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Universal Media's BOD approves consolidation of capital stocks
16 Feb '06
2 min read
Universal Media Holdings Inc announced that a 300 for 1 reverse split of the outstanding common stock of the company has been approved and implemented by the Board of Directors.
The consolidation of the capital stock of the company and the trading of shares on a split-adjusted basis will be effective, under the new trading symbol UMHG.
The re-structuring of the common stock of the company is in preparation of the completion of the acquisition of Lyric Jeans, Inc, the details of which are expected to be announced soon.
Lyric Jeans Inc, a Florida corporation, is the innovator and manufacturer of high-end denim wear characterized by a unique design that incorporates the printing of the lyrics and titles of significant and memorable hit songs directly onto the surface of denim jeans and clothing accessories.
Through this unique fusion of fashion and music, the company plans to enter into agreements with music publishing companies and recording artists to obtain licenses for hit songs, which will be used on their exclusive line of clothing.
The company will use the lyrics and titles from all genres of music, appealing to a cross-section of various tastes and interests, thereby enabling it to market its products on a worldwide platform.
The royalty sharing mechanism to be employed by the company will be the first of its kind, allowing the company to share its success with hit artists, songwriters and publishers.
The consolidation of the capital stock of the company and the trading of shares on a split-adjusted basis will be effective, under the new trading symbol UMHG.
The re-structuring of the common stock of the company is in preparation of the completion of the acquisition of Lyric Jeans, Inc, the details of which are expected to be announced soon.
Lyric Jeans Inc, a Florida corporation, is the innovator and manufacturer of high-end denim wear characterized by a unique design that incorporates the printing of the lyrics and titles of significant and memorable hit songs directly onto the surface of denim jeans and clothing accessories.
Through this unique fusion of fashion and music, the company plans to enter into agreements with music publishing companies and recording artists to obtain licenses for hit songs, which will be used on their exclusive line of clothing.
The company will use the lyrics and titles from all genres of music, appealing to a cross-section of various tastes and interests, thereby enabling it to market its products on a worldwide platform.
The royalty sharing mechanism to be employed by the company will be the first of its kind, allowing the company to share its success with hit artists, songwriters and publishers.
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