Health & Fitness
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Published in Health and Fitness on Thursday, June 25th 2009 at 14:49 GMT, Last Modified on 2009-06-25 14:50:44 by Market Wire
SAVANNAH, GA--(Marketwire - June 25, 2009) - Effective June 3, 2009, PureSpectrum, Inc. (
PureSpectrum announced on June 8 that it had acquired control of IMSG, a fully reporting public company, by acquiring 64.29 percent of IMSG outstanding common stock. This transaction facilitates PSPM's financial and general corporate objectives to become a fully reporting company in order to increase shareholder value; become more transparent to existing shareholders; access other capital sources; increase the company's attractiveness as a marketing, manufacturing, distribution and licensing partner with other companies in the lighting industry; and improve the company's capital structure.
According to its March 31, 2009, 10-Q, IMSG has issued and there are outstanding 5,600,000 shares. Of those shares, 2,000,000 are publicly traded pursuant to an SB-2 filing (see also page F-8 of 10-Q). The remaining shares, 3,600,000, are restricted. As stated in PSPM's and IMSG's related 8-K filings of June 8, 2009, PSPM acquired 3,600,000 of IMSG's issued and outstanding 5,600,000 shares, a majority interest. PSPM's acquired shares in IMSG are restricted shares, and the remaining 2,000,000 of IMSG's issued and outstanding shares are freely traded shares and will remain outstanding and freely traded.
As of June 25, 2009, PSPM is authorized to issue 900,000,000 common shares and 187,488,253 shares were issued and outstanding. There are also outstanding warrants for shares that are exercisable for an additional 49,478,637 PSPM common shares.
The net effect of the proposed transaction involving IMSG will result in an additional 2,000,000 PSPM shares issued and outstanding comprised of the currently outstanding IMSG 2,000,000 freely traded shares. The current issued and outstanding 187,488,253 PSPM shares and 49,478,637 PSPM warrants outstanding will remain. The 3,600,000 IMSG shares purchased by PSPM will be cancelled. Therefore, the net dilution will be less than one percent (.008369 or 0.8369%).
Call (912) 961-4980 for more information about PSPM or contact Shareholder Development Group at (770) 518-3449 or [ info@shareholderdg.com ] for investment information.
ABOUT PURESPECTRUM
PureSpectrum, Inc. is a technology-driven lighting company headquartered in Savannah, Ga., that has developed technology solutions for energy efficient lighting and superior energy efficient lighting products in multiple categories. The company's mission is grounded in the quest to preserve natural resources and a belief that energy efficient lighting can only truly be embraced through improved performance. Through intuitive engineering, PureSpectrum designed innovative technology that enables maximum energy efficiency and optimal performance without increased cost or confusion for the consumer. PureSpectrum continues its commitment to researching and developing technologies and products that satisfy consumer demand and advance the cause of energy conservation. For more information on PureSpectrum, please call (912) 961-4980 or visit [ www.purespectrumlighting.com ].
Certain statements contained in this news release regarding matters that are not historical facts may be forward-looking statements. Because such forward-looking statements include risks and uncertainties, actual results may differ materially from those expressed in or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, uncertainties pertaining to continued market acceptance for PureSpectrum's products and services, its ability to succeed in growing revenue, the effect of new competitors in its market, integration of acquired businesses, and other risk factors identified from time to time by PureSpectrum.
