ATMOFIZER TECHNOLOGIES INC. ANNOUNCES SHARE CONSOLIDATION
Atmofizer Technologies Inc. announced a 20:1 share consolidation of its common shares, reducing the total from 133,747,806 to approximately 6,687,390 shares. This decision, approved by the board of directors, does not require shareholder approval as per the Business Corporations Act of British Columbia. The consolidation aims to enhance stock performance and reduce operational costs in the air treatment industry, utilizing ultrafine particle agglomeration technology to improve air purification efficiency.
- Share consolidation could enhance stock performance.
- Reduction in outstanding shares from 133.7 million to 6.7 million may increase per-share value.
- The company's technology aims to disrupt the air treatment industry.
- No shareholder approval required may raise concerns about governance.
- Potential risks tied to reliance on management and key personnel.
Atmofizer shares to be consolidated on a 20:1 basis
VANCOUVER, BC, Jan. 3, 2023 /PRNewswire/ - Atmofizer Technologies Inc. (the "Company" or "Atmofizer") (CSE: ATMO) (Frankfurt: J3K) (OTCQB: ATMFF) announces that the board of directors of the Company has approved a share consolidation of the Company's common shares ("Common Shares") on a twenty (20) for one (1) basis (the "Consolidation"). Currently, the Company's authorized share structure consists of an unlimited number of Common Shares without par value, of which 133,747,806 Common Shares are issued and outstanding on a non-diluted basis. Following Consolidation and subject to rounding, it is expected that the Company will have 6,687,390 Common Shares issued and outstanding on a non-diluted basis. Pursuant to the Business Corporations Act (British Columbia) and the articles of the Company, shareholder approval is not required for the Consolidation and therefore, the Company will not be seeking shareholder approval for the Consolidation. Further details regarding the Consolidation will be included in a subsequent news release.
Atmofizer's consumer and industrial solutions are based on its patent-protected and patent pending technology for ultrafine particle agglomeration and neutralization. This capability creates a revolutionary and more efficient method for addressing the wide range of dangerous nano-scale particles, viruses and bacteria that are too small to be effectively managed by conventional HEPA filters and ultraviolet lights. Atmofizer plans to disrupt the air treatment industry by improving air safety and purification efficiency while lowering customers' operational costs.
Atmofizing air refers to the process of using ultrasonic acoustic waves to agglomerate (cluster together) small particles into a larger target that is then radiated by ultraviolet light to neutralize their harmful properties, making the air you breath less hazardous to your health. Using units that atmofize air in tandem with high efficiency particulate air ("HEPA") filters can make the HEPA filters work more efficiently, enable the use of a less-powerful filter and result in a cleaner and longer-lasting filter that reduces operating costs and is less of a health hazard to clean or replace.
Atmofizer is patent-pending and patent-protected sole source of technology to atmofize air and is applying its proprietary technology in consumer and industrial air purification products currently manufactured under the Atmofizer brand, as well as in retail and commercial devices produced by other companies that integrate Atmofizer technology into their own products under license. Atmofizer's owned and licensed product lines include wearable, portable and mobile use for personal air treatment, as well as larger systems to handle higher air volumes for commercial, industrial, institutional and residential applications.
This press release contains "forward-looking information" within the meaning of applicable securities laws. All statements contained herein that are not clearly historical in nature may constitute forward-looking information. In some cases, forward-looking information can be identified by words or phrases such as "may", "will", "expect", "likely", "should", "would", "plan", "anticipate", "intend", "potential", "proposed", "estimate", "believe" or the negative of these terms, or other similar words, expressions and grammatical variations thereof, or statements that certain events or conditions "may" or "will" happen, or by discussions of strategy. The forward-looking information contained herein includes, without limitation, the completion of the Consolidation as currently contemplated and the business and strategic plans of the Company.
By their nature, forward-looking information is subject to inherent risks and uncertainties that may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct and that objectives, strategic goals and priorities will not be achieved. A variety of factors, including known and unknown risks, many of which are beyond our control, could cause actual results to differ materially from the forward-looking information in this press release including, without limitation: the Company's ability to comply with all applicable laws and governmental regulations relating to its commercial products; the ability of the Company to protect its intellectual property; impacts to the business and operations of the Company due to the COVID-19 pandemic; the conflict in eastern Europe; having only a limited operating history, the ability of the Company to access capital to meet future financing needs; the Company's reliance on management and key personnel; competition; changes in consumer trends; foreign currency fluctuations; and general economic, market or business conditions.
Additional risk factors can also be found in the Company's continuous disclosure documents, which have been filed on SEDAR and can be accessed at www.sedar.com. Readers are cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information. The forward-looking information contained herein is made as of the date of this press release and is based on the beliefs, estimates, expectations and opinions of management on the date such forward-looking information is made. The Company undertakes no obligation to update or revise any forward-looking information, whether as a result of new information, estimates or opinions, future events or results or otherwise or to explain any material difference between subsequent actual events and such forward-looking information, except as required by applicable law.
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SOURCE Atmofizer Technologies Inc.
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