EUREKA, USA: TrendSetter Solar Products Inc. announced that the Company has effected a reverse split of its common shares.
Norman Ehrlich, TrendSetter’s CEO and Chairman, announced the reverse split of one for two hundred of the Company’s common shares has become effective February 25, 2010. The outstanding common shares, post reverse is approximately 34 million. The authorized common shares were reversed a comparable amount.
Subsequent to the reverse, the number of authorized common shares is 49.7 million. The new trading symbol is TSSPD. Please note, this symbol will revert to the Company’s prior symbol, TSSP, on or about March 23, 2010.
Ehrlich, founder of TrendSetter, said: “The company has changed management and is now under the guidance of its founder. During 2009 the company's position was to reduce overhead and to avoid acquiring new debt until the economic signs for an improved market in solar energy turned positive. The company used its resources to prepare for the emerging alternative energy market by developing a new technology and product, 'PIGGYBACK' residential solar water heater, that is now in the prototype and patenting phase.
“TrendSetter continues to have a strong position in large commercial solar storage tanks and its TrendSetter brand evacuated tube solar collectors. We believe the time is right to move aggressively forward due to new rebate programs, grants, statutory commitments (RPS, Renewable Portfolio Standard) and energy credits being offered by the federal government and the individual states, cities and municipalities."