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Graymark Healthcare, Inc. Announces Reverse Stock Split
OKLAHOMA CITY-(Business Wire)-March 14, 2008 - Graymark Healthcare, Inc. (OTCBB: GRMK), a diversified medical holding company, today announced that its Board of Directors has approved a reverse split of Graymark's common stock at a ratio of 1-for-5 shares. The stock split will take effect at 5:00 p.m. on April 11, 2008.
"The reverse split is part of our overall strategy to achieve an optimal capital structure for Graymark Healthcare," said Stanton Nelson, President and CEO of Graymark. "This action will assist us in attracting and retaining long-term institutional shareholders and will move us closer to the opportunity of listing our common stock on a national exchange. We view the reverse split as an integral step in our transition to becoming a premier healthcare company."
The reverse split will reduce the number of shares of Graymark's common stock outstanding from approximately 117.7 million to approximately 23.5 million. On the effective date of the reverse split, Graymark stockholders will receive one new share for every five shares held. It is not mandatory to exchange stock certificates to reflect the reverse split. Registered holders of Graymark common stock who would prefer to exchange their current stock certificates for new post-split certificates should contact Graymark's transfer agent, Computershare, at 800-884-4225, for instructions.
Graymark Healthcare, Inc. is a diversified medical holding company that owns and operates: independent pharmacies that serve the needs of local markets, diagnostic sleep centers that treat a wide range of sleep disorders, and a medical equipment company that provides both disposable and durable medical equipment. Graymark plans to continue its growth both internally and through strategic acquisitions within the medical industry.
This press release may contain forward-looking statements which are based on the Company's current expectations, forecasts and assumptions. Forward-looking statements involve risks and uncertainties which could cause actual outcomes and results to differ materially from the Company's expectations, forecasts and assumptions. These risks and uncertainties include risks and uncertainties not in the control of the Company, including, without limitation, the current economic climate and other risks and uncertainties, including those enumerated and described in the Company's filings with the Securities and Exchange Commission, which filings are available on the SEC's website at www.sec.gov. Unless otherwise required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
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