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Conversion Services International Shares of Common Stock to Begin Trading on the American Stock Exchange on September 21, 2005
Company Announces 1-for-15 Reverse Stock Split
EAST HANOVER, N.J., September 15, 2005 - Conversion Services International, Inc. (OTC Bulletin Board: CSII; "CSI"), a premier professional services firm focused on delivering the value in business intelligence, data warehousing and data management solutions to Global 2000 organizations and other businesses, today announced that its common stock will begin trading on the American Stock Exchange effective September 21, 2005 under the symbol 'CVN'. This approval is contingent upon CSI being in compliance with all applicable listing standards on the date it begins trading on the Exchange, and may be rescinded if CSI is not in compliance with such standards.
Additionally, CSI's Board of Directors declared a 1-for-15 reverse stock split of the Company's common stock, which is expected to become effective after the close of business on September 20, 2005. This follows approval of a reverse split by CSI stockholders on August 8, 2005 as more fully described in the Proxy Statement filed with the Securities and Exchange Commission on July 26, 2005. As a result of the reverse split, the total number of common shares outstanding will be reduced from approximately 811 million to approximately 54 million. In addition, the total number of authorized shares of common stock will be reduced from 1 billion to 85 million.
Scott Newman, CSI's President, Chief Executive Officer and Chairman, commented, "Listing on the AMEX is a significant step for our company as we move forward with our corporate objective of growing our business while increasing stockholder value. Additionally, CSI's stock is now eligible for purchase by a broader range of investment funds, and the AMEX listing will afford greater exposure. Additionally, we feel the post-split shares outstanding will be more in line with the size of the company."
Stockholders entitled to fractional shares resulting from the stock dividend will receive one extra post-split share. After effectiveness of the reverse stock split, CSI's transfer agent will notify the Company's stockholders and request that they surrender their certificates representing shares of pre-split common stock to the transfer agent so that certificates representing the appropriate number of shares of post-split common stock may be issued in exchange.
About Conversion Services International, Inc.
A Note On Forward-Looking Statements
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