Johnstown, PA (PRWEB) June 27, 2012
EP Global Communications, Inc. (the Company) , (Pink Sheets: EPGL.PK), is pleased to announce that on June 8, 2012 , shareholders approved the proposed 10:1 reverse split and restructuring plan. Accordingly, as of June 21, 2012 the Company has entered a Definitive Restructuring Agreement with the major corporate parties and restructuring partners including the Company, the joint liquidators of the various AJW Funds from PwC Corporate Finance and Recovery (Caymans) Limited and Digital Health Sciences, Inc. a U.S. medical device company.
The Company has set an approximate date of July 8, 2012 for the “effective date” of the 10:1 reverse split. Upon the reverse split, the outstanding shares of EPGL common stock will be reduced to approximately 499 million shares outstanding. Shareholders should expect the ask price for Company common stock, to increase mathematically by ten times the last asking price prior to the reverse split, as a result. Share price will fluctuate from that point based on market conditions and investor interest.
As per the Definitive Restructuring Agreement the Company has now converted 100% of its major debt holders to that of equity holders in the newly restructured Company, extinguishing nearly $10 million dollars of debt. Also, upon the reverse split, the Company will close on the acquisition of Digital Health Sciences, Inc., a U.S. medical device company holding license to all rights, title and interest in SPOC, LLC., maker of the Muscle Pain Detection Device or MPDD which is an extremely promising new medical device, researched and developed by leading scientists at New York University and has not been marketed to physicians anywhere in the world, as yet. As a result of this transaction, SPOC, LLC will be wound up and dissolved. The assets of SPOC, LLC include but are not limited to, the MPDD device itself, device designs, existing devices, and FDA 510k clearance for marketing and manufacturing of the device. The Company plans for this device to be the first of several medical devices it will market in the future.
Joseph M. Valenzano Jr. has resigned from the company along with all previous management and Directors as of June 22, 2012. Prior to departure, previous management approved the changing of the Corporate Charter to that of Medical Device Manufacturer. The restructuring partners are currently in talks with new management candidates and have chosen a new Company Medical Director who’s name will be announced in the near future via press release. Additionally, a new company website will be revealed in the near future.
The restructuring partners look forward to bringing significant value back to the Company and its shareholders. More public announcements will be forthcoming in the near future regarding exact date for the reverse split, new management and new financial disclosures.
About EP Global Communications, Inc.
EP Global Communications, Inc. is a medical device manufacturer and marketing company with exclusive rights to a new FDA 510k cleared medical device called the Muscle Pain Detection Device. The MPDD is a revolutionary new diagnostic tool for the detection of muscular originated pain in the human body.
Safe Harbor Statement
Certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbors from liability established by the Private Securities Litigation Reform Act of 1995. In particular, the Company's statements regarding trends in the marketplace and potential future results are examples of such forward-looking statements. The forward-looking statements include risks and uncertainties, including, but not limited to, the timing of projects due to the variability in size, scope and duration of projects, estimates made by management with respect to the Company's critical accounting policies, regulatory delays, clinical study results which lead to reductions or cancellations of projects, and other factors, including general economic conditions and regulatory developments, not within the Company's control. The factors discussed herein and expressed from time to time in the Company's filings with the Securities and Exchange Commission could cause actual results and developments to be materially different from those expressed in or implied by such statements. The forward-looking statements are made only as of the date of this press release and the Company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances