October 11, 2016 08:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 11, 2016) - eShippers Management Ltd. ("eShippers" or the "Company") (NEX:EPX.H) announces that, as part of its effort to reorganize, will be seeking approval from shareholders at its upcoming annual and special meeting (the "Meeting") being held November 3, 2016, for approval to consolidate (the "Consolidation") the Company's issued and outstanding share capital on the basis of one post-consolidation common share for every 10 pre-consolidation common shares. The proposed Consolidation would reduce the issued and outstanding shares of eShippers from 51,538,060 to 5,153,806 common shares, assuming no other change in the issued capital. The Company has no outstanding stock options or warrants.
eShipper's articles authorize the Board of Directors to approve certain changes to the Company's capital structure, including a consolidation and as such, shareholder approval is not required. However, the Board of Directors of eShippers would like to obtain approval from its shareholders for the proposed Consolidation and therefore, shareholders will be asked to approve the Consolidation at the Meeting.
The Consolidation is subject to approval by the NEX. The Company also intends to change its name and trading symbol in connection with the proposed Consolidation.
Neither the NEX nor the Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
eShippers Management Ltd.Leo Berezan(604) firstname.lastname@example.org
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