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Valcent Products Inc., (OTCBB: VCTZF) announced that effective July 16, 2009, the Company's shares will trade under the symbol, OTCBB: VCTZF (CUSIP No. 91881 20 2).
The Board of Directors and Shareholders of the Company authorized and approved a reverse split of the Company's common shares on June 22, 2009. The reverse stock split will be on a one new share for eighteen old shares basis for all of the Valcent Products Inc. issued and outstanding stock Shareholder's positions will automatically convert on the one (1) for eighteen (18) shares basis and requires no action on the Shareholder’s part.
The Company indicated the effect of this consolidation will reduce the number of shares issued and outstanding from 591,094,636 shares to 32,838,591 shares, which includes 29,829,451 post consolidated shares for settlement of US $11,105,780 of debt. Most of these shares for debt are subject to an eighteen month Lockup Agreement with staged releases beginning January 1, 2010.
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