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Dateline: December 23, 2009 ... Ogden, UT
Contact: Steven Clark
Phone: (801) 621-5200
Email: sclark@superiorfiltrationproducts.com
Website: http://www.pacificalliancecorp.com/
OGDEN, UT - December 23, 2009 - Pacific Alliance Corporation (OTC
Bulletin Board: PALC-OB) announced today that a previously approved
reverse split of its common stock will take effect at the start of
trading on Wednesday, December 23, 2009 on a 1-for-20 split-adjusted
basis. Pacific Alliance Corporation ("Pacific Alliance") shares will
trade under the symbol PALC-D for 20-business days and will, after
such 20-business day period, revert back to the current trading symbol
of PALC. The stock will also have a new CUSIP number, 693790 206,
when the split becomes effective.
"This reverse split was overwhelmingly approved by our stockholders
owning more than 93 percent of the voting rights attributed to our
common stock, Series A Preferred Stock and Series B Preferred Stock.
We believe that by reducing the total number of shares issued and
outstanding and the resulting increase in the per-share trading price
of our common stock, it will facilitate the development of an orderly
trading market, will potentially make our stock a more attractive
investment to institutional investors and will facilitate our long
term plan to move the listing of our shares to NASDAQ or an exchange
from the over-the-counter bulletin board," said Steven Clark, company
chairman and CEO.
The 1-for-20 reverse stock split will automatically convert 20 current
shares of Pacific Alliance Corporation common stock into one new share
of common stock. If the number of shares is not evenly divisible by
the ratio of the reverse split, the stockholder's new share count will
be rounded up to the nearest whole share. The reverse split, which
was approved by the written consent of stockholders on November 16,
2009, will reduce the number of outstanding shares of common stock
from 68,603,698 to approximately 3,430,185. Assuming that Pacific
Alliance's outstanding Series A Preferred Stock is converted into
common stock and Pacific Alliance's outstanding Series B Preferred
stock is converted into common stock, there would be approximately
36,000,000 shares of Pacific Alliance common stock issued and
outstanding on a post-reverse split, post preferred stock conversion
basis.
The number of shares of common stock subject to outstanding stock
warrants or convertible securities, and the exercise prices and
conversion ratios of those securities, will automatically be
proportionately adjusted for the 1 to 20 ratio provided for by the
reverse stock split.
Pacific Alliance has also increased the number of shares of its common
stock authorized from 100,000,000 to 250,000,000 and the number of
shares of its preferred stock authorized from 5,000,000 to 20,000,000.
The reverse split and the increase in the number of authorized shares
were effected through the filing of a Certificate of Amendment to
Pacific Alliance's Restated Certificate of Incorporation with the
Secretary of State of the State of Delaware.
When the reverse split takes effect, stockholders holding shares in
"street name" through a brokerage account will have their shares
automatically adjusted to reflect the reverse stock split on the
effective date. The issuance of new stock certificates will not be
required at this time.
About Pacific Alliance Corporation: Pacific Alliance Corporation,
through our Superior Filtration Products ("Superior") wholly-owned
subsidiary, designs, manufactures and markets a broad range of air
filtration products, including (i) high-end High Efficiency
Particulate Air (HEPA) filters and Absolute Isolation Barriers for the
creation of synthesized atmospheres to control manufacturing
environments and for the absolute control and containment of
contaminants and toxic gases in certain manufacturing processes; (ii)
mid-range filters for individual and commercial use, which fall under
specifications which are categorized by minimum efficiency reporting
values ratings established by the American Society of Heating
Refrigeration and Air Conditioning Engineers; and (iii) standard-
grade, low cost filters for standard residential and commercial
furnace and air conditioning applications. As a manufacturer of
commercial, industrial, and residential air filters, Superior makes a
variety of products for removing and controlling airborne particulates
and gaseous contaminants.
Superior also designs and manufactures some of its own production
equipment to automate its processes in order to decrease labor costs
associated with Superior´s standard products.
Caution Regarding Forward-Looking Statements: This news release
contains certain forward-looking statements by Pacific Alliance
Corporation referring to our plans involving risks and uncertainties
and reflect the company's judgment as of the date of this release.
There can be no assurance that those plans and expectations will be
realized. Additional information concerning these and other risk
factors affecting Pacific Alliance Corporation business can be found
in the company's public periodic filings with the Securities and
Exchange Commission disclaims any intent or obligation to update these
forward-looking statements beyond the date of this release. This
caution is made under the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
SOURCE: Pacific Alliance Corporation
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