Hybrid Technologies, Inc. (OTC BB:HYBT.OB), emerging leaders in the development and marketing of lithium-powered products worldwide approved an increase in shares, as well as a reverse split, during a stockholders meeting earlier this month.
Stockholders approved an increase in the number of shares of authorized common stock from 50,000,000 to 250,000,000.
In addition they approved a motion recommending a one-for-seven reverse split of common stock.
Hybrid’s Board of Directors approved the 1:7 reverse split, to be effective early in 2008 when processed by the NASD. The reverse split approved by the Board will reduce the newly authorized number of shares of common stock from 250,000,000 to 35,714,285.
In addition, stockholders elected the company’s current four directors for additional one-year terms.
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