| January 16, 2013 - 4:31 PM EST |
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LAS VEGAS, Jan. 16, 2013 (GLOBE NEWSWIRE) -- Zippy Bags, Inc. (OTCBB:ZPPB), a specialty hybrid sporting goods bag manufacturing company, held an emergency board meeting to address the Company's recent trading activities and new shareholders.
"With the addition of numerous shareholders and our expanding market awareness it is our intentions and obligations to ensure that our old and new shareholders have confidence in the Company and our forward looking goals, including a long term goal of up-listing to one of the major stock exchanges which requires a larger shareholder base,'' said Janet Somsen, CEO of Zippy Bags, Inc.
To reward both new and old shareholders, the Company is offering a 2 for 1 in-kind stock dividend for those shareholders owning Zippy Bags, Inc. stock as of the record date. "This dividend distribution with our liquid trading stock gives us the ability to use company stock as tender for future acquisitions and expansion without diluting our shareholder base," added Somsen.
The Company has already begun paperwork to process the dividend for the immediate future. FINRA will provide the ex-dividend date and payment date shortly thereafter. The ex-dividend date is the first business day after the stock dividend is paid and is after the record date. Any shares sold before the ex-date are selling the right for the stock dividend. Any shares purchased before the ex-date are buying the right for the stock dividend.
This corporate action does not reduce the market capitalization of the Company. The stock dividend will increase the outstanding shares from 90,000,000 shares to 180,000,000 shares. To find out more about Zippy Bags, Inc. (ZPPB), visit the Company's website at: www.zippybagsinc.com
Safe Harbor Disclaimer
This material includes forward-looking statements based on management's Current reasonable business expectations. In this document, the words "can," "anticipates," "believes" and similar expressions identify certain forward-looking statements. These statements are made in reliance on the Private Securities Litigation Reform Act, Section 27A of the Securities Act of 1933, as amended. There are numerous risks and uncertainties that could result in actual results differing materially from expected outcomes. The material should be read in conjunction with the Company's current annual and quarterly reports filed with the SEC, which contain discussions of currently known factors that could significantly impact the Company's future.
CONTACT: Zippy Bags, Inc.
Janet Somsen
888-890-5692
Source: Globe Newswire (January 16, 2013 - 4:31 PM EST)
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