LANGLEY, British Columbia, Oct. 10, 2007 (PRIME NEWSWIRE) -- Nitro Lube, Inc. (Pink Sheets:NLUB) today announced that the Board of Directors has authorized a reverse split of its common stock at the direction of its shareholders.
Description Of Split: The issued common stock of the Company is to be reverse split at a rate of 1 for 2,000. Said split shall become effective at the opening of business on Monday, October 15, 2007. All fractions caused as a result of the split will be rounded down and the Board of Directors has determined that $.05 will be paid in lieu of fractions upon receipt of a written request of the Company received at its offices located at: 22652 Fraser Hwy, Langley, B.C. V2Z 2T8.
About Nitro Lube, Inc.
Nitro Lube, Inc. is a marketing and holding corporation, organized under the laws of the state of Nevada on March 22, 1996. Nitro Lube, Inc. currently owns 100% of Nitro Lube Canada, Ltd. (a Canadian corporation) and 100% of Nitro Lube USA, Inc. (a Nevada corporation). Nitro Lube Canada is engaged in the business of manufacturing and worldwide marketing of high tech lubricants and fuel conditioners while Nitro Lube USA is currently in development. All products produced and sold by Nitro Lube contain the revolutionary "PMF2000" formula. Nitro Lube, Inc. has offices in Langley, B.C., Canada and an executive office in Palm Desert, California, USA. The company's subsidiaries maintain websites at: http://www.nitrolube.com and http://www.nitrolubeusa.com.
This press release contains statements which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Nitro Lube, Inc., and members of management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and actual results may differ materially from those contemplated by such forward-looking statements. These risks and uncertainties include, among other things, volatility of market prices, product demand, market competition, risks inherent in the Company's international operations, and the Company's ability to expand. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.