RIDGEFIELD, Conn., Sept. 21 /PRNewswire/ -- ImmunoTechnology Corporation (OTC Bulletin Board:PDEC), which recently completed a business combination with Petals Decorative Accents LLC, has announced the completion of its name change to Petals Decorative Accents, Inc. ("Petals") and a 1-for-3 reverse split of its common stock. Upon today's market open, Petals' common stock will begin trading on a split -adjusted basis on the Bulletin Board under the new trading symbol PDEC. As a result of the reverse stock split, every three shares of Petals common stock will be combined into one share of common stock. The reverse stock split affects all the Company's common stock outstanding immediately prior to the effective date of the reverse stock split. The Company will pay cash in lieu of fractional shares based on the closing price of the common stock on September 20, 2006. The reverse split will reduce the number of shares of the Company's common stock outstanding from approximately 96.1 million to approximately 32 million shares. In addition, the number of authorized shares of common stock will not change.
Petals (www.petals.com), headquartered in Ridgefield, CT, is a premier direct marketer of silk flowers and home accessories in the United States.
Since its founding in 1996, Southridge advised funds have provided over $1 billion in growth capital to portfolio companies globally. Southridge is committed to funding companies with growth business models both domestically and internationally.
Investors are cautioned that certain statements contained in this press release, as well as some statements in periodic press releases and some oral statements of ImmunoTechnology Corporation officers and directors during presentations, are "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements include statements which are predictive in nature, which depend upon or refer to future events or conditions, which include words such as "expects," "anticipates," "intends," "plans," "believes," "estimates," or similar expressions. In addition, any statements concerning future financial performance (including future revenues, earnings or growth rates), ongoing business strategies or prospects, and possible future actions, which may be provided by management, are also forward-looking statements as defined by the Act. Some of the factors that could significantly impact the forward-looking statements in this press release include, but are not limited to: insufficient cash flow to continue to fund the marketing of the Company's products and a rejection of the Company's products by the marketplace. Forward-looking statements are based upon current expectations and projections about future events and are subject to risks, uncertainties, and assumptions about the Company, its products, economic and market factors and the markets the Company does business, among other things. These statements are not guarantees of future performance and the Company has no specific intention to update these statements. More detailed information about those factors is contained in ImmunoTechnology Corporation filings with the Securities and Exchange Commission. http://www.sec.gov.
Source: Southridge Capital Management