Stock Splits

Ashford Hospitality Trust, Inc. (NYSE: AHT) today announced that the Company's Board of Directors approved a plan to spin-off an 80% ownership interest in an 8-hotel portfolio, totaling 3,146 rooms (2,912 owned rooms), to holders of Ashford Trust common stock in the form of a taxable special distribution.

The distribution is expected to be comprised of common stock in Ashford Hospitality Prime, Inc. ("Ashford Prime"), a newly formed company to which Ashford Trust plans to transfer the portfolio interests. This distribution is expected to be made on a pro rata basis to holders of Ashford Trust common stock as of the distribution record date. The distribution is expected to take place toward the end of the third quarter. Ashford Prime is expected to qualify as a real estate investment trust ("REIT") for federal income tax purposes, and intends to file an application to list its shares of common stock on the New York Stock Exchange, under the symbol "AHP."

Franklin Resources, Inc. (NYSE: BEN) Board of Directors declared a 3-for-1 split of the common stock, to be paid in the form of a stock dividend. The stock dividend is payable on July 25, 2013 to common stockholders of record as of July 12, 2013.

Travelzoo Inc. (NASDAQ: TZOO) approved a reverse/forward stock split transaction, subject to shareholder approval, intended to reduce its shareholder account administration costs by reducing the number of its shareholders from over 90,000 to fewer than 10,000.

The proposed reverse/forward stock split transaction consists of a 1-for-25 reverse stock split of the Company's outstanding common stock, followed immediately by a 25-for-1 forward stock split (collectively referred to as the “reverse/forward split”). Shareholders holding less than 25 shares of common stock immediately prior to the reverse split will not receive fractional shares in the reverse stock split, but will instead have their shares converted into the right to receive a cash payment in exchange for and in proportion to the fractional share interests resulting from the reverse stock split. These fractional share interests will be aggregated by the Company’s transfer agent and sold on the open market following the forward stock split.

Shareholders who held less than 25 shares immediately prior to the reverse stock split will receive a cash payment based on and equal to their resulting fractional interest times the price of a share equal to the higher of (a) the trailing ten day average trading price of the Company’s common stock immediately preceding consummation of the reverse/forward split or (b) the average aggregate sales price received in the sale on the open market of the shares resulting from aggregation of the fractionalized interests. Shareholders holding 25 or more shares of common stock immediately before the reverse/forward split will not receive a cash payment, but will continue to hold the same number of shares after completion of the reverse/forward split as they held immediately prior. As a result, the Company anticipates no changes in the total number of outstanding shares of common stock as a result of the reverse/forward split.

Shareholders holding fewer than 25 shares can avoid being cashed out by this proposed transaction by increasing their shareholdings to 25 or more shares of common stock or, if applicable, combining their various accounts to have one shareholder account with 25 or more shares held, so long as such actions are effected prior to completion of the reverse/forward split. The Company expects both registered and beneficial shareholder accounts holding less than 25 shares of common stock will be cashed out; however, persons that beneficially hold shares through a nominee (such as a broker or bank) will be advised to contact their nominee to be informed of any procedures such holders may need to follow in order to ensure the same treatment as registered shareholders.

The Company expects that approximately 655,000 of its outstanding shares will be fractionalized as a result of the reverse stock split and subsequently sold by the Company’s transfer agent on the open market to fund the cash payments to shareholders that hold only fractional share interests as a result of the reverse stock split.

Portfolio Recovery Associates, Inc. (Nasdaq: PRAA), a business and financial services company operating in the U.S. and U.K., today announced that its Board of Directors approved a three-for-one split by means of a stock dividend (the "Split") of PRA's common stock (Nasdaq: PRAA). This Split is PRA's first stock split (by means of a stock dividend or otherwise) since the company's initial public offering in 2002.

As a result of the Split, PRAA stockholders will receive two additional shares of PRAA common stock for every one share held at the close of business on July 1, 2013. The additional shares will be distributed on or about August 1, 2013.

Echo Therapeutics, Inc. (Nasdaq: ECTE) announced that a 1-for-10 reverse split of the Company's issued and outstanding common stock will be effective prior to the market opening on Friday, June 7, 2013. Beginning with the opening of trading on June 7, 2013, the Company's common stock will trade on the NASDAQ Capital Market on a split-adjusted basis. As of that date, the Company's common stock will temporarily trade under the symbol ECTED for 20 business days, at which time the symbol will revert to ECTE.

Each stockholder's percentage ownership interest in the Company and proportional voting power remains unchanged after the reverse stock split. In addition, the rights and privileges of the holders of the Company's common stock are unaffected by the reverse stock split. This reverse stock split will be effected pursuant to an Amendment to the Company's Certificate of Incorporation to be filed with the State of Delaware. As previously disclosed, Echo's stockholders approved a proposal authorizing the Board of Directors, in its discretion, to effect this reverse split of Echo's outstanding common stock at the Annual Meeting of Stockholders held on May 22, 2013. The Board of Directors has determined to fix the ratio for the reverse stock split at 1-for-10.

At the effective time of the reverse split, every ten shares of the Company's issued and outstanding common stock will automatically be converted into one issued and outstanding share of common stock, without any change in the par value per share. All fractional shares will be rounded up to the next nearest whole share. The number of shares of the Company's common stock issued and outstanding will be reduced from approximately 60.5 million shares pre-split to approximately 6.1 million shares post-split.

It is not necessary for stockholders of the Company to exchange their existing stock certificates for new stock certificates of the Company in connection with the reverse stock split, although stockholders may do so if they wish.