LAS VEGAS, Jan. 5, 2011 (GLOBE NEWSWIRE) -- Ideal Financial Solutions, Inc. (Pink Sheets:IFSL), a creator of various financial products and services for businesses and individuals, today announced that it has determined to effect a two hundred-for-one (200:1) consolidation (a/k/a reverse split) of its common stock and Series A Preferred Stock to be effective as of January 6, 2011 at 6:00 A.M. Eastern Time.
The record date for the consolidation is January 5, 2011, at 11:59 P.M. Eastern Time. The consolidated common stock is expected to begin trading on a post-consolidation basis on January 6, 2011 on the OTC Pink Sheets.
"After long study and thoughtful consideration, we have decided to execute a 200-for-1 reverse split," said Steve Sunyich, CEO, Ideal Financial Solutions. "We firmly believe that a higher stock price will assist in attracting institutional investors and others who would not consider a sub-penny equity. And despite our faith in our company and business model, without enacting a significant split, attaining such a price point would have required an exponential appreciation of unlikely proportions. We firmly believe this is the right move for Ideal Financial and its shareholders."
Chief Financial Officer Ben Larsen added, "We also discovered that it was imperative that we effectuate this reverse split in order to get our share-price at a level that would make it more appealing for a broker to file with FINRA a Form 15c-211 to initiate quotations on the OTC Bulletin Board. This is an important, purposeful step toward maturity as we move off the Pink Sheets and out of the sub-penny price range."
In addition to this action, members of top management have forgiven $250,000 in accrued wages. "We know our future is tied to the company's future and believe that the removal of these liabilities benefits the company and is in the long run more beneficial to us and all shareholders of Ideal Financial," added Sunyich. "It is also important to note that we have significantly decreased the number of authorized shares as described in the full filing."
Investors are encouraged to review the detailed filing on EDGAR and to contact Investor Relations for more information.
About Ideal Financial Solutions
Based in Las Vegas, Nevada, Ideal Financial Solutions (www.idealfsi.com) provides the education, support and automated tools to create additional cash resources, rapidly eliminate all non-asset-building debt and build financial independence. As a leader in debt relief services, Ideal uses its automated CashFlow Management© tools (www.myifs.com) and its Credit to Wealth Systems to assist individuals, families and small businesses in building financial independence. To view more information on Ideal's new humanitarian program soon to be launched, please visit www.idealgoodness.com. To view a short video demo of our services, go to: http://www.youtube.com/watch?v=GFTKoRkByu0
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Forward Looking Statements. This release may contain forward-looking statements as well as historical information. Forward-looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue," or similar terms or the negative of these terms. Forward-looking statements, which are included in accordance with the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, may involve risks, uncertainties and other factors that may cause the company's actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this release. These risks include, without limitation, the risk that the company stock price will not increase proportionate with the reverse stock split and that, despite the reverse split, brokers may continue to elect not to make the filings necessary to move the company's common stock onto the OTC Bulletin Board. The company expressly disclaims any obligation to update or revise any forward-looking statements found herein.