Bayside Corporation Files for 1 For 15,000 Reverse Split
WESTON, FL / ACCESSWIRE / November 30, 2018 / Bayside Corporation (OTC PINK: BYSD); (“Bayside” or the “Company”) is pleased to announce that today the Company has filed with the State of Wyoming and FINRA its intention to do a reverse stock split with a ratio of 1 for 15,000, expected to be effective on December 29, 2018. The split, which was approved by the Board and shareholders, will have no inherent effect or change on the Company’s value or total market capitalization.
“This action is part of our larger plan to increase shareholder value. This year, under our new management team, the company has not only become current with all its financial filings and held its first shareholder meeting in years, but also did what we said we were going to do -- executed on our business plan to deploy a network of Bitcoin ATMs throughout the country. We have seen sustained revenue growth and expect it to continue in the coming year,” commented Justin Frankel, Chief Executive Officer of Bayside Corporate.
Frankel added, “While we’ve seen improvements in virtually all areas of our business, our share price has remained low and stagnate. Stocks that are priced more accurately attract more attention from market analysts, financial media and larger investors. We are one of a small group of pure-play, revenue generating, publicly traded companies operating in the blockchain and crypto asset space today. The growth of blockchain technology and the continued maturity of the crypto-asset market will continue to present exciting opportunities for us, and a higher stock price will allow us to better take advantage of these opportunities.”
The Shareholders previously approved a split of up to 1 for 20 at the shareholder meeting June 19, 2018. Subsequent to the shareholder meeting, the Board determined that a larger reverse was necessary. On November 12, 2019 the Board and a majority of the shares entitled to vote on the matter voted to set the reverse ratio at 1 for 15,000.
Steven Hoffman, Chairman of Bayside Corporation, stated, “The Board believes that undertaking this reverse split is in the best long-term interest of all shareholders. Over the past year, the company has ensured its filing are current and has seen revenue from operations continue to grow. This is not a potentially dilutive measure for Bayside, rather it is a way to get the public markets to better recognize what we have accomplished thus far and allow us to take advantage of the explosive growth in the blockchain industry.”
To viewthe Company’s disclosures, click here.
Bayside Corp. is an American corporation that trades publicly under the symbol “BYSD”. At Bayside Corp., we believe that emerging technologies will create new opportunities for generations to come. Crypto-assets and blockchain technology will fundamentally impact a broad range of industries such as financial services, digital rights management, and computer processing and programming, along with many others. Our goal is to become the premier provider of infrastructure in this new and exciting industry. For additional information on the Company visit our website at: http://www.baysidecorp.com.
This press release maycontain projections and other forward-looking statements within the meaning ofSection 27A of the Securities Act of 1933, as amended, and Section 21E of theSecurities Act of 1934, as amended, and are made pursuant to the safe harborprovisions of the Private Securities Litigation Reform Act of 1995. Any suchprojections or statement reflect the company’s current views with respect tofuture events and financial performance. No assurances can be given, however,that these events will occur or that such projections will be achieved and thatactual results could differ materially from those projected. Important factorsthat could cause actual results to differ from those projected are decreases inoil and gas prices or decreases in oil and gas production. The company’s actualresults could differ materially from those discussed herein. Forward-lookingstatements are subject to risks and uncertainties, including, but not limitedto, government regulation, taxation, spending, competition, general economicconditions and other risk factors which could cause actual results to differ materiallyfrom those projected or implied in the forward-looking statements.
SOURCE: Bayside Corp.