Solar Energy Ltd. (Los Alamos, NM) announced that, in an effort to make its stock a more viable investment, existing sharesholders and creditors have agreed to convert their loans or payables to stock in cancellation of this debt. In addition, the board of directors has authorized a 50-to-1 reverse split of the company's common stock.
The stock split provides that no shareholder owning 500 or more shares shall be reversed below 500 shares, and no shareholder owning less than 500 shares shall be reversed. The split will apply to shares owned of record at the close of business on July 19, 2001. The effective date for the split is July 20, 2001. A mandatory share exchange will be required to effect this forward split. Therefore, shareholders of the record date will be required to surrender their shares to the company's transfer agent for reissuance. The split will be payable on surrender of shares. Pursuant to the madatory share exchange, the symbol of Solar Energy has been changed to SLRE.
