PFSweb Completes 1-for-4.7 Reverse Stock Split
PFSweb, Inc. (NASDAQ: PFSW), an international business process outsourcing provider of end-to-end web commerce solutions and an online discount retailer, today announced that it completed a 1-for-4.7 reverse stock split of the Company's outstanding common stock. The reverse stock split, which was announced on May 13, 2008, was effective with respect to stockholders of record as of June 2, 2008. As a result of the reverse stock split, the common stock was combined and reclassified based on a ratio of 4.7 shares of issued and outstanding common stock being combined and reclassified into one share of common stock. No fractional shares will be issued in connection with the reverse stock split. Shareholders who are entitled to fractional shares will receive cash in lieu of fractional shares.
As of the opening of the Nasdaq Capital Market on June 2, 2008, the Company's common stock began trading at the split-adjusted level. For a period of 20 trading days, the Company's common stock will trade on a post-split basis under the trading symbol "PFSWD." After this 20-trading-day period, the Company's common stock will resume trading under the symbol "PFSW."
The Company had approximately 46.7 million shares of class common stock outstanding at the end of trading on May 30, 2008. The total number of shares outstanding when the market opens on June 2, 2008 will be approximately 9.9 million.
About PFSweb Inc.
PFSweb develops and deploys integrated business infrastructure solutions and fulfillment services for Fortune 1000, Global 2000 and brand name companies, including third party logistics, call center support and e-commerce services. The company serves a multitude of industries and company types, including such clients as LEGO, Discovery Commerce, Riverbed MARS Drinks North America, Hewlett-Packard, International Business Machines, Hawker Beechcraft Corp., Rene Furterer USA, Roots Canada Ltd. and Xerox.
Through its wholly owned eCOST.com subsidiary, PFSweb also serves as a leading multi-category online discount retailer of high-quality new, "close-out" and manufacturer recertified brand-name merchandise for consumers and small to medium size business buyers. The eCOST.com brand markets approximately 170,000 different products from leading manufacturers such as Sony, JVC, Canon, Hewlett-Packard, Garmin, Panasonic, Toshiba, Microsoft, Kitchen Aid, Panasonic, Black & Decker, Cuisinart, Coleman, Wilson and Nike primarily over the Internet and through direct marketing.
To find out more about PFSweb, Inc. (NASDAQ: PFSW), visit the company's websites at http://www.pfsweb.com and http://www.ecost.com.
The matters discussed herein consist of forward-looking information under the Private Securities Litigation Reform Act of 1995 and is subject to and involves risks and uncertainties, which could cause actual results to differ materially from the forward-looking information. PFSweb's Annual Report on Form 10-K for the year ended December 31, 2007 and Form 10-Q for the quarter ended March 31, 2008 identify certain factors that could cause actual results to differ materially from those projected in any forward looking statements made and investors are advised to review the Annual and Quarterly Reports and the Risk Factors described therein. PFSweb undertakes no obligation to update publicly any forward-looking statement for any reason, even if new information becomes available or other events occur in the future. There may be additional risks that we do not currently view as material or that are not presently known.
SOURCE: PFSweb, Inc.
Company: Mark C. Layton Senior Partner and Chief Executive Officer or Thomas J. Madden Senior Partner and Chief Financial Officer 972-881-2900 or Investor: KCSA Strategic Communications Todd Fromer / Garth Russell 212-896-1215 / 212-896-1250 tfromer@kcsa.com / grussell@kcsa.com