SOURCE: Cooper Holding Corp.

July 13, 2012 14:39 ET

Cooper Holding Provides Details of 3 Billion Share AS Reduction

COTTAGE GROVE, TN--(Marketwire - Jul 13, 2012) - Cooper Holding Corp. (PINKSHEETS: COHO) today released details of its new capital structure.

Executive Vice President, Timothy Durant, commented, "Mr. Cooper is planning to update the shareholders, in the very near future, on significant developments affecting the future of the corporation. While I can't speak to his specific intentions I wanted to provide details of the share structure change as promised.

"After our most recent round of cuts the authorized common count stands at 1 Billion and the preferred count is at 20 million. The current outstanding common count is at 743,945,913, the non-restricted common count is at 689,091,824, and the preferred count is at 1. The current float stands at 531,091,824 and is up slightly from our last filing, the change was necessary and given our current position I think well worth it. We do not see any of these numbers increasing, any time soon, as it would be contrary to our current efforts. The one preferred share, that is not convertible, was issued to Mr. Cooper and guarantees 51% of the voting rights. Since our common shares carry equal weight this was necessary in anticipation of a large block owner.

"The Board of Directors has agreed to begin increasing our individual ownership positions by purchasing shares on the open market and those purchases will be reflected in future filings. We have also agreed to further cuts to both the AS and OS provided it's in the best interest of both the corporation and its shareholders. We've been very careful when releasing information and will continue to do so. It's important that we continue to build confidence and trust in the management team and we don't want to do anything to jeopardize our progress. I'm not able to provide additional details at this time but I'm sure Mr. Cooper will elaborate on the comments I've made today."

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