SOURCE: Market 99, Ltd.

June 24, 2008 15:17 ET

Market 99 Approves Plan for Reverse Stock Split

DALLAS, TX--(Marketwire - June 24, 2008) - Market 99, Ltd. (PINKSHEETS: MNTY) -- Company officials today announced that over the past several weeks, The Board of Directors along with legal counsel and business consultants have been engaged in numerous meetings discussing the avenues needed to enable the success of Market 99. Unanimous approval from the entire Board of Directors voted it is in the best interest of Market 99 to initiate a reverse split of the outstanding shares of the common stock by 1000 for 1. An effective date for the reverse split is scheduled for July 2, 2008.

"Recently the company has had numerous unforeseen delays, such as the long delay in the construction and preparedness of both the Gus Thomasson and Lakeland locations. The results of such delays have led to slower than anticipated store openings as well as loss of approximately $750K of projected revenues from these locations," stated Jason Brola, Chairman & CEO of Market 99, Ltd. He further stated, "The reverse split is part of our overall strategy to achieve renewed liquidity required for both the current and future growth of Market 99. With this action we enable ourselves to move towards accomplishing a number of our immediate goals of, 1) simplifying our investors' understanding and visibility of our earnings on a per share basis, 2) attract and retain long term institutional shareholders through a higher share price and manageable share count, 3) move us closer to the opportunity for listing of our common stock on the OTC Bulletin Board Market."


Market 99 is a discount retailer with 12,000-20,000 square foot stores selling mainly name brand merchandise to value-conscious consumers. Market 99 carries Consumables, Health and Beauty Aids, Stationery Items, Housewares, Cold Foods, Frozen Foods, Women's Accessories, Women's Clothing, Men's Clothing, Children & Infant's Clothing, Seasonal, Arts & Crafts, and Toys, all for 99 cents or less.

Market 99 also owns and operates InVogue Accessories, a women's fashion boutique with one location in Altus, Oklahoma.

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This press release contains "forward-looking statements," which are statements related to future, not past events. In this context, the forward-looking statements often include statements regarding our goals, plans, projections and guidance regarding our financial position, results of operations, market position, pending and potential future acquisitions and business strategy, and often contain words such as "expects," "anticipates," "intends," "plans," "believes," "seeks" or "will." Any such forward-looking statements are not assurances of future performance and involve risks and uncertainties that may cause results to differ materially from those set forth in the statements. These risks and uncertainties include, among other things, (a) general economic and business conditions, (b) the level of strategic partner incentives, (c) the future regulatory environment, (d) our cost of financing, (e) our ability to complete acquisitions and dispositions and the risks associated therewith, and (f) our ability to retain key personnel. These factors, as well as additional factors, could affect our forward-looking statements. We urge you to carefully consider this information. We undertake no duty to update our forward-looking statements, including our earnings outlook.

Contact Information

  • Contact:
    Jason Brola