SCOTTSDALE, Ariz., Dec. 20, 2012 (GLOBE NEWSWIRE) -- iGO, Inc. (Nasdaq:IGOI) announced today that it has filed preliminary proxy materials requesting stockholder approval for an amendment to the Company's Certificate of Incorporation that would authorize the Board of Directors to effect a reverse stock split of the Company's common stock at a ratio in the range of 1:10 to 1:15, if deemed necessary. A reverse stock split may enable the Company to regain compliance with NASDAQ's $1.00 minimum bid price requirement and maintain its listing on the NASDAQ Capital Market.
As described in the preliminary proxy materials, iGO, Inc. will hold a special meeting of stockholders in Scottsdale, Arizona on Wednesday, January 23, 2013 at 10:00 a.m. local time to consider approval of the reverse stock split. The meeting will be held at the Company's headquarters located at 17800 North Perimeter Drive, Suite 200, Scottsdale, Arizona 85255. Stockholders of record at the close of business on December 24, 2012 will receive notice of the special meeting and be entitled to vote at the meeting. Further details of the special meeting and contemplated reverse stock split are set forth in the preliminary proxy materials filed today.
Definitive proxy materials for this special meeting of stockholders are expected to be filed on or about December 31, 2012, subject to review from the Securities and Exchange Commission (SEC).
This press release is not a solicitation of stockholders or their votes on the proposed reverse split. iGO, Inc. urges investors to review the proxy statement and other information filed with the SEC because they contain important information regarding the matters to be voted on at the special meeting. These documents are available without charge on the SEC website at www.sec.gov. A free copy of the preliminary proxy statement may also be obtained in the Investor Relations section of the Company's website at www.igo.com. Investors should read the proxy statement carefully before making any voting decision.
About iGO, Inc.
iGO, Inc. offers a full line of innovative accessories for almost every mobile electronic device on the market. Whether a consumer wants to power, protect, listen to, share, cool, hold or connect to their device, iGO has the accessories they need. iGO is also a leader in developing eco-friendly power solutions based on its patented iGO Green® technology, which automatically reduces the wasteful and expensive standby, or "vampire," power consumed by electronic devices.
iGO is a registered trademark of iGO, Inc. All other trademarks or registered trademarks are the property of their respective owners.
This press release contains "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act of 1934. The words "believe," "expect," "anticipate," "should," and other similar statements of our expectation identify forward-looking statements. These forward-looking statements are based largely on management's expectations and involve known and unknown risks, uncertainties and other factors, which may cause the Company's actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Risks that could cause results to differ materially from those expressed in these forward-looking statements include, among others, our ability to expand and diversify our customer base; increased focus of consumer electronics retailers on their own private label brands; our ability to expand our revenue base and develop new products and product enhancements; fluctuations in our operating results because of: increases in product costs from our suppliers, our suppliers' ability to perform, the timing of new product and technology introductions and product enhancements relative to our competitors, market acceptance of our products, the size and timing of customer orders, our ability to effectively manage inventory levels, delay or failure to fulfill orders for our products on a timely basis, distribution of or changes in our revenue among distribution partners and retailers, our inability to accurately forecast our contract manufacturing needs, difficulties with new product production implementation or supply chain, product defects and other product quality problems, the degree and rate of growth in our markets and the accompanying demand for our products, our ability to expand our internal and external sales forces and build the required infrastructure to meet anticipated growth, and seasonality of sales; our ability to manage our inventory levels; decreasing sales prices on our products over their sales cycles; our failure to integrate acquired businesses, products and technologies; our reliance on and the risk relating to outsourced manufacturing fulfillment of our products, including potential increases in manufacturing costs; the negative impacts of product returns; design and performance issues with our products; liability claims; our failure to expand or protect our proprietary rights and intellectual property; intellectual property infringement claims against us; our ability to hire and retain qualified personnel; our ability to secure additional financing to meet our future capital needs; increased competition and/or reduced demand in our industry; our failure to comply with domestic and international laws and regulations; economic conditions, political events, war, terrorism, public health issues, natural disasters and similar circumstances; that our common stock could be delisted from the NASDAQ Capital Market; volatility in our stock price; concentration of stock ownership among our executive officers and principal stockholders; provisions in our certificate of incorporation, bylaws and Delaware law, as well as our stockholder rights plan, that could make a proposed acquisition of the Company more difficult; and dilution resulting from potential future stock issuances.
Additionally, other factors that could cause actual results to differ materially from those set forth in, contemplated by, or underlying these forward-looking statements are included in the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 and the Company's Annual Report on Form 10-K for the year ended December 31, 2011 under the heading "Risk Factors." In light of these risks and uncertainties, the forward-looking statements contained in this press release may not prove to be accurate. The Company undertakes no obligation to publicly update or revise any forward-looking statements, or any facts, events, or circumstances after the date hereof that may bear upon forward-looking statements. Additionally, the Company does not undertake any responsibility to update you on the occurrence of unanticipated events which may cause actual results to differ from those expressed or implied by these forward-looking statements.
Tony Rossi Financial Profiles 310-478-2700 x13
Scottsdale, Arizona, UNITED STATES
Tony Rossi Financial Profiles 310-478-2700 x13
Day's Range: 2.30-2.33
Previous Close: 2.32
Market Cap: 6.69M
Day's Volume: 4,100