SAN DIEGO, Calif., January 22. Franklin Wireless Corp. (OTCBB: FKLT.OB) announced today that the company’s shareholders have approved the 1 for 70 reverse stock split of its Common Stock, as well as the reincorporation in Nevada. The reverse stock split will be effective at the opening of trading on January 22, 2008. The new ticker symbol is FKWL.OB.
As a result of the reverse stock split, every 70 shares of Franklin common stock will be combined into one share of Franklin common stock. The reverse stock split affects all shares of common stock outstanding immediately prior to the effective time of the reverse stock split.
“We believe the reverse stock split will reduce the number of outstanding common shares to be generally consistent with comparable companies, and better position our company to apply for a listing on a national securities market or exchange,” said OC Kim, President of Franklin Wireless. “Our goal is to work towards meeting the listing standards, and the reverse split of our shares will place us one significant step closer to achieving that goal. Moreover, the Company believes that a higher share price will broaden Franklin’s appeal to new investors,” said Mr. Kim.
In connection with the reverse split, the total number of common shares authorized under Franklin’s Certificate of Incorporation is reduced from 1,200,000,000 to 50,000,000.
About Franklin Wireless
Franklin Wireless Corp. (OTCBB: FKLT.OB) designs and markets wireless broadband high speed data communication products such as 3rd generation (“3G”) wireless broadband modules and modems to end users and wireless companies in North and South American countries. Franklin focuses on wireless broadband USB modems, which provide a flexible way for wireless subscribers to connect to the wireless broadband network with any laptop, table PC or desktop USB port without a PC card slot. It markets its products through original equipment manufacturers (OEMs) and distributors, as well as directly to operators and end users in North and South America. The company was founded in 1982 and is headquartered in San Diego, California. For more information about Franklin Wireless, please visit www.franklin-wireless.com
Certain statements in this press release constitute “forward-looking statements” within the meaning of section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements, expressed or implied by such forward-looking statements.