San Diego, CA – October 12, 2016 – Eco Building Products, Inc., (PINK: ECOB) announced today that a special shareholders meeting was conducted on October 5, 2016 whereupon the proposal to amend the Company’s Articles of Incorporation to effect a reverse stock split of the outstanding shares of the Company’s common stock, at a reverse split ratio of up to 1 for 500 as determined by the Board of Directors in its sole discretion, was overwhelming approved.
Of the 3,765,074,872 common shares outstanding, quorum was attained with 84.3% shares voted and passage attained with 75.9% voting yes and 24.0% voting no.
“We are very pleased with the result and are humbled by the support our shareholders have displayed with their vote. This is not an easy decision for Management but one that we believe is a necessary step in Eco’s turnaround and path to recapitalization. We have been very deliberate in our efforts to reposition the Company for long term profitable growth and this will come at a time when we can effectively use the additional stock liquidity to raise the working capital required to commercialize its new products”, said President and CEO Tom Comery.
The Company announced a new strategy in January, 2016, transitioning its application operations to Affiliate Partners and narrowing its focus to chemical development, manufacturing and sales. Since that time the Company has announced its first patent pending product and the new product FRC EWP™ which recently passed critical Industry 3rd party testing. “Our new business model has allowed us the time and focus to refine and improve our product line as well as to develop what we believe is a major breakthrough new fire retardant chemistry in FRC EWP™. This is really just the first of a suite of new products we are developing”, said CTO, Mark Vuozzo.
The Board of Directors have taken no action on the amendment at this time.
About Eco Building Products, Inc.
Eco Building Products, Inc. (Eco) is a manufacturer of proprietary, environmentally conscientious chemistry utilizing ECOB patent pending WoodSurfaceFilm™ and FRC™ technology (Fire Retardant Coating). Eco’s products protect against fire, mold/mycotoxins, fungal-decay, wood ingesting insects and termites. Eco is headquartered in San Diego, CA and goes to market through licensed Affiliates nationwide.
Safe Harbor Statement: This press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Act”). In particular, when used in the preceding discussion, the words “believes,” “expects,” “intends,” “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act, and are subject to the safe harbor created by the Act. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. Forward looking statements involve known and unknown risks and uncertainties, which may cause the Company’s actual results in future periods to be materially different from any future performance that may be suggested in this release. ECOB takes no obligation to update or correct forward-looking statements, and also takes no obligation to update or correct information prepared by third parties.
Eco Building Products, Inc.
Phone: 1 (858.780.4747
Web Site: www.ecob.net