SOURCE: Petroleum Consolidators of America, Inc.

March 24, 2010 18:45 ET

Petroleum Consolidators of America Issues Letter to Shareholders Regarding a 1 for 125 Reverse Stock Split of Its Shares of Common Stock

PALM BEACH GARDENS, FL--(Marketwire - March 24, 2010) -  Petroleum Consolidators of America, Inc. (PINKSHEETS: PCAI), a mobile telecommunications technology company, today issued the following letter to its shareholders:

Dear Shareholders:

Please be advised that, on March 12, 2010, the board of directors of Petroleum Consolidators of America, Inc., adopted resolutions authorizing and approving a reverse stock split of the company's shares of common stock, $.001 par value per share. The reverse stock split has also been approved by the written consent of shareholders holding a majority of the voting power of the company. The reverse stock split will be effected on a 1 for 125 basis and will be effective at the open of business on March 25, 2010. Our new trading symbol will be PCAID for a period of 20 days following March 25, 2010. 

Instead of issuing fractional shares, shareholders who would otherwise receive a fraction of a share in connection with the reverse stock split will have his or her share rounded up to a whole share. The reverse stock split will not affect the number or par value of the authorized shares of common stock of the company.

Our transfer agent, Computershare Trust Co., N.A., will act as exchange agent for the reverse stock split.

Commencing on the record date for the reverse stock split, each currently outstanding stock certificate will be deemed for all corporate purposes to evidence ownership of the reduced number of shares resulting from the reverse stock split. Currently outstanding certificates do not have to be surrendered in exchange for new certificates in connection with the reverse stock split. New stock certificates reflecting the number of shares resulting from the reverse stock split will be issued as currently outstanding certificates are transferred. If you hold your shares in "street name," our transfer agent will work with the applicable broker, bank, or other nominee to make appropriate adjustments to your shareholding. If you hold your shares in "book entry" form, adjustments will be made by our transfer agent to your transaction statement for the shares. The company has obtained a new CUSIP number for its shares of common stock.

If you have any question regarding the foregoing, please do not hesitate to contact us at (561) 962-2835. We appreciate your continued commitment to the company as we move forward.

Very truly yours,

/s/ Clifford M. Rhee
Clifford M. Rhee
President and CEO

About Petroleum Consolidators of America

Petroleum Consolidators of America, Inc., based in Palm Beach Gardens, through its subsidiaries and affiliates is a virtual telecommunications technology company with operations in Mississauga, Ontario, Canada, China and Korea. For more information about Petroleum Consolidators and its subsidiaries, please visit the company's web site at

Forward-Looking Statements

The statements made in this press release that are not historical facts contain forward-looking information that involves risks and uncertainties. All statements, other than statements of historical facts, which address Petroleum Consolidators' expectations, should be considered as forward-looking statements. Such statements are based on knowledge of the environment in which Petroleum Consolidators' currently operates, but because of the factors herein listed, as well as other factors beyond its control, actual results may differ materially from the expectations expressed in the forward-looking statements. Important factors that may cause actual results to differ from anticipated results include, but are not limited to, integrating the operations of the new companies, uncertainties related to any future acquisitions, regulatory requirements applicable to public companies, and other uncertainties.

Contact Information

  • For further information, contact:
    David Cohen
    Petroleum Consolidators of America, Inc.
    Tel: (561) 962-2835