SOURCE: Worldwide Food Services, Inc.

Worldwide Food Services, Inc.

March 24, 2010 09:15 ET

Worldwide Food Services, Inc. (WFSVD) Announces Recapitalization of Its Share Structure

BORDENTOWN, NJ--(Marketwire - March 24, 2010) - WORLDWIDE FOOD SERVICES, INC. (Worldwide Food Services) (PINKSHEETS: WFSVD) (PINKSHEETS: WFSV) announces that it has recapitalized its common share structure. Management and the Board of Directors realized that the recapitalization of the Company's common share will be for the best interest the Company and its shareholders. With less stock outstanding and higher bid/ask price structure per share, this post-split market capitalization will better position the Company. This improved capitalization enables WFSVD to pursue and/or finalize pending acquisitions which should provide a better bottom-line revenue stream going forward.

The Company, with a 61.5% majority of shareholder approval, reversed at a 75:1 ratio of its common shares. The Company's shares will trade under the symbol WFSVD for the next 20 business days. At the end of 20-days, the symbol will once again trade under WFSV. The new Cusip number is 981473 20 0 and total shares outstanding is approximately 8,400,000.

Worldwide Food Services, Inc. is 100% Debt-free. The Company owes no suppliers or manufacturers; inventories that are held have all been paid for-in-full.

For further information about this release, contact Rich Kaiser, Investor Relations, YES INTERNATIONAL, #800-631-8127 and/or www.wwfoodservices.com.

Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: Certain information contained in this release contains forward-looking statements that involve risk and uncertainties, including but not limited to, those relating to development and expansion activities, domestic and global conditions, and market competition. 

Contact Information

  • CONTACT: WORLDWIDE FOOD SERVICES, INC.
    Rich Kaiser, Yes International, 800-631-8127