This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Fortune Industries, Inc. Announces Closing And Effectiveness Of Merger And Subsequent Voluntary Delisting From The NYSE MKT Exchange; Business Operations To Continue As Normal Without Interruption

INDIANAPOLIS, July 1, 2013 /PRNewswire/ -- Fortune Industries, Inc. (the "Company") announced today that the previously-announced Agreement and Plan of Merger by and among between CEP, Inc., a Tennessee corporation ("CEP"), CEP Merger Sub, Inc., a Tennessee corporation and a wholly-owned subsidiary of CEP, and the Company, which was approved by the Company's shareholders on June 20, 2013, closed and became effective on July 1, 2013 (the "Effective Time").  The Company's outsourced human resource services operations will continue to serve its clients as normal without interruption.  

Each record and beneficial holder of the Company's common stock ( $0.10 par value) holding less than five hundred one (501) shares on March 26, 2012, and continuing to hold less than five hundred one (501) shares immediately prior to the Effective Time (including any heir or devisee of such holder holding such shares pursuant to the laws of descent and distribution in that holder's domicile) (the "Small Block Shareholders"), will be receiving by U.S. Mail a notification from the Company's paying agent with further instructions for surrendering their shares in order to receive the merger consideration of $0.61 per share.  As a result of the merger becoming effective, the shares held by the Small Block Shareholders were canceled and extinguished and automatically converted into the right to receive $0.61 per share.  The Company's common stock held by all other shareholders will remain issued and outstanding. 

"With the Company's preferred stock eliminated through the merger transaction, we will be diligently working together as common shareholders in an effort to grow shareholder value as a non-SEC reporting company," stated Tena Mayberry, Chief Executive Officer and President of the Company.

As a result of the merger becoming effective, the Company has reduced its record shareholder count to below 300 and has filed with the Securities Exchange Commission a Form 25 Notification of Removal from Listing and/or Registration under Section 12(b) of the Securities Exchange Act of 1934 (the "Exchange Act") to effect the voluntary delisting of its common stock from the NYSE MKT exchange prior to market open on July 1, 2013.   The Company has not made any arrangements for the listing on another securities exchange or for quotation in another medium.  The Company also intends to suspend its reporting obligations under the Exchange Act and will file the required notice(s) with the Securities Exchange Commission.

About Fortune Industries, Inc.

Fortune Industries, Inc. is focused as a professional employer organization (PEO) to small and medium-sized businesses in 47 states, including human resource consulting and management, employee assessment, training, and benefits administration.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.74 -1.15%
FB $117.58 0.73%
GOOG $693.01 0.29%
TSLA $240.76 -2.81%
YHOO $36.60 0.03%


Chart of I:DJI
DOW 17,773.64 -57.12 -0.32%
S&P 500 2,065.30 -10.51 -0.51%
NASDAQ 4,775.3580 -29.9330 -0.62%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs