Veracity Management Global, Inc. (OTCBB: VCMG), a holding company
for two subsidiaries, announced today that it has executed a 73-for-1
reverse stock split effective today. As a result, the Company's stock
ticker symbol is now "VCMG," changed from "VMGG."
Michael Rideman, CEO of Veracity Management Global said, "This
move is part of a strategy to list the company's common stock on a
listed stock exchange. I expect our shareholders to see a strong
performance by our Company and continued growth organically as well as
through our planned acquisitions."
As a result of the reverse split, the number of outstanding common
shares of stock will decline to approximately 31,618,220 shares from
2,308,130,047. Veracity's Board of Directors has approved, and
stockholders owning 1,534,673,651 shares of the 2,692,670,338 shares
of Veracity's common stock outstanding as of August 2, 2007, have
consented in writing to the reverse split. Such approval and consent
constitute the approval and consent of a majority of the total number
of shares of outstanding Common Stock and are sufficient under Title
8, Subchapter VII, Section 228 of the Delaware General Corporation
Laws and Veracity's By-Laws to approve the action.
Rideman concluded, "We are continuing with our growth plan both in
the U.S. and internationally. The management team of Veracity
continues to add new business to our books and is in continual
discussion with potential new clients on a weekly basis. This should
translate into a higher profile for Veracity Management Global on the
international stage and provide our shareholders with greater revenues
and earnings. Our company has achieved some major milestone, including
moving from the pink sheets venue to the over the counter bulletin
board with a growth strategy in place to move to a listed exchange.
The management of the company has also positioned Veracity to have a
profitable year with the potential to achieve a 100% revenue growth
rate for the next two years, if not more."
About Veracity Management Global, Inc.
Veracity Management Global, Inc. is a holding company for a
management consulting subsidiary, Veracity Management Group, Inc.,
which specializes in assisting companies to transition, restructure
and grow. VMG provides operational and strategic solutions through its
multiple service and product lines that include staffing
subcontracting services (i.e. recruiting), business continuity and
resumption services, strategic planning services, regulatory
compliance services, software development services, data management
services, business intelligence development services, integration
services, ERP (Enterprise Resource Planning systems) implementation,
and infrastructure services.
Safe Harbor Forward-Looking Statements
Except for historical information contained herein, the statements
in this release are forward-looking statements that are made pursuant
to the safe harbor provision of the Private Securities Litigation
Reform Act of 1995. The above information does not guarantee any
successful closing of new business. No assurances can be given that
any projections related to gross revenues or profit margins will be
realized. Forward-looking statements involve known and unknown risks
and uncertainties that may cause the companies' actual results in
future periods to differ materially from forecasted results. Such
risks and uncertainties include, but are not limited to, market
conditions, competitive factors, the ability to successfully complete
additional financings and other risks.
