciences company focused on the monitoring, detection and prevention of disease through continuous biomedical signal monitoring. Signalife uses its patented signal technology to design and develop medical devices, therapies and/or technologies that simplify and reduce the costs of cardiovascular disease.
Signalife, Inc. is traded on the OTC Bulletin Board as SGAL. More information is located at http://www.signalife.com/. Clear Data. Trusted Results.
Caution Regarding Forward-Looking Statements
Statements in this release that are not strictly historical are "forward- looking" statements. Forward-looking statements involve known and unknown risks, which may cause the companies' actual results in the future to differ materially from expected results. Factors which could cause or contribute to such differences include, but are not limited to, failure to complete the development and introduction of heart monitoring and other biomedical devices incorporating the companies' technology procure market acceptance for these products, failure to obtain federal or state or governmental or international regulatory approvals governing heart monitoring and other biomedical devices incorporating the technology, failure to obtain import and export capabilities in the various countries containing buyers and resellers and hospitals and clinics and doctors for the devices, inability to obtain physician, patient or insurance acceptance of or for heart monitoring and other biomedical incorporating of the technologies, and the unavailability of financing to complete management's plans will pose substantial regulatory and legal risks to those who wish to engage in repeated naked short selling. All of these risks are qualified objectives, including the development of heart monitoring and other biomedical and information solutions incorporating the companies' technologies. There is also a risk of extraordinary and documented short selling, and several related lawsuits -- several identical class action suits against former Signalife CEO's and current lower level management, and the other a large lawsuit by Signalife for the theft of assets and other activities brought about by the naked short sellers. The public is advised that these lawsuits and the risk of naked short selling pose risks. However, naked short sellers are advised that Signalife now has the means of evaluating each naked short trade and -- because there will be far less stock outstanding after the date of the reverse stock split - any naked short selling (i.e., without borrowing stock, lawfully) will subject the culprits to lawsuits including state and federal lawsuits and wrongful death lawsuits. These risks are subject, in their entirety, by cautionary language and risk factors set forth and to be further described in Signalife's filings with the Securities and Exchange Commission.
