SOURCE: Tulip BioMed, Inc.

October 03, 2007 09:36 ET

Tulip BioMed, Inc. Announces Symbol Change: Old Symbol TPBD, New Symbol TPBM

SAN DIEGO, CA--(Marketwire - October 3, 2007) - Tulip BioMed™, Inc. (PINKSHEETS: TPBM), a developer of medical devices for the living tissues market, including plastic, cosmetic, and orthopedic surgeries, today announced a change in its trading symbol commensurate with the 10-for-1 reverse split that become effective today, October 3, 2007. The reverse split was previously announced in a September 12, 2007 press release.

As part of this action, and as also previously announced, approximately 25 percent of the issued and outstanding shares of the company were cancelled by the Board of Directors as they were believed to be issued without proper legal consideration, or voluntarily returned to the company for cancellation.

The 10-for-1 reverse split was authorized and approved by greater than 50 percent of the shareholders of the company at a special shareholders meeting held on June 15, 2007. As a result of the reverse stock split, every 10 shares of equity (including common or preferred stock) of the company will be combined into one share of the same type of equity (10 shares of common stock are combined into one share of common stock; 10 shares of preferred stock are combined into one share of preferred stock). At the time of the reverse stock split becoming effective, the price of the stock will increase in direct proportion to the reverse stock split, that is, by a factor of 10. The number of shares subject to the company's outstanding options and warrants will be reduced in the same ratio as the reduction in the outstanding shares (10-for-1), and the per share exercise price of those options and warrants will be increased in direct proportion to the reverse stock split ratio (increased by a factor of 10).

Shareholders of the company who have questions regarding the reverse stock split are encouraged to call the company at (619) 298-6800. Shareholders who wish to obtain a new certificate reflecting the reverse split, for a fee, can contact the transfer agent: Signature Stock Transfer, Inc., One Preston Park, 2301 Ohio Drive, Suite 100, Plano, Texas 75093, telephone (972) 612-4120.

About Tulip BioMed, Inc.

Tulip BioMed, Inc., a Nevada corporation, has its operations based in San Diego, California. For more information, please call 1-800-97TULIP (1-800-978-8547). Products and new pricing structure are available for sale at www.tulipdisposable.com.

Safe Harbor: This press release contains certain forward-looking information about Tulip BioMed, Inc., which is intended to be covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995.

Contact Information

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