JOHNS CREEK, GA , Dec. 05, 2017 (GLOBE NEWSWIRE) -- Sirrus Corp. (“Sirrus” or the “Company”) (OTC PINK: SRUPD), an emerging cyber security solutions provider, today announced that it plans to complete a share reduction of its issued and outstanding common stock. This plan is a follow up to the Company’s recent 40-for-1 forward stock split/dividend and is part two of a long term Comprehensive Capital Structure Plan to improve its capital structure and provide value for its shareholders. The split was effective for trading purposes at the market opening on November 28, 2017.
The Company believes a reduction of its issued and outstanding common stock will be positive for the Company’s capital structure and its long-term plans. The share reduction will be executed by the majority shareholder of the Company and is expected to be finalized shortly.
In the future, the Comprehensive Capital Structure Plan may include, but not limited to, further common stock reductions and other stock based dividends.
The objective in choosing to complete the forward stock split was aimed at reaching financing objectives and increasing acquisition resources. Specifically, the corresponding increase in the Company’s authorized common stock allows for increased availability in shares that could be used in future acquisition transactions.
Ms. Sparrow Marcioni, the Company’s CEO, stated, “It required several weeks of planning to determine the correct formula for our capital structure plans. When considering acquisition resources and financing and the costs associated with these types of transactions, we opted to address our anticipated need in a forward split and increase in authorized common stock. The Company is now focused on continued execution of its business plan and generating sales in all security sectors of their business model.”
The trading symbol for the Company’s Common Stock will remain “SRUP”, although the letter “D” was temporarily appended to the ticker symbol for twenty trading days following the Forward Split.
About Sirrus Corp.
Sirrus Corp. (OTC PINK: SRUP), through its wholly-owned subsidiary, Sirrus Security, Inc., provides security technology products and services to assist companies with protecting their assets and information. The Company is primarily focused on providing cybersecurity services to healthcare companies in the United States, which are required to be in compliance with government regulations such as the Health Insurance Portability and Accountability Act (“HIPAA”).
Additional information regarding Sirrus Corp. and Sirrus Security can be found at www.sirruscorp.com. The contents of the Company’s website are not incorporated into this Press Release.
Cautionary Note Regarding Forward-Looking Statements
This press release by Sirrus Corp. (“Sirrus”) may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements can be identified by words such as expects,” “plan,” “believes,” “will,” “achieve,” “anticipate,” “would,” “should,” “subject to,” or words of similar meaning, and by the fact that they do not relate strictly to historical or current facts. Although Sirrus management believes that such forward-looking statements are reasonable, it cannot guarantee that such expectations are, or will be, correct. These forward-looking statements involve a number of risks and uncertainties, which could cause the Company's future results to differ materially from those anticipated. Potential risks and uncertainties include, among others, general economic conditions and conditions affecting the industries in which the Company operates; the uncertainty of regulatory requirements and approvals; and the ability to obtain necessary financing on acceptable terms or at all. Known risks and uncertainties include those identified from time to time in the reports filed by Sirrus Corp. with the SEC. Sirrus assumes no obligation to update publicly any forward-looking statements contained in this press release.
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