MINNEAPOLIS, MN, United States, via ETELIGIS INC., 10/24/2014 – – Skyline Medical Inc. (OTCQB: SKLN, SKLND), developer of the revolutionary FDA-approved STREAMWAY® System for safer and more cost-effective fluid waste management, announced a 1-for-75 reverse split of its common shares. Subject to a final announcement by FINRA, we expect the reverse split to be effective October 28, 2014. This is an important step in the execution of Skyline’s growth vision as it seeks to list its common stock on the NASDAQ Capital Market.
The Company’s common stock will trade on a post-split basis under the ticker symbol “SKLND” for 20 business days beginning on October 28, 2014 and then revert back to “SKLN” thereafter. The new CUSIP number for Skyline’s common stock post-reverse stock split will be 83084T 309.
At the effective time of the reverse stock split, every 75 shares of Skyline’s issued and outstanding common stock will automatically be combined into 1 issued and outstanding share of common stock. The number of shares of common stock underlying Skyline’s options, warrants, convertible securities or other rights to acquire shares of common stock will be adjusted accordingly. This will reduce the number of outstanding common shares of Skyline from approximately 225 million to approximately 3 million. In conjunction with the reverse stock split, Skyline will decrease the number of its authorized shares of common stock from 800,000,000 to 10,666,667. Stockholders approved the reverse split and the reduction in authorized shares by action taken on December 31, 2013. Additional information can be found in a Form 8-K filed with the Securities and Exchange Commission on October 24, 2014.
“The reverse stock split will help us satisfy certain requirements, as part of our plan to list on the NASDAQ," said Skyline Medical CEO Josh Kornberg. "It will also raise awareness and visibility of our stock with a broader range of institutional investors, without fundamentally changing stockholder value or the company’s market capitalization.”
“We’ve been successfully building the STREAMWAY System into the new standard of care in medical waste fluid management,” Kornberg explained. “Now we’re looking to further strengthen our financial position and expand our resources so we can provide even more hospital systems with a way to protect their staff while reducing costs and environmental waste.”
Proportionate voting rights and other rights of common stockholders will not be affected by the reverse split, other than as a result of the rounding up of fractional shares. Stockholders who would otherwise hold a fractional share of common stock will receive an increase to their common shares as the common stock will be rounded up to a full share. Please direct any questions you may have regarding rounding up for fractional shares to your broker or our transfer agent, Corporate Stock Transfer, Inc., by calling 303-282-4800.
About Skyline Medical Inc.:
Skyline Medical Inc. produces a fully automated, patented, FDA-cleared, waste fluid disposal system that virtually eliminates staff exposure to blood, irrigation fluid and other potentially infectious fluids found in the healthcare environment. Antiquated manual fluid handling methods — which require hand carrying and emptying filled-fluid canisters — present an exposure risk and potential liability. Skyline Medical’s STREAMWAY System fully automates the collection, measurement and disposal of waste fluids and is designed to: 1) reduce overhead costs to hospitals and surgical centers, 2) improve compliance with Occupational State and Health Association (OSHA) and other regulatory agency safety guidelines, 3) improve efficiency in the operating room, and radiology and endoscopy departments — leading to greater profitability, and 4) provide greater environmental stewardship by helping to eliminate the approximately 50 million potentially disease-infected canisters that go into landfills annually in the United States. For additional information, please visit: www.skylinemedical.com.
Certain of the matters discussed in this announcement contain forward-looking statements that involve material risks to and uncertainties in the company’s business that may cause actual results to differ materially from those anticipated by the statements made herein. Such risks and uncertainties include, among other things, inability to raise sufficient additional capital to operate our business; approximately $3.4 million in debts, liabilities and cash obligations that predominantly become due in calendar 2014; unexpected costs and operating deficits, and lower than expected sales and revenues, if any; uncertain willingness and ability of customers to adopt new technologies and other factors that may affect further market acceptance, if our product is not accepted by our potential customers, it is unlikely that we will ever become profitable, adverse economic conditions; adverse results of any legal proceedings; the volatility of our operating results and financial condition; inability to attract or retain qualified senior management personnel, including sales and marketing personnel; our ability to establish and maintain the proprietary nature of our technology through the patent process, as well as our ability to possibly license from others patents and patent applications necessary to develop products; the Company’s ability to implement its long range business plan for various applications of its technology; the Company’s ability to enter into agreements with any necessary marketing and/or distribution partners; the impact of competition, the obtaining and maintenance of any necessary regulatory clearances applicable to applications of the Company’s technology; and management of growth and other risks and uncertainties that may be detailed from time to time in the Company’s reports filed with the Securities and Exchange Commission, which are available for review at www.sec.gov. This is not a solicitation to buy or sell securities and does not purport to be an analysis of the company’s financial position. See the Company’s most recent Annual Report on Form 10-K, and subsequent reports and other filings at www.sec.gov.
Skyline Investor Relations Contacts:
Phil Carlson / Elizabeth Barker
KCSA Strategic Communications
212-896-1233 / 212-896-1203
SOURCE: Skyline Medical Inc.