The Auto Channel
The Largest Independent Automotive Research Resource
The Largest Independent Automotive Research Resource
Official Website of the New Car Buyer

Lucor Announces Reverse Stock Split

28 October 2000

Lucor Announces Reverse Stock Split

    RALEIGH, N.C.--Oct. 27, 2000--Lucor, Inc. (OTC BB: LUCR) announced today that its Board of Directors has adopted a resolution to amend the Company's Articles of Incorporation to effect a 20 to 1 reverse split of its common stock.
    Under the proposal, which is subject to shareholder approval, the Company will pay cash for each common share that is not combined into a whole share as a result of the reverse stock split. According to the Company, the transaction will likely reduce the number of shareholders of record for its Class A common stock (the Company's registered shares) to less than 300, and this will enable the Company to deregister its Class A common shares under the Securities Exchange Act of 1934.
    The Company currently anticipates that a special meeting of shareholders will be held in November or December to take action on the proposed amendment. The Company has filed preliminary materials respecting the special meeting with the Securities and Exchange Commission and will send notice of the special meeting and a proxy statement to shareholders at least 20 days prior to the meeting date. The Company expects that the amendment effecting the reverse stock split will be filed as soon as practicable following shareholder approval.