Olympus Ventures Inc. announces new symbol, reverse stock split
FORT LAUDERDALE, Fla.–(BUSINESS WIRE)–Jan. 23, 1997–Olympus Ventures Inc. (OTC/BB:OVIS), a manufacturer of knit, denim and twill garments with wholly owned manufacturing facilities in Nicaragua, the Dominican Republic and Hialeah, Fla., announced the introduction of its new trading symbol — OVIS — and a 30:1 reverse stock split which became effective at midnight, Jan. 21.
“This action was designed to enable us to meet NASDAQ’s Small Cap qualifications,” noted Olympus Chief Executive Officer Gary Morgan, “as well as to reduce our float.” Morgan went on to explain that the company is seeking financing which will fund internal growth and help Olympus fulfill current purchase order contracts.
Sales the past two quarters have been strong, he added, fiscal- year totals are projected to reach $12 million, with a potential net annual income of $600,000 (5 percent of sales).
“Based on the industry average of 10 to 20 times earnings,” Morgan said, “at these profit levels, our 809,000 shares should be trading at a minimum of $7.40. We anticipate as the public becomes more aware of new and positive information about the company we will soon be trading at the industry multiples.”
The management team of Olympus Ventures and its subsidiaries, Olympus Mills U.S.A. Inc., Barons and H&D Fashions, has more than 90 years of collective experience in the garment industry. They comprise an administrative force whose business acumen is highly respected internationally.
Olympus Ventures’ primary assets are knitting and sewing equipment; contracts with major retailers, including Wal-Mart, Target and K-mart; free-zone leases; and industry expertise.
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