COPPELL, Texas--(BUSINESS WIRE)--Jan. 9, 2012--
Today, Mannatech, Incorporated, held a special meeting of its
shareholders and obtained shareholders’ approval for the company’s
proposed reverse stock split. Shareholders of 19,347,703 shares of
Mannatech stock, which represents 73.05% of the total outstanding
shares, voted “FOR” the proposal. Approval of the proposal gives
Mannatech’s Board of Directors the authority to amend the company’s
Articles of Incorporation and effect a reverse split of the company’s
common stock at a specific ratio within the range of 1-for-10 and
1-for-15.
At a subsequent Board of Directors’ meeting held after the shareholders’
meeting, the Board of Directors passed a resolution to set the ratio for
the stock split at 1-for-10. It is intended that the reverse stock split
will be effected, and an amendment to the company’s Amended and Restated
Articles of Incorporation will be filed on January 13, 2012.
“We believe the reverse stock split is the most effective means for
maintaining our listing on NASDAQ,” said J. Stanley Fredrick, Chairman
of the Board. “We also believe that a higher per-share market price of
our common stock could encourage investor interest in the company and
promote greater liquidity for our shareholders.”
“This move is strategic for the company. I believe it is an additional
measure to strengthen the company’s footing as we start the 2012
business year,” said Mannatech’s CEO, Dr. Robert A. Sinnott.
About Mannatech
Mannatech, Incorporated, develops high-quality health, weight and
fitness, and skin care products that are based on the solid foundation
of nutritional science and development standards. Mannatech is dedicated
to its platform of Social Entrepreneurship based on the foundation of
promoting, aiding and optimizing nutrition where it is needed most
around the world. Mannatech’s proprietary products are available through
independent sales Associates around the globe including the United
States, the United Kingdom, Canada, South Africa, Australia, New
Zealand, Austria, Denmark, Germany, Norway, Sweden, the Netherlands,
Japan, Taiwan, Singapore, Estonia, Finland, the Republic of Ireland,
Czech Republic, the Republic of Korea and Mexico. For more information,
visit Mannatech.com.
Please note: This release contains “forward-looking statements”
within the meaning of Section 27A of the Securities Act of 1933, as
amended, Section 21E of the Securities Exchange Act of 1934, as amended,
and the Private Securities Litigation Reform Act of 1995. These
forward-looking statements generally can be identified by use of phrases
or terminology such as “believe,” “intend” or other similar words or the
negative of such terminology. Similarly, descriptions of Mannatech’s
objectives, strategies, plans, goals or targets contained herein are
also considered forward-looking statements. Mannatech believes this
release should be read in conjunction with all of its filings with the
United States Securities and Exchange Commission and cautions its
readers that these forward-looking statements are subject to certain
events, risks, uncertainties and other factors. Some of these factors
include, among others, Mannatech’s inability to attract and retain
Associates and Members, increases in competition, litigation, regulatory
changes and its planned growth into new international markets. Although
Mannatech believes that the expectations, statements and assumptions
reflected in these forward-looking statements are reasonable, it
cautions readers to always consider all of the risk factors and any
other cautionary statements carefully in evaluating each forward-looking
statement in this release, as well as those set forth in its latest
Annual Report on Form 10-K and Quarterly Report on Form 10-Q, and other
filings filed with the United States Securities and Exchange Commission,
including its current reports on Form 8-K. All of the forward-looking
statements contained herein speak only as of the date of this release.
Source: Mannatech, Incorporated
Mannatech, Incorporated
Brett Duncan, 972-471-7367
bduncan@mannatech.com