On The Go Technologies Group (OTCBB: ONGO)
Company Expects Improved Capital Structure and More Senior Investment Interest
CONCORD, Ontario, Aug. 9 /PRNewswire-FirstCall/ — On The Go Technologies Group (OTC Bulletin Board: OGHC – News), a leading multi-industry computer hardware, software and systems integrator, announced a 1-for-50 reverse split of the company’s common stock. The reverse split, effective as of market open Thursday, August 10, 2006, will reduce the number of outstanding shares. The company believes this will result in a higher price per share. The board of directors recently amended the company’s restated Certificate of Incorporation to actualize the split. The company’s ticker symbol will change to (OTC Bulletin Board: ONGO – News).
On The Go President and Chief Executive Officer, Stuart Turk said, “We believe a reverse split is in the shareholder’s best interest at this point in the company’s business path. The new capital structure is more appropriate to an entity with a rapidly accelerating operational status such as ours, as evidenced by a record revenue flow of more than $30 million for the year ended July 31, 2006 as well as our anticipated growth in the year ahead. We believe such a consolidation will increase the cachet and marketability of our stock by appealing to new retail and larger institutional investors and decrease the volatility of the share price.”
“The executive team at On The Go believes this change will not only open the door to more diversified and serious investment interest, but will also ensure a better position to make successful acquisitions that will further fuel our growth.”
About On The Go Technologies Group
On The Go Technologies Group is a North American corporation focused on acquiring versatile and profitable companies in the IT sector. OTG has established itself as a respected industry competitor through its six divisions: value-added resellers Compuquest and Infinity Technologies, which cater to Fortune 1000 clientele and vendors such as HP, Apple, IBM, SGI, Extreme Networks and Adobe; Helios|Oceana, a prominent systems integrator in the U.S. and Canadian entertainment and education industries; Island Corporation, compiling sophisticated digital solutions and networks for the medical community; digital entertainment authority Solutions in Computing; and Go Motion + Design, the company’s complete in-house multimedia studio. The company’s intention is to maintain sustained growth in the years to come via continued development in its existing divisions and an aggressive acquisition schedule. For more information, visit http://www.oghc.com or http://www.onthegohealthcare.com/video..
To view a company profile, visit http://www.hawkassociates.com/onthego/profile.php. To be added to On The Go Technologies Group’s e-mail list for company news, visit http://www.onthegohealthcare.com/new_site/inv_pkg_form.htm and http://www.hawkmicrocaps.com/emarketer.asp. For investor relations information, contact Frank Hawkins or Julie Marshall, Hawk Associates, at (305) 451-1888, e-mail: info@hawkassociates.com or visit http://www.hawkassociates.com and http://www.americanmicrocaps.com..
This press release contains forward-looking statements that involve a number of risks and uncertainties. These forward-looking statements contain words such as “expects,” “believes,” “anticipates” and “intends.” Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, economic conditions affecting the B2B environment; continued ability to obtain hardware, software and peripherals at competitive costs; the company’s ability to finance its planned expansion efforts; the company’s ability to manage its planned growth; and changes in regulations affecting the company’s business and such other risks disclosed from time to time in the company’s reports filed with the Securities and Exchange Commission. The company does not intend to update any of the forward-looking statements after the date of this document to conform these statements to actual results or to changes in management’s expectations, except as required by law.
Source: On The Go Technologies Group
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