SOURCE: ecoSolutions Intl.
ASHLAND, OR--(Marketwire - Jun 23, 2011) - ecoSolutions Intl, (PINKSHEETS: ECOI) a Nevada corporation, today announced that its Board of Directors and the holders of a majority of its outstanding shares have approved a 1 for 10 reverse stock split of the issued and outstanding common stock of the Company. The reverse split will become effective on or about June 23, 2011, when the Company will file the appropriate documents with the Secretary of State of the State of Nevada.
As a result of the reverse stock split, every ten shares of the Company's common stock will be combined into one share of common stock. It is anticipated that there will be approximately 3.4 million shares of common stock outstanding after giving effect to the reverse stock split.
After consummation of the reverse stock split, the Company intends to acquire 100% of the share capital of Golden Hills Resources, Inc. in exchange for the issuance of approximately 13.7 million shares of the Company's common stock, or such other number of shares of common stock that shall represent 80% of the Company common stock to be outstanding on a fully-diluted basis after giving effect to the reverse stock split and the share exchange. Golden Hills is a privately owned gold exploration company in Guyana that holds a gold prospecting license in southwest Guyana covering approximately 13,068 acres.
Following completion of the shares exchange, the Company's board of directors will include four representatives of Golden Hills and William Patridge, a member of the board of directors of the Company.
This Press Release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. These statements reflect the Company's current beliefs and are based upon information currently available to it. Accordingly, such forward-looking statements involve known and unknown risks, uncertainties and other factors which could cause the Company's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. The Company undertakes no obligation to update or advise in the event of any change, addition or alteration to the information included in this Press Release including such forward-looking statements.