CirTran Shareholders to Get 20% Stock ‘Increase'
----------------
Shareholders of Record as of May 10, 2007 will receive the increase
SALT LAKE CITY, May 7, 2007 -- CirTran Corporation (OTCBB: CIRT) announced today that its shareholders, in a special meeting to vote on a proposed amendment to the company's articles of incorporation, have voted “overwhelmingly” in favor of a 1.2 forward stock split.
CirTran shareholders of record as of May 10, 2007 will receive a 20% increase in the number of shares owned, said Iehab J. Hawatmeh, founder, president and CEO of the international full-service contract manufacturer of IT, consumer and consumer electronics products.
Mr. Hawatmeh said that the shareholders were “enthusiastic and overwhelming in their support” for the company to increase its authorized capital by 750 million shares of common stock and to effectuate a 1.2 shares for one share forward split. The vote, he said, was 542,969,370 for the forward split and 14,725,706 against, with 187, 715 shares abstaining and no broker non-votes.
“CirTran management is delighted to boost our shareholders' stock ownership through this 1.2 shares for 1 share forward split,” Mr. Hawatmeh said. “We salute the loyalty and patience of our shareholders, and believe they will benefit in the short term and long run from this increase in ownership.”
Mr. Hawatmeh said that CirTran remains on-track to report sales of approximately $3.7 million for the first quarter of fiscal 2007, ended March 31, 2007, an increase of approximately $2 million, or 114%, over the first quarter of fiscal 2006.
About CirTran Corporation
Founded in 1993, CirTran Corporation (OTC BB: CIRT, www.CirTran.com ) is a premier international full-service contract manufacturer. Headquartered in Salt Lake City, its ISO 9001:2000-certified, non-captive 40,000-square-foot manufacturing facility is the largest in the Intermountain Region, providing "just-in-time" inventory management techniques designed to minimize an OEM's investment in component inventories, personnel and related facilities while reducing costs and ensuring speedy time-to-market. In 1998, CirTran acquired Racore Technology ( www.racore.com ), founded in 1983 and reorganized as Racore Technology Corporation in 1997. Continuing to grow, in 2004 CirTran formed CirTran-Asia as a high-volume manufacturing arm and wholly owned subsidiary with its principal office in ShenZhen, China. Today, CirTran-Asia operates in three primary business segments: high-volume electronics, fitness equipment, and household products manufacturing, focusing on the multi-billion-dollar direct response industry.
This press release contains 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. With the exception of historical information contained herein, the matters discussed in this press release involve risk and uncertainties. Actual results could differ materially from those expressed in any forward-looking statement.
All trademarks are properties of their respective owners .