LAS VEGAS, Dec. 28, 2012 /PRNewswire/ -- Consolidation Services Inc. (the "Company") (OTCBB: CNSV) today announced a 1-for-4 reverse stock split of the Company's common stock.
Consolidation Services anticipates the reverse stock split will be effective upon the opening of trading on December 31, 2012. When the reverse stock split becomes effective, every four shares of issued and outstanding common stock of the Company will be automatically combined into one issued and outstanding share of common stock without any change in the par value per share. This will reduce the number of outstanding shares of the Company's common stock from 50,269,289 to 12,567,323. Consolidation Service's common stock will initially trade under the symbol "CNSVD" and will trade under a new CUSIP number. The "D" will be removed in 20 business days.
No fractional shares will be issued in connection with the reverse stock split. Stockholders who would otherwise hold a fractional share of the Consolidation Service's common stock will receive a cash payment from the Company in lieu of such fractional share. Additional information on the treatment of fractional shares and other effects of the reverse split can be found in the Consolidation Service's definitive proxy statement filed with the Securities and Exchange Commission on October 24, 2012.
About Consolidation Services:Founded in 2007 and based in Las Vegas, Nevada, Consolidation Services is engaged in the acquisition, operation and development of natural resources. Since formation and until 2010, the Company had primarily focused on its mining operations in Tennessee, which were subsequently spun off to its shareholders as a dividend. The Company currently operates oil and gas wells and owns oil and gas mineral rights on approximately 13,500 acres in eastern Kentucky and Tennessee. Consolidation Services is attempting to build shareholder value through further acquisitions and development of natural resources, internationally. For more information, please visit: http://consolidation-services.com Forward Looking Statement: