PORT CHARLOTTE, Fla., March 26 // PRNewswire-FirstCall // -- Obee's Franchise Systems, Inc. (OTC Pink Sheets: OBFM) announced today that its Board of Directors has approved a reverse split of Obee's Franchise System common stock at a ratio of 100-for-1 shares.
"We believe the reverse stock split will better position our company to apply for a listing on a national securities market or exchange. Our goal is to work towards meeting their listing standards, and reverse split of our shares will place us one significant step closer to achieving that goal. Moreover, the company believes that a higher share price would broaden OBFM's appeal to new investors," said Mr. Peter Brown, Division President of Obee's Franchise Systems, Inc.
Obee's Franchise Systems Inc., (OBFM, OTC Pink Sheets) is the parent company of obee's soup, salad, subs(R), a fast casual franchise chain offering a fascinating blend of fresh, healthy, and hearty choices. Obee's opened its first location in 1995 in Port Charlotte, Fl. and at present has over 50 locations open or under development. OBFM has commitments from a nationwide network of area developers to open an additional 1,000 stores over the next ten years.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, among others, the potential for additional customer growth from acquired operations and additional opportunities for growth. There are important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, including: general economic business conditions, unfavorable weather conditions, the success of certain cost containment initiatives, changes in regulations or regulatory treatment, availability and the cost of capital, the success of growth initiatives, and other factors discussed in our filings with the Securities and Exchange Commissions. Additionally, this release may not be considered as legal, accounting, or investment advice, and is not, and may not be considered, a solicitation for the purchase of any securities issued by Obee's Franchise System, Inc.
SOURCE Obee's Franchise Systems, Inc.