Contact Information: Investor Relations Contact: Mark Corrao CFO (732) 661-9641
StrikeForce Board Authorizes 1 for 10 Reverse Stock Split
| Source: Strikeforce Technologies, Inc.
EDISON, NJ--(Marketwire - October 20, 2008) - StrikeForce Technologies, Inc. (OTCBB : SKFT )
today announced that the StrikeForce Board of Directors has approved a
reverse stock split and established a ratio of 1-for-10. This move followed
a vote held August 8, 2008 at the StrikeForce Annual Shareholders' Meeting
in which shareholders authorized the Board to effect the reverse split. The
move is subject to regulatory approval at which time StrikeForce will
receive a new ticker symbol under which its common stock will trade on the
OTCBB. The requested effective date for the StrikeForce common stock
reverse split is November 3, 2008.
As a result of the reverse stock split, every 10 shares of StrikeForce
common stock will be exchanged for one share of StrikeForce common stock.
There will be no cash issued for fractional shares. All fractional shares
will be rounded up to the nearest whole share. The reverse stock split
affects all shares of common stock, stock options and warrants of
StrikeForce Technologies, Inc. The number of shares of StrikeForce common
stock currently outstanding is 99,999,999. The number of authorized shares
prior and post the reverse split is 100,000,000.
The reverse stock split is necessary in order for StrikeForce to continue
to raise capital for growth and to meet its Business Plan.
Worldwide Stock Transfer, LLC has been retained to manage the exchange of
stock certificates.
Cautionary Note Regarding Forward-looking Statements
This press release contains forward-looking statements within the meaning
of the federal securities laws, including, without limitation, statements
regarding the following: the reverse stock split and the impact and effects
of the reverse stock split. These statements are subject to risks and
uncertainties that may cause actual results and events to differ
materially, including, without limitation, the following: the failure of
the reverse stock split to adjust the market price of StrikeForce's stock;
the failure of the reverse stock split to adjust StrikeForce's
capitalization structure and attract new investors; fluctuations in the
demand for StrikeForce's software products; the ability of StrikeForce's
management team to continue to execute well and manage StrikeForce's
expenses; the failure of the reverse stock split to contribute to the
creation of shareholder value; StrikeForce's ability to compete with
existing and future competitors. A detailed discussion of other risks and
uncertainties that could cause actual results and events to differ
materially from such forward-looking statements is included in
StrikeForce's most recent filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-KSB for the fiscal year
ended December 31, 2007. StrikeForce undertakes no obligation to update
forward-looking statements to reflect events or circumstances occurring
after the date of this press release.
About StrikeForce Technologies, Inc.
StrikeForce Technologies helps to prevent identity theft online. Its
products protect consumers and businesses in "real time" against identity
theft. StrikeForce Technologies, Inc. (SKFT) is headquartered in Edison, NJ
and can be reached at www.strikeforcetech.com or by phone at
(732) 661-9641, or toll free at (866) 787-4542.