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LOS ANGELES—(BUSINESS WIRE)–Dec. 4, 2001–WWMP (OTCBB:WWMP) management today announced that a one-for-five stock combination (reverse stock split) of WWMP common stock will be effective on Dec. 18, 2001. WWMP’s shareholders had previously authorized WWMP’s board of directors to conduct the reverse stock split. The reverse stock split will reduce the number of issued and outstanding shares of WWMP’s common stock. As of Nov. 30, 2001, there were 50,628,652 shares of common stock outstanding. After the reverse stock split becomes effective, there will be approximately 10,125,730 shares outstanding.
WWMP’s common stock is traded within the OTC (Over-The-Counter) securities system on the Electronic Bulletin Board under the symbol WWMP. Prior to the Effective Date, the Cusip No. for the common stock was 981536 10 5. After the Effective Date, the Cusip No. will be 981536 20 4. On December 18 and thereafter, all certificates that are issued will be for the adjusted number of “new” shares.
Paul Hancock, WWMP’s president/CEO, stated that, “Management believes the reduction in the number of outstanding shares will increase the market value per share and make it easier to create a more active public market for our common stock.”
Hancock added: “The end result of this action will be to create a substantial increase in per share book value, coupled with a considerably more manageable issued and outstanding number of common shares. This should be helpful in management’s endeavors relative to any mergers, acquisitions, financings and stock exchange listings to be undertaken by the company.”
Founded in 1977, WWMP, a diversified company with shareholders throughout the world, is involved in the development, financing, production and distribution of features, documentaries, short subjects and television productions.
WWMP’s industry executives have produced, distributed and consulted on a wide variety of film and television projects, earning Academy Awards, Emmy Awards and prizes from world film festivals. Visit us at www.wwmpc.com.
Any forward-looking statements contained in this release which reflect management’s best judgment based on factors currently known, involve risks and uncertainties. Actual results could differ materially from those anticipated in the forward-looking statements included herein as a result of a number of factors. Risk factors are discussed in more detail in WWMP’s filings with the S.E.C.
