Ronn Motor Company Announces a Company Name Change and Reverse Stock Split
(firmenpresse) - HOUSTON, TX -- (Marketwire) -- 04/02/12 -- Ronn Motor Company (PINKSHEETS: RNNM) has now changed its name, effective today, to VydroTech, Inc and announces a one-for-seven reverse stock split.
Effectively immediately the Ronn Motor Company has elected to re-brand the company consistent with its re-focused vision -- to undertake the creation of revolutionary and environmentally responsible products for the global marketplace. The company has chosen to focus on being a hydrogen technology company, and the changed name of the company reflects this focused business strategy.
"VydroTech was selected because we desire to be a visionary hydrogen technology company," said David McGee, CEO of VydroTech, Inc. "Even though hydrogen won't necessarily be part of all our future products, it is who we are today and over time our clients will experience, by working with our company and using VydoTech's products, our brand stands for integrity, excellence and delivering outstanding results. Our new name and logo is shown above."
Given the pressures of the price of fuel and the demand by the public and the government to lower emissions, the company positioned itself to focus on addressing these immediate fuel consumption and emission issues rather than building exotic supercars. Mr. McGee further stated, "Our products are focused on delivering results for three distinct operating platforms -- large over the road diesel trucks (e.g., trucks like 18-wheelers); barges, tugboats and launches that operate within coastal waterways; and large land-based diesel generators. Our future clients will have one or two of the following distinct needs: (1) a need to reduce their diesel fuel costs by 10% - 20% and / or (2) a need to reduce their harmful gas emissions and become more compliant with existing and future stringent emission standards set by governmental agencies."
The company also announces that it authorized a one-for-seven reverse stock split of its outstanding shares of common stock (every seven shares held by a shareholder will be converted into one share). It also authorized 10 million shares of preferred stock and reauthorized 700 million shares of common stock following the reverse split. The company will trade long-term under a new stock symbol (VYDR) and a new CUSIP number.
"The company needed to take the steps necessary to create the space to allow us to raise additional funds and investment capital through the sale of shares," said Mr. McGee. "From the very beginning, it has been important for me and our leadership team that we take the actions necessary to build a strong foundation for the future -- both financially and operationally."
VydroTech, Inc (PINKSHEETS: VYDR) (formally the Ronn Motor Company) (PINKSHEETS: RNNM), is a technology-driven design, development and manufacturing company specializing in the creation and delivery of innovative green products and related technologies through green systems and green oriented engines for both transportation and fixed platforms, located in Houston, TX. For more information about VydroTech, Inc, please visit our Web site at
This release contains forward-looking statements that reflect VydroTech, Inc's (formally the Ronn Motor Company) (the "Company") plans and expectations. In this press release and related comments by Company management, words like "expect," "anticipate," "estimate," "forecast," "objective," "plan," "goal" and similar expressions are used to identify forward-looking statements, representing management's current judgment and expectations about possible future events. Management believes these forward-looking statements and the judgments upon which they are based to be reasonable, but they are not guarantees of future performance and involve numerous known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements.
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Datum: 02.04.2012 - 05:00 Uhr
Sprache: Deutsch
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