Signalife (SGN) Announces Reverse Stock Split Will Result in $45/Share Price

September 10, 2008 9:24 AM EDT

Signalife, Inc. (Amex: SGN) announced that the company's board of directors has approved a consolidation of the company's common stock to be effected in the form of a reverse stock split which will be effected as of 4:30 p.m. EST on September 19, 2008, which will be the record date and time for the reverse stock split.

On Sept. 19, all outstanding shares of Signalife common stock will be consolidated into such number of shares as would result in a $45.00 per share stock price based upon the closing price for the common stock as of the record date. The reverse stock split will be structured in the form of a mandatory share exchange, meaning that each shareholder will be required to first exchange his or her certificate with the company's stock transfer agent in order to change title incident to any sale or other transaction.

Signalife further announced that its principal shareholder, ARC Finance Group, LLC, and certain of the company's directors, have each entered into a private placement with the company pursuant to which they agreed to invest a total of $5 million.

Signalife, Inc., a medical device company, engages in the research, development, and marketing of medical devices in the United States.

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