GREENVILLE, Wis., Aug. 15, 2017 (GLOBE NEWSWIRE) -- School Specialty, Inc. (OTCQB:SCOO) (“School Specialty”, “SSI” or “the Company”), a leading distributor of supplies, furniture and both curriculum and supplemental learning resources to the education, healthcare and other marketplaces, announced that at its Special Meeting of Stockholders held today, on August 15, 2017, stockholders approved a proposal to amend the Company’s Amended and Restated Certificate of Incorporation to increase the number of authorized shares of common stock, par value $0.001 per share, from 2,000,000 to 50,000,000 shares (the “Amendment”) for the purpose of, among other things, effecting a seven-for-one forward stock split of the Company’s common stock as part of the Amendment.
Stockholders of record as of August 15, 2017 (the “Record Date”) will receive from the Company’s transfer agent, American Stock Transfer & Trust Company, six additional common shares for every one share held. As of the Record Date, there were 1,000,004 shares of Common Stock outstanding and following the forward stock split, there will be 7,000,028 shares of Common Stock outstanding. The stock split will become effective on the OTCQB at the market open on August 23, 2017.
Joseph M. Yorio, President and Chief Executive Officer, stated, “We continue to take action to improve liquidity in our stock. In April, we refinanced our debt at more favorable terms and with added flexibility. We are now moving forward with our stock split, and it remains our intent to seek an up-list on a major stock exchange. We look forward to reporting on our progress in the coming quarters and all of us at School Specialty remain focused on continuing to improve our business, generating top- and bottom-line growth, and driving returns for our shareholders.”
About School Specialty, Inc.
School Specialty is a leading distributor of innovative and proprietary products, programs and services to the education marketplace. The Company designs, develops, and provides educators with the latest and very best school supplies, furniture and both curriculum and supplemental learning resources. Working in collaboration with educators, School Specialty reaches beyond the scope of textbooks to help teachers, guidance counselors and school administrators ensure that every student reaches his or her full potential. Through its SSI Guardian subsidiary, the Company is also committed to school, healthcare and corporate workplace safety by offering the highest quality curriculum, training and safety and security products. Through its recently launched SOAR Life Products brand, the Company offers thousands of products that sharpen cognitive skills and build physical and mental strength in fun and creative ways. From childhood through adulthood, they help individuals live life to the fullest – engaged, happy and well. SOAR Life Products is a customized offering for hospitals, long-term care, therapeutic facilities, home care, surgery centers, day care centers, physician offices, and clinics. For more information about School Specialty, visit www.schoolspecialty.com.
Statement Concerning Forward-Looking Information
Any statements made in this press release about School Specialty’s future financial condition, results of operations, expectations, plans, or prospects constitute forward-looking statements. Forward-looking statements also include those preceded or followed by the words "anticipates," "believes," "could," "estimates," "expects," "intends," "may," "plans," “projects,” “should,” "targets" and/or similar expressions. These forward-looking statements are based on School Specialty's current estimates and assumptions and, as such, involve uncertainty and risk. Forward-looking statements are not guarantees of future performance, and actual results may differ materially from those contemplated by the forward-looking statements because of a number of factors, including the risk factors described in Item 1A of School Specialty's Form 10-K for the fiscal year ended December 31, 2016, which risk factors are incorporated herein by reference. Any forward-looking statement in this release speaks only as of the date on which it is made. Except to the extent required under the federal securities laws, School Specialty does not intend to update or revise the forward-looking statements.
Ryan Bohr, EVP and Chief Operating Officer
Kevin Baehler, EVP and Chief Financial Officer
Investor Relations Contact:
Glenn Wiener, Investor Relations
School Specialty, Inc