US: Xstream approves stock split, appoints CEO
XStream Beverage Network has approved a one-for-400 reverse stock split of its outstanding common stock and restructured its business.
The company said that, as of today (7 August), the split and the stock will trade on a post-split basis at market. The US soft drinks producer has approximately 78.2m shares of common stock outstanding before the stock split which will be reduced to approximately 195,418 shares following the split. The company's new trading symbol on the OTC Bulletin Board will become 'XBVG'.
As part of its plans, Xstream has recruited Ron Ratner, previously vice president of Networth Acquisitions, to the positions of interim president and CEO
"The recent sale by XStream of it's Maryland distribution centre, Xstream Beverage Network of Maryland, is a step in the right direction in changing the company's focus," Ratner said. "By not having to worry about distribution we can now concentrate on our brands."
Ratner added: "I am very optimistic about this new direction and will continue to work with our debt holders, the majority of which have been very cooperative in our efforts to bring about an effective and mutually agreeable resolution of any outstanding matters."
XStream also noted that it is currently in merger talks with a number of companies, but did not divulge any specific details.
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